Despite innovation in nearly every other aspect of the real estate transaction—from online search to digital closings—the process of creating a comparative market analysis (CMA) hasn’t changed much in the last several decades. It remains a time-consuming and largely manual process to produce a report, which is quickly outdated in today’s fast-paced market.
According to a 2022 market research survey conducted by homegenius and the Residential Real Estate Council, the majority of real estate agents surveyed spend over half an hour on a single CMA, with 31% stating it takes them more than 45 minutes. While there are a lot of great CMA tools out there, the reality is agents still need to go to multiple sources to compile relevant information before organizing it in a professional format. Many agents may use five or more tools to get this done:
- MLS to get things going and start pulling comps;
- Realtors Property Resource® (RPR) to get deeper insights;
- Public records for more detailed property information;
- Their MLS’s or brokerage’s CMA tool (sometimes both);
- A spreadsheet to put comps side by side for analysis; and,
- Their brokerage’s intranet to pull listing presentations and other files to finalize the report
In addition to going to five or more places to get information and design a professional presentation, they are manually sifting through comp after comp, picture after picture, record after record, to ensure they are selecting proper comps for an accurate price estimate. It is a headache, to say the least. Not to mention, the final product has a limited shelf life. A fresh CMA becomes stale faster than ever in our rapidly changing real estate market.
As a result, busy real estate agents are only willing to spend the time and effort building a CMA for their short list of sellers who are ready to list. Most agents skip the whole process altogether for buyers. But this is a missed opportunity that is costing agents business.
With online resources at their fingertips, buyers and sellers are more informed now than ever before and have increasingly high expectations of their agent to deliver market knowledge and insights they can’t access themselves. They want a comprehensive market report that tells them more, is customized to them, and looks polished.
The traditional CMA just doesn’t cut it anymore. That’s why Red Bell Real Estate, LLC, a homegenius company, developed geniuspriceSM—a personalized property intelligence platform leveraging advanced technology and the latest developments in data science, machine learning and artificial intelligence (AI) to generate a price estimate in minutes. geniusprice technology has made the traditional CMA obsolete by marrying advanced valuation automation with local property data to provide agents with next-level analytics and insights in a fraction of the time.
More accurate than a traditional CMA, faster than other tools, and smarter than other AI, geniusprice technology is an entirely new kind of business tool for the real estate agent. Visit homegenius.com to watch the geniusprice video or catch a replay of our technology demo and see just how easy it is to make geniusprice technology go to work for you.
Jose Perez has been a student of the real estate industry for more than three decades, taking on a variety of roles from franchise salesperson to SVP of Franchise Sales for Realogy as well as successfully running his own consulting firm for 11 years. Jose brings his extensive, in-depth real estate knowledge to homegenius, where he focuses his attention on leveraging the power of the Radian business segment, to provide unique value to real estate agents, teams, brokerages, and consumers.