Introduction

A Comparative Market Analysis is a tool that is used by real estate agents to get seller business. This is done by providing a report, called a CMA, that includes an estimate of the value of a specific property based on comparable listings that have sold, are pending, or are still active on the market. This CMA Tool allows agents to use basic search filters in Lofty to find comparable listings and then revise the results using their expertise in their specific real estate market. 

Learn how to purchase the CMA Add-On Here: How to Purchase the CMA Tool

Summary

• Adding a new CMA
  • Buyer and Seller CMAs
  • Present Yourself CMA
• Editing and Deleting a CMA Report
• CMA Identity Verification
• FAQ

Adding a new CMA

To create a new CMA, navigate to Marketing -> CMA and select the + Add New button or click Create CMA for your seller leads. Clicking Create CMA next to a lead is the quick CMA option and the lead and property data will be added for you, saving you a bit of time.

Next, select the template for the type of CMA you want to create and click Preview to view the template and Apply to use the template. Learn how to create a CMA Template here: How to Create a CMA Template

There are three (3) types of CMAs:

1. Seller CMA - designed to present the value of a home and gain a seller lead
2. Buyer CMA - designed to educate buyers on the current market
3. Present Yourself - designed to market yourself and the services you provide

The Buyer and Seller CMAs must be created for a specific lead and include a specific property, while the Present Yourself option can be shared with any lead and does not include a property.

Buyer and Seller CMAs

When creating a Buyer or Seller CMA, the first step is to select the lead the CMA is being created for and give the CMA report a name. This name will help you find the report easily.

Next, choose the subject property. This property will be used to generate the other data for the report. The fields that are required to create the CMA report will have an *. 

• Featured Image. This can be an image of the property or a generic image depending on what you would like to present.
• Address*. This is the address for the property that is being compared to others to determine an initial selling price.
• Location Point*. This will auto-generate with the address, but you can use the button at the right to adjust if needed. This will be important in finding nearby listings later.
• Property Type*
• Beds
• Baths
• Living Area
• Additional Info
  • Lot Size
  • Style
  • Year Built
    
  • Annual Taxes

Note: Due to browser settings in Chrome, some Canadian Lofty users may have issues inputting their correct street addresses due to Post Codes. Please check this article for more information: Post Codes Browser Settings - Canadian Users

The Search section allows you to select the comparable properties. By default, the radius will be set to 2 miles from your property address. This radius can be expanded to 5 miles or you can draw a polygon around a specific areas to find the right properties for the report. Apply filters to further select comparable properties. Check the box next to the property to include it on your report.

Note: You can only add a maximum of 30 listings to be compared to the subject property.

The CMA will set an estimated price, based on the comparable properties. In the Estimate section, you can see the full list of comparable properties, remove or adjust those properties, and edit the estimated price.

The Customize section is similar to the Lofty website editor. Here, you can adjust how the final report will look. It will already have your specific branding from your Lofty profile. The CMA report can be viewed on desktop, mobile, and pdf. Select each option to view the CMA tool in the format your lead will use to view it.

21 different pages are available to be added to the CMA report.

Once the report is done, email or text it directly to the lead or download the pdf. The report can be adjusted and edited anytime.

Present Yourself CMA

The Present Yourself CMA is not lead or property specific. There are only two (2) sections to this CMA: Customize and Presentation. The Customized section is edited similar to the Lofty website and already has your branding from your Lofty profile.

When the report is complete, send the link or download the pdf to anyone you want to present yourself to.

Editing and Deleting a CMA Report

You can Edit, View, Download, or Delete any CMAs that you have created via Marketing -> CMA:

When an edit is made to the following pages, that edit will be saved for the next time that page is utilized in a new CMA built in the future. Those changes will not affect previous CMAs created and their content.

• Title Page
• About Company
• Agent Resume
• Marketing Action Plan
• Testimonials

CMA Identity Verification

To prevent CMAs from generating false positives for views. In other words, the lead never actually looked at the CMA but the notifications were triggering and timeline logs were being documented incorrectly. Our system will recognize the Lofty user's log-in cookies via the browser so that when CMA reports are viewed, it will not trigger as a notification event even when logged in as a lead.

If a lead is logged into a Lofty-built IDX website and clicks on a CMA link intended for someone else, they will see a pop-up message informing them that the link is private and they do not have access to view it.

FAQ

Is there a limit for the paid CMA creation?

No. You can enjoy Unlimited CMA creation when you purchase this Add Feature.

Questions?

If you have any questions regarding this topic or any others, please reach out to our Support Team via email at <support@lofty.com>, by phone at 1 (855) 981-7557, or by chat with us through your Lofty CRM.