Do your homeworkHow do you handle CMA requests for leads?  or...people that visit your web site and ask for a valuation on their property?

Most of the leads I get are buyer leads, but they do have the ability to request a CMA at the same time.

This is what I have found to be the best course of action.

  1. I call them if they left their number.
  2. I check the MLS to see if the home is currently listed, some area.
  3. If it is listed I send an email and tell them that I see their home is currently listed, I ask if it is ready to expire or if they are just looking for a second opinion. Most of the time, they are just looking for a second opinion and I don't hear back. 

If they really want to find out what their home is worth, I will ask them if I could do a quick 10 minute walk through of their home to give them an exact price range.

This is the most effective.

Occasionally they would rather I just send them information on the neighborhood. Which I am glad to do.

I send the following things.

  1. My pre-lisiting questionairre.
  2. Marketing plan
  3. Both Actives and Solds in their neighborhood
  4. I put it in CMA format and I do not make ANY adjustments. You can not adjust for home you have not been in, but you can get a rough idea based on neighborhood sales.
  5. When I attach the CMA to the email I make sure I tell them again, this is just the current activity in their neighborhood and that to get a exact price point, I would need to walk through the home or condo.

Most of the time they are appreciative of all the information and we schedule a time to get together. Sometimes they are just trying to get a rough idea before they start to look at homes.

The point is doing a CMA is a skill and takes time. I am happy to help folks out, but I am not an automatic evaluation service. That is why I check the MLS before going one step further. Many times online leads don't realize that it is a real life person that does the market analysis. They think it is just a computer doing it.

Value of your knowledgeTypically I spend 2-3 hours on a market analysis. I've been told that is tooooooo long of time, but getting that sweet spot to list a home at is so important.

Starting off with the right sales price is critical to getting the home sold. Do I ever list a home that is "slightly" over priced. Yes I do but this means no more than 10%, with a guaranteed price reduction in 30 days.

This happened to me last night and I realized I had not blogged on it.

Hope it helps .

 

 

Missy Caulk, Ann Arbor Realtor

Missy Caulk & Team can be reached at 734-926-9797 or email: Missy@MissyCaulk.com

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Post is included in group: Getting and Working Internet Leads
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89 Comments on CMA's for Leads

20 Most Recent Comments Displayed Show All

NOV
30
2009
167,857 Points 4 Featured Posts Localism Sponsor Outside Blog

I like the way you handle it.  I don't like giving away information without finding out more about the reason they have chosen to call me about it.  You are so right that checking the MLS is the crucial place to start! 
9:16pm • #70
206,053 Points 3 Featured Posts Outside Blog Hit Router

The point is to take inquiries as potential client inquiries.  That's why we have the websites and blogs right?  Good post and good procedure.  Thanks for sharing.
9:27pm • #71
296,266 Points 19 Featured Posts Outside Blog

Great info Missy.  This sounds like a great plan you have in place.  Yes; you may take a longer time to do the CMA - but if you get the listing - you want the price right to start!
9:35pm • #72
941,244 Points 94 Featured Posts Outside Blog Attended Rain Camp

MIssy: This is fabulous advice for new and veteran agents. Thanks for sharing your tips!
10:03pm • #73
1 Featured Post Localism Sponsor

The walk through is critical to determining the fine lines of correct pricing at this time. I will be sending my pre-listing questionnaire along with the quick CMA when this situation presents itself again. I like the boldness of the act.
11:17pm • #74
1,352,282 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Missy,

This is a great system for handling the CMA leads.  I think checking the MLS is very important.
11:24pm • #75
DEC
01
2009

Missy,

Most of my requests for CMAs have been from folks preparing for bankruptcy. At first, I did the full walk through and devoted lots of time to doing a great job. When one bankruptcy attorney started sending many folks to me, I woke up!

For non-bankruptcy reasons, I still do the walk through and detailed job. Otherwise, a quick run of MLS only....
6:39am • #76
240,864 Points 5 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp

Missy,  Thanks for your tips about CMA's.  Congrats on your Feature.  You always have sound sage advice. New agents will find this approach really helpful.  Those of us who have been doing this for years have some food for thought.

I must admit I have done a CMA without looking at the house, only to get in and find the home will not support the average sales.
7:36am • #77
420,330 Points 22 Featured Posts Outside Blog Hit Router Attended Rain Camp Called Shot Master

Checking the MLS first is a good rule of thumb. And I tend to do CMAs several different ways, so I would say I spend as much time as you. I would love a copy of your pre-listing questionnaire - what a great idea! My e-mail is razncain at cox.net.

Congrats on well-deserved feature!
8:41am • #78
878,959 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Just a guess on the personality:) I would be willing to be you would get more listings with a face to face on all of these type of inquiries!
11:29am • #79
107,181 Points

there is nothing wrong with sending your time on CMA to get a seller under contract....because what do they say   a listings will get you 2 sales
11:59am • #80
Outside Blog

Missy you're just full of it!  Full of so much valuable information. :) Thank you! I started reading your post and went from here to there, gathering so much helpful information.  I might need to set aside a few hours just for your blog...lol...Happy Holidays!
12:50pm • #81
Outside Blog

Missy, this is a great post. As I am new into the market, I am already finding people just want to know what their house is worth and whatnot. I debate whether or not to spend the time looking up the info for them. Most of the time I do, just to express to them my dedication as a new agent. I also use to to get more information from leads and enter them into my database. You never know what could happen down the line.

Thanks again!
3:21pm • #82
655,247 Points 29 Featured Posts Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Missy, It looks like I'm late to the party.  I occasionally get CMA leads but not many like you.  I will keep your suggestions in mind for the next one that comes along.
8:30pm • #83
DEC
02
2009
2 Featured Posts

What is that last post above?? -Wierd. I have a lenghty questionaire on my website which asks them qualifying questions about why they want the CMA. If they answer the wrong questions, I don't bother but I do send them a nice note or call.
3:48pm • #84
2 Featured Posts

What is that last post above?? -Wierd. I have a lenghty questionaire on my website which asks them qualifying questions about why they want the free home value report. Click the hypertext link to take you to the questionaire.

Most of the not so serious requests are simply people who are looking to refinance I have found. If they say they check off that they want to refinance I refer them to a lender and let them do a pencil appraisal so I'm not wasting my time.
3:55pm • #85
DEC
03
2009
808,331 Points 7 Featured Posts Outside Blog Called Shot Master

It sounds like your plan of action is working.  It takes a lot of patience to do a 2 hour CMA report!
11:59pm • #86
DEC
04
2009

Missy, what are you using to "put them in a CMA format"??

I think this is something most agent spend too much time and energy on.

I tell sellers we'll look at the market like buyers with a savvy agent would - actives, pendings, solds. This totally makes sense to them, and I can often talk them down off the ledge of overpricing.

Also, we have a series of emails, etc. in our Top Producer action plan that reminds them of pricing, CMA vs. silly online value, etc.
4:50pm • #87
874,587 Points 154 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Sean, I use our MLS format, we can chose how we present it with differnt views and formats. Then I just pull the data in for the homes I choose. It has a page for adjustments.
4:56pm • #88
DEC
14
2009
238,686 Points 10 Featured Posts Attended Rain Camp

The problem with CMAs is that today, consumers are used to information instantly.  They really don't realize that it takes time to do a thorough CMA, and if your value is lower than the holy Zestimate, then you don't know what you're talking about.  Hard to compete sometimes, but always try to get your foot in the door.
9:23am • #89

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