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How to Create a Comparative Market Analysis (CMA) Using FMLS and NAR RPR

By June 29, 2024 No Comments

How to Create a Comparative Market Analysis (CMA) Using FMLS and NAR RPR

Creating a Comparative Market Analysis (CMA) is essential for real estate agents to provide accurate property valuations for clients. Two powerful tools at your disposal are First Multiple Listing Service (FMLS) and the National Association of Realtors’ Realtors Property Resource (NAR RPR). Here’s a step-by-step guide on how to create a CMA using each platform.

Creating a CMA Using FMLS

  1. Log into FMLS: Start by logging into your FMLS account. If you don’t have an account, you can register on the FMLS website.
  2. Access the CMA Tools: Navigate to the “CMA” section from the main dashboard. You can find this under the “Tools” or “Resources” tab, depending on your FMLS interface.
  3. Input Property Information: Enter the subject property’s details, including address, property type, and other relevant information.
  4. Select Comparable Properties: Use the search function to find comparable properties. Filter your search by criteria such as location, price range, square footage, and more.
  5. Adjust Comparables: Make necessary adjustments to account for differences between the subject property and comparables. This might include adjustments for size, condition, age, and other factors.
  6. Generate the CMA Report: Once you have selected and adjusted your comparables, generate the CMA report. Review the report to ensure accuracy.
  7. Save and Share: Save the report as a PDF or another preferred format, and share it with your client.

For detailed training, FMLS offers a comprehensive CMA training video to help you master the process.

Creating a CMA Using NAR RPR

  1. Log into NAR RPR: Access your NAR RPR account by logging in at the RPR website. If you’re a Realtor, membership to NAR grants you access to RPR.
  2. Start a New CMA: Click on the “Create New Report” button on the homepage and select “CMA.”
  3. Enter Property Details: Fill in the subject property’s details, including the address and any specific attributes you wish to highlight.
  4. Search for Comparables: Use the search function to find comparable properties. RPR allows you to refine your search by various criteria, such as property type, sale date, and geographic location.
  5. Adjust Comparables: Adjust the selected comparables to reflect differences from the subject property. This ensures a more accurate market analysis.
  6. Review and Customize the Report: Review the automatically generated CMA report. Customize the report by adding notes, photos, and other relevant information.
  7. Generate and Share the Report: Generate the final CMA report and download it. You can then email the report directly to your client or print it for in-person presentations.

For additional assistance, NAR RPR provides an excellent CMA training tutorial that walks you through each step.

Conclusion

Both FMLS and NAR RPR offer robust tools for creating detailed CMAs. By following these steps and utilizing the available training resources, you can produce professional and accurate market analyses to support your clients’ real estate decisions. Whether you prefer the comprehensive database of FMLS or the user-friendly interface of NAR RPR, mastering these tools will undoubtedly enhance your ability to serve your clients effectively.

For further information and training, visit the respective websites:

Happy analyzing!

About Terin Branhan