SmartMLS Tax Quick CMA

When creating a CMA in the SmartMLS Tax public records program, there are two different tools you can leverage to quickly find comparable properties: Quick CMA and CMA & Client Report . You can conveniently access these tools from a Property Report in SmartMLS Tax as well as from a listing in connectMLS.

This article takes a deep dive into the Quick CMA (CMA & Client Report is covered in its own separate article ).

Quick CMA 
 

When viewing a Property Detail Report in SmartMLS Tax, go up to the top center of the report, click Comparables, then select Quick CMA: 

A Quick CMA report will automatically generate and display on your screen. The report is broken down into several sections, each of which can be collapsed and hidden from view by clicking the icon on the far right:

At the top of the report, the Comparable Sales For section (as seen in the image above) shows summary information about the subject property and includes such statistics as the Average Cost per Sq. Foot and Estimated Market Price (which is based on several different variables).

The Home Improvement Adjustments section allows you to perform adjustments for up to three home improvement projects. Adjustments allow you to improve the accuracy of the estimated value the subject property.

For each adjustment, choose from a list of the most common types of improvements (bathroom remodel, vinyl siding, etc.) and enter the amount of money spent and the quality of the improvement. You can then generate an estimate of the value that the adjustment has added to the property:

The Market Value Calculation section provides a detailed breakdown of the figures that appear at the top of the report (in the Comparable Sales For section). The analyses in this section help explain how the different estimated market prices are determined:

The next section down displays a map of the subject property and any comparable properties that came up automatically when the Quick CMA report generated. There may also be a section of property photos to the left of the map. The photos generally appear if the property is currently or was recently on the MLS:

The section beneath the photos/map displays a couple of bar graphs (Sales Price of Comps and Cost per Sq Ft of Comps) that plot sales price and cost per square foot for the subject property and comps:

You can also use the bar graphs to help quickly identify outliers that may not be a good comp.

The Search Parameters section provides you with ten fields that enable you to customize your comparables search and adjust the number of comparable properties included in your CMA report:

If you do not have a suitable number of comps, relax the criteria in some of these fields until you have enough properties. If you have too many comps to work with, tighten up some of the search parameters until you have a more manageable number of comps.

Remember to click Submit after you change the search parameters so the program can recalculate the comparable properties based on your new criteria.

The Subject and Comparables Properties section displays a grid with your subject property at the top and all of the comparables underneath.

The grid provides helpful information about key features of each property, providing a solid basis of comparison between the comps and subject property. There is also a legend at the top that allows you to easily determine the most recent transaction for each comparable property.

When viewed together, the bar graphs and grid should provide you with sufficient information to decide which properties to include in your Quick CMA. After comparing the comps to your subject property, use the check boxes and the Removed Checked and Keep Checked buttons at the bottom of the report to finalize the comparables you wish to include in your CMA:

If you have removed any properties from your CMA and would like to get them back, just click the Restore Removed Comparables button at the bottom of the results list:

Once you have completed your search for comps and added any improvements, you will see a Home Improvement Value line has been added to the Estimated Market Price section at the top of the report:

The Home Improvement Value is derived by applying the Change in Value Based on Improvement figure to the House Price Index figure. In this example, the change in value based on improvements was + $3,300. That was added to the House Price Index value of $448,239 to arrive at the Home Improvement Value of $451,539.

You can remove any of the calculation results by clicking the next to the value:

You can Print, Email or Save a PDF of the Quick CMA using the top and bottom of the page.

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If you are in connectMLS, you can access the SmartMLS Tax Quick CMA right from the Full Detail report. Just click the Additional Info button in the top right of the report:

Click SmartMLS Tax CMA:

Be sure to click here to check out the other comparables tool in SmartMLS Tax- CMA & Client Report.