Welcome to the tutorial on the Full CMA in Flexmls. The Full CMA can be used to help estimate the list price for a subject property based on comparable listings, which are similar listings that have been sold recently. The first step in creating a full CMA is to research your subject property and note relevant information such as location, number of bedrooms, bathrooms, square footage, or other useful points of comparison for your market.
Next, go to the Quick Search to search for comparable listings. Use what you know of the subject property to begin a search for your comps.
Next, use the Results tabs to review and compare your search results. Check the box next to any listing that you’d like to use as a comp. Once you’re satisfied with your selections, go to the Actions row at the top of the screen, click CMA, and choose Use Selected. Choose the option for Full CMA. If allowed by your MLS, you can select an appropriate statistical average field to include. Click Next to continue.
Notice the tabs across the top of the screen. Each tab lets you create a specific section of the CMA. On the cover page, enter a title for your CMA and indicate whom the CMA is being prepared for. The date will default to today’s date, or you can set the CMA to always show the current date. The bottom section lets you add comments that will display on the cover page.
When you have finished customizing your cover page, click Next or click on the Next tab to continue. The Subject tab contains information about the subject property for your CMA. You may enter information manually, or you can auto populate information from an existing listing. Here, we will auto populate the fields by clicking the Auto populate fields from existing listing button.
Enter the listing number of your subject property, and then click Submit to continue. Using the Price Per column, you can select which features you would like to use the Price Per calculation. For example, we will choose total square feet, and the CMA will display the price per square foot for each listing. To add a new field of comparison, click New Item. Click to select the field you would like to include.
Using the actions at the side of the screen, you can click, drag, and drop to change the order of the fields. You can save your fields as a template for future use by clicking SaveReplace Template. For now, we’ll move on to our Comps screen by going to the next tab. On the Comps tab, you’ll see the comps you selected previously. You can also search for additional comparable listings by clicking Add Comparables.
You can choose to search by map, quick search, previously saved listing collections, or specific listing numbers. You can also add a non MLS comparable by clicking on the tab at the top of the pop up. When you are finished searching for comps, click Return to CMA. Your selected comparable listings will be displayed in a list on your comps page.
If you would like to remove the comp, click on the trash can icon. A confirmation screen will appear before the listings are removed. You can reorder your comps by clicking to drag and drop them into position. When you are satisfied with your list of comparable listings, click on the Adjustments tab. The Adjustments tab is optional and does not need to be completed in order to finish the CMA.
From the Adjustments tab, you can make manual and automatic adjustments to the comparables. Begin by selecting the field you would like to adjust. The subject listing will now be displayed in a grid with the comparable listings. Here, we see the total number of bedrooms for all listings. Click in the Adjust column to make manual adjustments to the sold price of the selected listing.
If you make an adjustment in error, you can highlight it and delete it. To remove all adjustments from all comps, click Remove All Adjustments. A confirmation window will appear before your adjustments are removed. If you have automatic adjustments set up, click Auto Adjust Comparables to apply the automatic adjustments to your comps.
To create automatic adjustments that can be used on any of your CMAs, click Edit Adjustment List. Click Add New to begin.
When adding a new adjustment, first choose a property type, then select the field you would like to adjust, and select a Value Per Unit for that field according to your market values. When you are satisfied with your automatic adjustment, click save. Your automatic adjustment will now display in the list. When you’re finished adding adjustments to the list, click return to CMA.
Click Auto Adjust Comparables to adjust all of the comparable listings using your saved adjustments. A window will ask you to confirm the adjustments. The summary page compares statistical data for all listings to help you suggest a price. It is divided into subsections for ease of comparison. Next, we’ll click on the recommendation tab.
On the recommendation tab, you can select the method of calculating the recommended price. The default will calculate the recommended high and low price based on the adjusted sold price of the comparables. On the Finish tab, you can customize the look of your CMA, select which pages you would like to include, price analysis graphs, select a color scheme, and even include listing reports.
Click View to preview your CMA. Your CMA will open in a new window. After reviewing the CMA format and content, return to the editing window and email, save, or download the CMA as a PDF. Click Save to save your CMA for future use. Give your CMA a name that will help you identify it easily, then click Save to finish.
Your CMA will then appear in your list of saved CMAs on your CMA page. You can edit, rename, or remove it at any time. This concludes the tutorial on the full CMA in Flexmls. Thank you.
