How To Do a CMA – How Do You Calculate a CMA & What Should Be Included
In today's post, I share how to do a CMA or competitive market analysis. I discuss how to calculate a CMA and what should be included.
Below you can either listen to the podcast or watch the full video.
Here is the podcast:
Whether you are finding out the market value for an upcoming listing appointment or want to get an accurate number to offer for a buyer client, today's How To Do a CMA video will walk you through the process.
After watching today's training on CMA's you should feel more confident to accurately analyze the market value of properties in your market.
What is a CMA?
A CMA stands for competitive market analysis. It analyzes similar properties and compares them to a subject property to determine the estimated value.
How do you calculate a CMA?
I calculate a CMA using multiple tools and past experience
What should be included in a CMA?
Zillow - Zestimate
RPR (Realtor’s Property Resource) - Valuation
MLS - Comp Analysis
Historical Data (prices & photos)
CMA general rules of thumb
+- 10% square footage
+- 5 years for age
Same style of home (single-family vs. condo vs. townhome, etc..)
Same bedrooms & bathrooms
Same # of stories
Same # of garage spaces
Pool vs no pool
New construction vs. pre-owned
Remodeled vs. fixer-upper
Most recent 6 month data
Master bedroom up vs down
Same acreage .3 - .7 for .5 acre lots .8 - 1.2 for acre lots, 2 - 5 acres, etc…
Things I will manipulate if needed
Wider square footage range
Wider age of home
I’ll go to 12 or 24 months
I’ll go outside of neighborhood within .5 - 1-mile radius depending on comp properties sometimes even wider depending if in the country
What Do I Print Out to bring?
Typically nothing, I email RPR report ahead of time and bring my iPad Pro.
What are some alternatives to RPR?
Cloud CMA - $34.95 / month
House Canary - $54 / month - 10 CMA’s
Toolkit CMA - $192 / annually
Examples of a CMA Performed
Cookie Cutter, Average Price Point, Recent Build
Here is the full video:
Kyle Handy 0:00
Hey guys, Kyle here Welcome to the Monday mastermind I am so excited to see you guys today I'm actually here I've got my office finally figured out I got it all painted, I've got the the setup with my lighting all the way that I like it. So it's taken a few weeks but finally finally it is good to go so hopefully you guys y'all can hear me loud and clear. You can see me and and that it's streaming just fine here to both YouTube and Facebook. And anyways, had a great weekend. Just lots of stuff working with my family going on with my family here at the house. You know we're we're doing a lot of projects around the house a lot of kids stuff. And and luckily Saturday I actually had some some good real estate stuff I was out showing some properties. I was meeting with an agent and just a really, really good weekend. I hope you guys had a good weekend to but now we are at Monday, the start of the week, and we absolutely just need to Crush it this week. I know I've got already quite a bit of things lined up. And so it should be a good one. But today to kick off your week, I actually had a great question over the weekend from a friend of mine, Melanie and and I couldn't believe that I hadn't done a video on this already. And and so the question was, do you have anything about CMA is and how you do your CMA. And if you ask that question to, you know, hundred agents, I'm sure you'd probably get 100 different answers on how people do their own CMA. But I wanted to share with you guys how I do my CMA and just, you know, just you know, kind of how I go about my process, how I think about CMS, and all of that good stuff. So that's what I'm gonna be covering with you today. And hopefully get this all done in the next 30 to 45 minutes for you. But But anyways, let's start with if you know, maybe your brand brand new agent or like what is a CMA? What does it stand for? Well, a CMA is a competitive market analysis and it's basically a Taking properties, similar properties that have sold and trying to get a determine evaluation on a property that hasn't been sold yet. Right? Like maybe it's a home that is for a buyer. If you're out showing properties and they want to make an offer on it, well, they want to know, is this a fact fair value? Is this you know, above the asking or, you know, is it above market below market? They want to kind of know that, if you've got a listing appointment, right, of course, the seller wants to know, like, what's the value of my property? You know, what should we list out? What's it going to sell for? And so a CMA is something that if you're not already familiar with it, you're going to get very familiar with it over the course of being a real estate agent. And it's just one of those things that I actually have a passion for, I really love doing CMA is, you know, it's almost like you get to be a detective and really go find all of the information that you possibly can on a property and then share that information with your client. And so, hopefully, you know, at least if it's a listing, you come to the Same page or same same terms with that client. You know, that might be a different whole different story on if you know if your perception of what the property is worth is different. That's why again, knowing how to do a CMA and letting the data back you up, I think that's the most helpful thing you can have in any kind of a listing presentation. And even when you go and you represent a buyer, and you're trying to be con, get them confident on their offer, it's super important as well. And so that's one of the first things that I want to share is just one of those questions that you get asked all the time as a real estate agent when you're out showing properties. And it's, you know, a buyer client says, you know, Hey, is this you know, a fair value, you know, what would you offer for this property while you're out showing them? And I always tell them pretty quickly. Hey, you know, I tell you what, it's a great question. I, you know, can't possibly know the, you know, right value on every property out while we're showing. There's just no way to know every neighborhood every home that gets sold. So I always share with them. I say, Hey, tell you what I'm going to do is when I get back to My office, I'm actually going to do what's called a CMA. And I'm going to share all of the facts and the data about that property with you. So we can make a super informed decision versus me just shooting off the hip and telling you all this is, you know, seems right or, you know, I think it's overpriced or underpriced. Like that wouldn't be fair to that client. And so, most of the time, what I share is, hey, what we're out here to do today is determine which of these properties most reflect the type of home that you could see yourself living in. And then once we've narrowed that down to one or two properties that we want to potentially make an offer, and I'm going to go do a deep dive and get you the actual data on that property. And so that's how I handle that question. I think that clients will respect that because they know hey, this guy's not just, you know, you know, blowing smoke like this is actually you know, he's going to go get the facts for me. So, most of the time, you
Kyle Handy 4:48
just have to do that one time. And then if you got multiple tours setup, you know, weeks or whatever, later, you know, they kind of get the hint like, Hey, you know, I'm not going to get the exact number on this property to her. I will if I like the property Get the value at that point. So that's one of the first things there. Now some other questions that real estate agents typically have about CMA is the ones that I typically hear most often is how do you calculate a CMA. And in really, that's what I'm going to cover with you today, I'm actually going to share my screen and give you some examples of doing CMA live on the spot from some properties that are just recently listed. And let you know you know how I go about figuring that out. But realistically now with technology and everything, I use a lot of different tools I use, you know, other sources, third party sources to backup data to give me some information to start with. And then really, of course, you know, using the MLS is usually going to be the most
Kyle Handy 5:45
the most widely used the best source for actually getting that CMA done. So, what should be included in a CMA? These are just the things that I use. I use the Zillow estimate, and I know a lot of you guys are cringing right now and you hear that thinking why? Would that be the first thing that he says he uses, if at all? And, you know, it's funny that to answer that question, it's because there's a perception around this estimate. And you need to know going in that, you know, whether you have a seller or somebody that's, you know, looking to buy a home, they've probably seen that properties zestmoney online. So regardless, you need to at least be aware of what it's saying that the value is, that way you can at least you know, either encourage a you know that that is kind of accurate, or you can kind of discredited and say look, that's not accurate, and this is why and so, but you know, having the awareness around it is obviously I think an important thing, and it's where I start with it, I go out and get the data. I know that here in Texas, we're a non disclosure state. And so Zillow is estimated even says on their own website is only one star as far as accuracy out of five stars. And so if I've got to have that discussion with the seller, I can have it I can explain all of that to them. But again, I still need to know what the average person out there just looking at this property is going to see because most of them are going to go to Zillow and they're going to see this estimate. And so you want to be aware of it. The other one is I use our PR, which stands for the realtors property resource. And it's a free tool, I believe if you just are a actual member of the realtor Association, they'll send you your NRDS number and you can use that to login to our PR absolutely free no cost, which is an amazing tool. You can use that to look up properties not even just in your comp your MLS, you can even use it in property, you know in different states and different MLS is. So that's really a really cool tool to have at your disposal. I rely on that pretty heavily and I'll share how I use it. As far as the value though, I just again, I use that almost like as estimate because I've been in our PR and found the values to be completely different than what they truly are. But I still look and see what our PR says the value is. Next I go over to the tax records. From my county tax records, and I see, you know, what is the tax records telling, you know that this property is being taxed at. Now, obviously, that's something completely different than what the market value is also, in every markets, I'm sure a little bit different. What I've noticed in my, you know, county and bear County, here in San Antonio, is that it's usually about 90% of what ends up being the market value. Now, again, that's a huge general rule of thumb. That's not by any means. The end all be all there's vastly different numbers there sometimes, but in general, just you know, to get that point across, don't think that the tax value is what the property is worth. Most of the time, it's actually worth more than that. Not always, but most of the time, I would say that I've found that to be true. And usually it's, you know, maybe anywhere from 10 to 5%. higher than the tax value. Again, not always true, but it's just a good general gauge to kind of get things started right. So then, now that you've got all that stuff lined up, that is when now Jump into the MLS and I start to look at what homes have sold for that are similar to my subject property, right? This is where that's kind of the end all be all of it right? Like those first three are just kind of, you know, get you started. This fourth one is really there's you know that there's no better way to determine the value of a property, then through the actual sold comps have recently sold properties. And so again, that's where you jump into fourth, at least for me, and and really start going from there. So I'm going to give you a couple general rules of thumb to before I go into all of this because into as far as the examples go, and these general rule of thumb, they're just what I used, I found, you know, to help me determine the most similar properties over time. And so my first one is that you know, you want to look for properties that are plus or minus 10% of the square footage of the property that you're looking at, right. So if it's 2000 square feet, I'm looking at 1800 to 2200 square feet for that property. It's 3000, I'm looking at 27 to 3300. Next is yours a age of the property. So if it's, you know, I look to try and be within plus or minus five years of the age of that property. So if it was built in, you know, 1995, I'm looking at 1990 to 2000. If it's built in 2017, I'm going 2012 to the present, right, that's just how I how I do that. Next is the same neighborhood. So I try and get the properties that are in the exact same neighborhood as one another. And if I can't, like if it's a small neighborhood, or there's just not a whole lot of homes that come up for sale in there, and that have been sold, and then I will extend it right I'll go out maybe a half mile, maybe a full mile if I need to. But then if you do that, just realize that all of the other filters become that much more important that you have them be spot on. So So anyways, age of the property neighborhood, then I look make sure that they're all the same style of home. Is it single family residential is is a duplex
Kyle Handy 11:01
Is it a condo? Is it a townhome, right compared to the similar properties? Same bedrooms and bathrooms? So it's a three two, is that a four two? Is it a five, two and a half, three and a half, whatever, right? Like I just look at that. The one thing I may fudge on and I kind of talked about this a little bit later that you can manipulate is half bathrooms, right? Like, you know, if it's a three, two and a half or four, two and a half, you know, if it's a four two, that's usually kind of close, you might just add in a little bit extra value for that half bathroom, but I won't, you know, discount properties or not even have them show up just because it doesn't have the exact same amount of half bathrooms. Garage spaces, so you know, is it a three cars at a two car stories? Is it a one story? Is that a two story? Is it a one story with a bonus room which I would classify as a as a one story and typically I'll lump those two together. I'll put one and one a half as together. I'll put two stories together. And I kind of look at it like that. Is it master bedroom up versus master bedroom down? If I've got enough data, there's Lot of comps, coming up in my filters, then you know, I'll put that comment in there just to make sure that is close to to the subject property as possible. And when I say enough comps, I think this is an important thing to realize, too, is I look for anywhere between five to 10. Sold comps, to be able to determine, you know, if I've got enough comps or not, if I've got 20, right, that means my filters aren't tight enough, I don't have enough of them. And it's showing too many properties for me. If I've got only like 123 properties that have sold, then my filters are too tight. I need to maybe widen in a little bit. And, and I'll talk a little bit about what I start as far as widening it where I would go from that first here Next, but before I get into that, what else are some general rules of thumb pool versus no pool? Right new construction versus Pre Owned, you want to separate those out. Of course I already said using six months of data and then acreage home Right, if the home is on a half acre lot, I usually go point four 2.6. As far as acreage,
Kyle Handy 13:05
give it a little bit of a radius, but at least I know I'm gonna get a half acre, similar properties, that's a full acre, I'll go like point eight to 1.2 acres. If it's more than that, like say it's three acres, I'll go say two to five acres just so I can kind of get something similar as far as the land goes, if it's just your average neighborhood lot, like it's point one five acres or point two acres, I just leave that kind of be, I don't really mess with that or manipulate it too much. Now, if I do need to manipulate things, like say, I'm not getting enough comps, you know, like I'm only getting one comp, that's not enough to really determine if that subject property is, is, you know, similar to enough properties, then what I'll do is I widen the square footage range, typically I'll do that first. So maybe instead of you know, if it's a 2000 square foot home being 18 to talk to 22. I'll go 16 to 2400. I'll start widening That a little bit wider, I'll widen the age of the property. So instead of it being, you know, 2000, you know, 2002 2010, I might just go, you know, 1990 to, you know, present, right, I'll widen that a little bit. I'll go outside of the six month range. So I'll go 12 months or maybe even 24 months if I need to, if it's a very unique property, not a whole lot of similar homes in that neighborhood, then I'll widen that, but then I just, you know, internally know if it sold 12 months ago, or especially if it's sold 24 months ago, what has my market done in 12 months or 24 months as my market increased? If so that I need to factor that in when I'm looking at that comp of what it sold for a year ago, right? So if it sold for 250, a year ago, then I'll say Well, probably that that property is closer to to 60. Today, right? Or just whatever it is, if I know you know the values have gone up 4% in my market in a year, then that's kind of what I'm using. And you can back that up with data when you're sharing this information. With your client. So again, those are kind of some of the things that all manipulate. One of the last ones is I'll go outside of the neighborhood. Again, I might have mentioned this up to about a half a mile to maybe even a mile radius, just depending on the property, or if it's out in like the country, and then they're not really just even neighborhoods out there. I might even go five or 10 miles, as far as a radius goes, but again, I want all the other filters to get tighter, as far as you know, what's the land on it? You know, is it three acres, okay, I want to make sure I'm finding, you know, two to five acre properties, if I'm winding the radius to 10 miles because you can definitely find some different properties, you'll probably pulling some neighborhoods, you know, you'll pull in all sorts of different things when you're going that wide of a radius. So just make sure ever again, everything else is kind of tight on it. Now, my next question I get asked quite a bit too is like what do you bring to your listing presentations? Do you you know, print all this stuff out and bring it with you? What is your process and for that? What I typically Say this is 90% of the time, what I do is I get all of this data up front, right? You know, well first off, only take a step back, what I do is I actually get very clear with the seller about their property right like before I go out and you know, do a listing presentation, I asked them a lot of questions about that property so I can get as much information ahead of time so I can do an accurate CMA before I even go out to the property. It's not the end all be all there's a lot of times that sellers leave things out or they forget things, or, you know, you get to the property and it's not exactly the way they said it. But in general, I like to know like, Hey, you know, what kind of maintenance have they done on the property is the HPC, the roof the water heater, like have they kept up with that stuff? You know, is the property been remodeled? Have they done any updates since they've moved into it? You know, because if not, a lot of times, you know, you can go back to you know, when the house was most recently purchased by them and look at photos and kind of see like what the house looked like, or have they remodeled it. Did they change floors? Have they recently painted? Have they put granted in? How does the landscaping and I asked them this question very specifically Hey, is the grass like, you know a golf course? Is it you know, completely dirt? Or is it somewhere in between? Right? Are plants dead? Are they all alive? Are trees trimmed like you know, what does the appearance of the house look like? And so you ask them that and from that those are as much you know details as I try and get like, you know, they put on a deck they you know, I try and get as many details as I can and from just on the phone and then what I do when I've done my CMA now i've you know, already come up with all the data is then I email them a preliminary CMA even before I go out there for my listing appointment. And so and what that looks like is I send them the Zillow estimate, I send them to the tax report. I send them our PR I send them my comps from the MLS.
Kyle Handy 17:49
I send all of that stuff up front. And I put a little synopsis in the email of you know, just you know, hey, here's what I found so far. I'm looking forward to our discussion. You know, in a Day or whenever it's going to be. And then I'll usually text them or email them, text them or call them and let them know, Hey, I just sent you an email, take a look at it, you know, just so you can kind of be on the same page when I get there. You'll probably have questions. Don't worry, you don't have to call me back and you know, ask questions, we're going to go over all when I get there, but I just want you to have a look at it before I get to the property. So you're not just seeing it for the first time when I'm there. And so that's typically what I do. And then I send all that stuff up front, all the research that I've done, send it over to them. And then when I'm actually out at the property, I can focus on just having a discussion with them, right, the only thing I typically bring to that to that listing appointment is right here, we can see that there you go, my iPad, that is all that I bring to my listing appointment. And, and that's you know, I don't bring anything printed out because again, that's too static for me, I like to be able to manipulate and kind of go on the fly when I'm at the property because again, if they you know if I'm seeing things that are, you know, benefits that maybe I didn't Think about when I created the CMA, you know, maybe it just has an amazing view or just something that's unique. And I didn't really factor that in when I was thinking of pricing. Well, now I can, you know, just again, have a discussion, I can share things on my iPad, you know, as I'm going versus having a piece of paper that you know, was printed out, you know, before the meeting, you know, before I even ever saw the property.
Kyle Handy 19:20
And so, my iPad, it is an LTE iPad. And so that way, I don't have to connect to their Wi Fi, I'm always connected on there, which has been a huge help. And so when I just show up to the property, I typically have all that stuff that I sent over in an email already pulled up in different tabs on my iPad, got the MLS up, I've got Zillow, I've got tax values, I've got everything RPR it's all on there. So that way, whenever I'm going through, I can, you know, go through all of the different details that I sent in the email and share them with them but go in more detail. So a lot of times like the comps, you know, I would have just sent over the actual printout of the comp sheet from the MLS. But now that I've got my iPad and I'm sitting there with them, now I can click on the actual product. He's in show pictures of what those properties looked like and say, Look, you know, this is what your house looks like, this is what their house looks like, you know, it gets pretty easy at that point when they can compare. But the other benefit that I like being able to have this all be live and kind of going, as I'm, as I'm talking with them, is, I can also say, like, Hey, you know, take a look at this one that sold, see how this one looked like see how it was staged see how they didn't have any clutter? You know, they didn't have any of this and that, you know, they had recently painted this. So this is the you know, the quality you want to have your property and if you want to get this type of price, and you can have those discussions with them at that listing appointment. And so some people I'm sure, you know, have a million different ways of doing it. A lot of times people want to bring things to give to the seller. For me, I've just found it better to you know, send the email upfront. Focus that as you know, the listing appointment as a discussion. Sometimes we even just sit in the dining room will sit in the living room, wherever I can kind of you know, kind of get near them and show them the iPad. And that's typically how I handle my listing presentation. That's kind of a whole nother video. But anyways, Then the last thing is a follow up to that is after my listing appointment is completed, I tell them, Hey, you know, I'm going to send you an email, it's kind of a recap of our meeting is to have all the notes of everything we talked about, you know, I always again, I'm taking notes as I'm there. So, you know, when we're walking through the property, and I'm saying, hey, you need to declutter this you're going to need move this you know, piece of furniture you need to you know, trim that tree back your need to you know, repaint that front door, taking notes of all that stuff. That way I can send that in my recap email to them along with everything else like what I thought the property was valued at what I think the list price should be what we agreed that the listing date would be right so that's what I'm doing in that recap email after I'm done. And that seems to suffice for a lot of sellers actually love getting that email to recap it, it's in writing, they remember things. And so that's just been my process and it works out really, really well. So anyways, that is again what I bring to a to my my listing appointment. That's what I typically Have for a CMA. And I said typically, because it's again 90% of the time, the other 10% of the time, like, if I've got a client that maybe they're just not very tech savvy, they don't get on email very often, anything like that, then I'll typically print stuff out, like just print out what I what I told you, and bring that with me, but then I'll still have my iPad with me, because if I can, you know, still feel like I can show them it and have them understand it, I love to do it that way. But again, if you just get get that client that you feel like they really need to have something printed and given to them, they're not going to check emails, they don't want to digitally, then you know, Hey, no harm in printing it out. But that's only about 10% of my appointments. So anyways, the next thing we're going to do is we're actually going to jump into these live examples of doing CMS, so you can see it in action. And then I'll follow up with if you don't have access to our PR, there's a couple alternatives to that realtors property resource tool that you can, you know, subscribe to, and I'll share those with you so you can go check those out. Alright, let me move right over here. I'm gonna move to my other screen here. And let's move this mic around. There we go.
Kyle Handy 23:09
Alright, so let's take a look at this here. You can see what I've done here is I have pulled up the MLS, right? This is my MLS here and I've got a couple I've got four different examples that I'm going to do. This first one is kind of, you know, your cookie cutter type of home where it's just in a neighborhood, you know, they're all similar square footage is, you know, that kind of thing. And, you know, I'll go over again, some more unique situations and examples, but this one for this first one, I'll show you here, this is a new listing. Obviously, if this was like a listing appointment type of an example, you wouldn't have all this, you'd have to go over the tax records and get the square footage from it, and then still do your searches, you know, manually. But for me, what I do is I typically have two tabs open I've got the property on one tab, and I've got just a blank search. On another tab right? So come over here here's my blank search I've got a couple different pre done filters for me which you know I'm sure there's a million different ways of you can set this up and there's different MLS so they're all going to be different but for me I've set up a pre done one just basically it's you know, it checks all the all the different statuses that I need right I don't have pending SB I don't have expired canceled withdrawals in mine. I guess you probably could have pending show for backups. I again, I don't really go much into the expired canceled withdrawals unless I need to. You can use that to show people like if a property was overpriced, you know why it didn't sell. For me I try and focus really just mainly on those sold properties. But anyways, I'm going to pull those statuses up. I'm going to look at the subdivision that this property is I'm going to copy that out and pull that up. I'll put that in the subdivision right there about seven. So that's good so far. Let's see here that property is 1800 and 68 square feet. So I'm gonna go ahead and put 1600 to 2100 about plus or minus 10% square footage. Again, guys, you don't have to be exactly accurate but just you know, close your built. See this one is 2004. So I'm going to go 2000 or 1999 to 2009. Okay lot sizes in a subdivision I'm again, I'm not focused too much on that bedrooms and bathrooms, I will put those into as a three two and a half. I'm gonna put three men three max to fold men to full Max, not going to mess with the half baths, whether it has it or not. I've got it in six months here, parking and it's all the same stories I will put into stories, although I'm pretty sure in this neighborhood, they're pretty much all two stories. They will have that same kind of look and feel there. But I'll put two in there just to go through the motions. And then construction. There is no new construction still in this neighborhood. So that shouldn't change things. pools I doubt many of those have a pool in that neighborhood. But either way, I'm still going to put all that stuff in there. So there's all the filters that I've put in, I've got six results, which is good for me. Again, that kind of meets my five to 10 that I'm looking for. I've got the subject property, I've got one that's active option, meaning it's just went pending. It's under their inspection period, and then I've got four sold, so it's pretty good. What I'm going to do next at least for my, my MLS, it allows me to do this as I click down, I say CMA summary. And then it just basically filters the available properties out from the sold properties and it gives me a different average for both of the different categories. And so here's my sold. I can see here that you know, they all usually
Kyle Handy 26:47
they mostly have seller concessions three to 500 bucks is not much for seller concession that's probably just a home warranty. But I can see here my dollar per square foot sold, averages 147 146 It looks like here, they're all smaller square footage though than my subject property, my subject property is 1868 square feet, these are all about 1600. So, typically as your square footage goes up, your average price per square foot goes down. So, you know, because these are smaller, you know, that is expected, you know, this one's at 133. And, you know, and then this one, the average is 147 and 146. So, tell you what I take a step back, I kind of jumped into a little quick so, I jumped right into the MLS first but again, what I typically do is I would actually pull up Zillow, which here you know, got Zillow, I've got this estimate, right? I'm just looking at what this estimate is, this is real quick. Then I pull up our PR and I see what our PR is saying our PR says to 51 it's only got four stars, I like to see five, but again, four is not bad. But that's saying to 40 to 51. And then that saying to 48. I would go over here back to my tax data for the property And I can see here the tax values on it for 2018, which is the most recent year it has is to 28. Ok. So now I know the tax values to 28. Zillow is saying these estimates to 48. RP are saying to 51, right. So it gives me kind of some some context. But now I can look right. And I can see all right, let's just pretend like this house was not priced at 249. Nine, let's pretend it's not even out there right now. So all we have to go on are these homes that have that have sold, right? You got one that's active option at 245. Right, that's a little bit bigger means I went under contract in 10 days, all of these have sold pretty quickly if you look at that. And so what that would lead me to believe is I don't think the home is going to sell for you know, in the 140s As far as price per square foot just because again, it is bigger than all of these homes that are at 1600. But I would say hey, you know, it's probably going to be in like the 130s or something like that. Right? And If I looked over here at our PR, our PR is, you know, using a lot of data to kind of come up with their numbers, they're saying to 51, you know, that would in my mind start to get me at least thinking around that to 50 number. So from there, I pull up my calculator, right? And I would just say, all right, so if it's 250 250,000, and it's 1868 square footage, that's putting me at about $133 a foot. I already I know it says it there, but I'm pretending like that's not there. And I would say, all right, so 133 foot, I've got a home that's active option that's a little bit bigger at 125 foot. And I've got some sold comps that are smaller that are, you know, selling at about 240s and the 240s and even one or 140s a square foot 133 seems pretty plausible, you know, so at that point, I would be like, wow, you know, 250 is probably in the number I think it'll sell at 250. especially seeing how quickly these homes have sold for, you know, it might even go for to 55 you know, and realistically at that point, then it just becomes a pricing strategy, and you had the conversation with them that, hey, your property is probably worth somewhere around 250 somebody could either pay, you know, to 55, they might pay 245 for it. In my opinion, here's what I think we do to 50 is such a, you know, searched number that coming in just below 250 I think we're going to get a ton more
Kyle Handy 30:18
views on your property, give us a lot more interest in may even create a bidding war if we put it at 249 nine. And so that would be the conversation I would have with the seller. But again, that's not necessarily CMA, that's pricing strategies. But I think the value of that property again, is worth any anywhere between say to 45 and 255, just based on what I'm seeing from these comps, right? So that's kind of the first one there, that would be your CMA. When I go to print something out, I'd print this out, I would print this out, I would print that out, and then I would print out the taxes, which I guess I must have closed out on But anyways, I would print up the taxes for them. The other thing that I would go do is when I actually pull up this property you can see here, these are all the different statuses that comes up as doesn't show that it was ever sold before. So that's not really very helpful. It looks like they just had rented this property for quite some time. But I would use if, say, if it was sold, you know, four years ago or three years ago or something like that, I would pull that up, and I'd bring that to the cellar with me, you know, and send that in that email, just so they can see like, okay, hey, it sold three years ago for, you know, 235, you know, chances are three or four years later, it's not going to go up, you know, a ton, it should have gone up, you know, maybe three 4% per year, but that will help with your story as well, when you're creating that CMA. So all of that stuff comes as part of your detective work that we talked about earlier. And just, you know, making sure that you know, you kind of have all of your information that you need, right. So anyways, so that's one property. I've got another one here, let me pull up the address. In this next one is going to be kind of like an older, remodeled home. So this is like, you know, if you're talking to the seller, and they're like, Oh, yeah, we just did a bunch of, you know, remodels to our house. You know, we're selling it now. Or maybe you're working with an investor, and they, you know, routinely flip properties, you're going to want to compare them to other properties that have been remodeled. Right. So let's say, you know, this was your subject property. Again, this is already listed. So I mean, you can't know if you're going on a listing appointment all of this details beforehand, necessarily, but like, in this case, they spoke to the seller and they're like, yeah, you know, we just remodel the home, we put new carpet, you know, we put new wood floors in there, we repainted the whole house. You know, the kitchen is clean, it doesn't have granite, but you know, it's a clean kitchen. These are some of the things that they'll tell you, and you can kind of start to formulate that this is maybe what that property looks like. You know, before you get to it, well now here's how you can actually create that, that CMA for it. So you can pull that it's you know, you'll notice, you know, the square foot You'll know when it was built, you'll know it's a three bedroom, two bathroom, you can know all of this information about it. So in that case, what I'm going to do next is I'm going to come in here, I'm going to pull up, you know, this is the subdivision for it. Let's go back, we're going to clear out this one here. So I'm going to put in this neighborhood. Okay, I'm going to put in square feet. What do we say this was? 14 1454. So we're going to go say 1250. And, you know, 1650, right? It seems about like it's a middle five listings found not I know this is probably gonna be too few here pretty soon so but we're going to keep going through it and we're gonna say it's three bedrooms, two bathrooms. Just like that. Let's see. We still got five so that's good. Construction. Make sure it's all Pre Owned. I'm sure most of them are pool, no pool. Okay, stories. They said it's a one story so I'll go one or one and a half. Not That I think they'll be too many one and a half's. They're all right. And that's so we still have five listings, right that kind of match that criteria. Now here's where you're gonna have to do a little bit more detective work on this if you've got properties that have been remodeled and not remodeled. So we've got five properties in total. Not as many as I'd like to see, I probably one of the first things that I would do in this case is I might go you know, say like 12 months on here and see if I can get more chances are I will, yep, seven. Okay. So we'll take a look at those come over and say CMA summary.
Kyle Handy 34:38
Right, just like that. Okay, so now I can see my soul's, I can see my available. Here's the subject property here, but let's just pretend like that one's not there. It doesn't exist. We don't know that. 127 is the is the number right now. All we're looking at is we've got one property that's a price change. It's 1521 square feet. 23 days on market. Now you're gonna have to start Clicking in because if you got properties that have the potential to be remodeled or not, that's going to make a big impact. So I'm going to click in and look on see. Alright, so this is pretty nice. You can tell it's not remodeled, but they've they've done some updates to it. So I'd be looking at this and thinking my subject property is probably going to be a little bit nicer if it's a fresh remodel, like if they, you know, are an investor, chances are and if they do good work, like maybe you've seen their work before, you know, you know, it's probably going to be nicer maybe than that, if they're a homeowner living in it probably going to be similar, right? Like, this looks like it's a homeowner house, and they've just lived in it, you know, and kind of done things as as they've lived there. Right? And so there's a difference there that you want to be aware of. But this one here is listed at 121 foot, right? And if we look at down at the comps, we've got a range we've got anywhere from 107 all the way to 136 being on the high side, and the average being about 123 124. So it would In my opinion, I would imagine this is probably one that's not been remodeled and then these have recently been remodeled right and we can kind of take a look at the pictures and determine Here we go. Interesting first picture of the house. Yeah, so you can tell here it's I mean, needs work got popcorn sia is dirty, you know, not really updated. interesting picture choices, but, but anyways, that one would need now probably some work I can tell why that one's probably 107 foot then I come over here and I look at this one, get not the best pictures. In fact, it's only got four pictures. It looks like they might have put some floors in it. But beyond that you can't really tell. Go to the next one. Take a look here. Again, not super nice if I knew this was like a fresh remodel from an investor or something like that. I know that this the sub properties and be nicer than that one. Go to the next one. Let's take a look at this. Okay, and now we're getting kind of nice. So it looks like you know, like a kind of a fresh remodel nice floors, clean paint stage. Nice. All right, good yard. So that's finally my first comment, you know, gives me a little bit of details now it's 123 foot. Let's see this last one here. That's 136 click in Yeah, fresh remodels, staged granite. Okay, so this is probably the nicest one that you're going to see in the price tells you that right once over 136 foot. You can see the seller concessions here next to it. But if I knew that it was a fresh remodel like something that's really really nice. I would say Okay, look, this one's 1454 square feet. This one here is 1439. That's pretty similar. This one listed at 199 and sold for 197 with 5500 and closing costs. So basically sold for Low 190s this home here, truly if it is a fresh remodel, I don't know the extent like if it's got as many details like, you know, if it's got all the, you know, granted if it has the nice shower like that one had. And so you know, I'd go in there thinking okay, the homes probably worth somewhere around 190 might go for one at five and might go for 195 but then I wait until I've seen the property with my eyes to actually make that determination. And I have the conversation with the seller like hey, you know, I pulled this up on my iPad, I'll show them this also, this is the most likely con you know, comp that you've got. It's the same square footage just about, you know, it's got, you know, remodeled recently. You know, you can see exactly what they did. It's sold in 31 days. You know, realistically, I think that your property is probably going to sell for somewhere around 190 and then again, it gets now back into pricing strategy. Do you want to list it for under market and get a bunch of offers? Do you want to list it above market and probably get no offers? You want to listen at market price and maybe get one or two offers and just kind of go from there and Most of the time I try and lead them at least on the lower end of going below market, or at least at market, versus Of course, the alternative which is listing high. And so anyways, that's kind of how you would look at that for a property that is a recent remodel. Now, let's say you're going out to a property that you know it needs work, right like it's a fixer upper, they've never remodel it. Maybe they're selling for, you know, an elderly parent who you know, they're just not going to be in the house anymore. I've been in a few of those types of situations. I've got a another property here to show you what you would do on that. Okay, so let's say 7718 Glen Briar Brier.
Kyle Handy 39:39
Let's say this was going to be your Glenn. Alright, so here's your subject property that you're about to go out to. Right. You've never never been out to it yet. But you're speaking to the person and they're saying yeah, you know, and he's, you know, work probably the foundation. You know, we haven't had it checked the You know, they don't know that it's broke, but they're just, you know, saying, Hey, you know, it hasn't been really maintained in a few years, maybe they say, Oh, it's been a rental for the last four or five years, all those details you can get in that phone call, the better, right, because now you're going to use that to determine if this is good property. That's, you know, very nice, not as nice or average. That's really the three things you're looking for. So you know, I'm getting signs that this property is maybe not going to be as nice right now. Put it on the lower end of the spectrum. And that's all that I'm really looking for. So now I'm going to dive into my comps. And again, let me show you here what I'll do is I'll go 67718 Glen Briar with pull that up on Zillow, Briar, and you can find the zestmoney even if the house isn't listed, so I know that I know that mine. Mine is showing that they're already listed because they are but even if it was, and I could see here okay. Assessment saying 145 Let's go over to our PR and look at this one. So since I don't want to Glenn Brier All right, RR pr saying 146 Sevilla says 145 or PR says 146 now, especially with like dilapidated homes or completely fixed up homes, like if they're on one end of the spectrum, they're not just the average. That's where, you know, definitely doing your comps are going to be a little bit more useful and helpful. If it's just the average home, especially if it's like a home that's four or five years old, it's in a subdivision, you know, you know, that it doesn't, you know, probably have a lot of updates, you know, and it probably doesn't have a lot of deferred maintenance, you know, you're probably going to get what the averages, that's where, of course, you know, like our PR is going to be way more accurate. But even in this case, this is saying 146 this is saying 145 Let's go in and see what taxes tell us that it is All right, taxes tell us that it is valued at 109. Okay, so now here's what I'm thinking golden the RPR doesn't know if the property has foundation issues if the property is dilapidated, and yet neither does Zillow, or you know, really the tax records. And so what you know, this value could be this 146 is probably the value if it's in good shape, right? Like average condition might not mean that it's completely remodeled. But it also doesn't probably have foundation issues, which I can tell just looking at these pictures that it does. Plus I even saw in the MLS here in additional information. they've shared some foundation estimates and stuff. So if you know that it's got something that's going to need work, you're obviously gonna have to account for that in your CMA. And so now what I'm going to do, is I'm gonna actually do my comp analysis of this property. So let me come in here, go over and pull up the new CMA search. Going to pull up this subdivision Here we go. Glenn. Look at so 31 listings. It's a three to 1500 square feet. Okay, square foot. I'll go 1300 to 1700 your built is 1976. I'm gonna go to 1970 1982 oops. There we go. All right lot sizes, regular subdivision, not gonna worry about that 3322 Okay, number of stories to one story, part two ones, I want to have a name and worry about garage. I know that all the homes in that area. Well, you know, actually, here's where a garage could be important. They like this one here doesn't even have a garage. So that's so again, you do have to be careful because sometimes, like on this one here, you want to just you can put converted garage, if that's an option, but a lot of times that may actually put zero results, one, right so you're not going to get very many. I'll just take that off and I'll use That is kind of something that I think about I'm factoring while I'm thinking about properties. So if it's like something that's got a two car garage,
Kyle Handy 44:08
you know, and it's the same square footage, well then you know, that's a lot different than a home that has no garage because they converted it to add to the square footage. So you know, you might factor in an extra 10 1520 grand depending on garage versus no garage. But it's something that you have to do kind of manually in your head. So okay, so I've got just those filters and you can already tell here that it's only given me two, definitely not enough. The other thing is sometimes subdivision, you know, depending on if it's legal or common, might give you a little bit different results there. What I'll do in this case is I'll go in here to select boundaries. I'm going to center it on my address, Briar just like that, come in here. I can see my property. So you could do a radius search, but I actually do These polygon searches and do like that just kind of pull it down there. Get as many as I can in their little polygon search. It's only found one now. So it's even getting me less. So I'm going to go back I'm just going to say the Glenn right and then I'm going to have to open up maybe the month sold that's pulled 12 months and see all right, only three, so not very many. Let's go and take the stories off. Five All right, we can take off your bill because if they're all in the Glenn they're all going to be about the same year built most likely. So it didn't change much. Still got three twos still got the square footage, I really don't want to touch the square footage on this. Let's just go ahead and see what we get with our five. Okay, quick summary. Okay, so here's the big difference right? You got dilapidated versus Possibly nice maybe average, right? So you got low, middle high. And we can see here that you know, on the low end of things, you know, 14 1500 square feet dilapidated, which I assume these ones are will click in and just make sure you know here's like a two story that sure is going to have some issues definitely needed some some major work right. And this one doesn't even look like it is a single family in fact that one is townhomes. So again, that's one of the other factors if you start to see that you come up here and put in the type single family detached. And I've only got three I'm back to the drawing board, right. So now what I can do, I want to stick to the Glenn I don't want to I don't want to mess with that. But let's see here. Let's see if I go 1252 1750 that opens up anymore. Six, perfect. Okay. So let's search that. All right, let's pull all these up. So again, we don't know that this is let's pretend like this isn't listed, this is going to be our subject property that we're trying to determine the value for. So now what we see here is there's a lot of properties that are sold between 136 and 152. Let's start clicking in and see if any of them are as rough as potentially Our home is going to be. So we click into this, this does not look rough one bit, right, like this one looks completely remodeled, which would lead me to believe that there's no property that sold at least in the last 12 months that we put in here. That is as rough as that one. So I need to get some kind of a comp. I'm going to go back 24 months and see, now we get 16. Let's take a look and see what that looks like. CMA summary. Alright, so now we're definitely getting some I don't even know what this house is, but that is pretty crazy. $18 a square foot. It was rough. They put that a single family even though that's not But anyways, here we go. We can look. Alright, so we'll see on the low end, we've got some that are in the 5050 740-773-8011 Five so we can start looking in here I probably if I know that the house is still standing and it's you know, maybe good but it just needs some foundation work or something, well then it's probably in my opinion going to be somewhere in the middle there. It's gonna be super low end. But let me start on this one with 8339. glenmont kind of pull it up the bank foreclosure. Again, not sure if it has any foundation issues or not in that one just based on the pictures. It does say cash offers only which could mean that it has some foundation issues. But let's take a look at another 173 14 Glenn haven.
Kyle Handy 48:39
Let's take a look at this one. You also can read some of what they write right sometimes they'll say like needs foundation work, that type of stuff. Otherwise, I'm looking in here to see is it remodeled? Is it not? Does it have cracks in all the drywall any of that kind of stuff? Does it look like it doesn't just looks like it's not a remodeled house but it's also not you know, terrible. So it's kind of making Alright, so 70 to $80 is maybe the, you know, per foot is the going rate for a home that is averaged maybe low in 105 112. A foot is kind of the, you know, going rate for maybe something that's a bit nicer. Like we come in here. Let's look at this one for 109. Yeah, I mean, you can already tell just from the photos, you know, green grass. Nice home remodeled. Alright, so then what we start to think about is you almost have to put your investor hat on, right, like if I know this needs foundation work. And if my end game is that this house is worth one 10th of foot, right, and this house is a 1500 feet. I was looking at 1500 times 110 foot, I know my max value on that is maybe 165. And that might be even stretching it a little bit. Just because that 110 is on a smaller house that's 1287 feet and 1300 feet, which is smaller than our subject property. Plus ours doesn't have a garage, which I would imagine these ones do. They probably didn't convert the garage there. This one did. So that's actually 13 with a converted garage systems 15. But either way, 165 is probably the very high end. So let's just say it's worth 155, or even 150, somewhere in that 151 60 range. Well, if I know that it's got foundation work, and then when you do foundation work, you're gonna have to repaint, you're gonna probably have to do some new floors, all that kind of stuff on a 1500 square foot house, it's probably going to be about a 32, you know, maybe $35,000 remodel on it, and that investor is going to want to profit some at the end of the day. And so, you know, realistically, you know, I'm going to think this property is probably worth anywhere from 100 to maybe 115 on the high end of it all. And so that's where my mind is going to go. And then what I would do is if I said 115, hundred and 15,000 divided by the square footage, 1518 puts me at $75 a foot, right? Of course, I already know that's what they're listed at. But then I'd come down I'd look at my story again, right, it's probably not in the super low end. You know, like if I clicked on this one, I'm glad past what does this one look like? Okay, you can tell like this one, I don't even think it's like connected to another house. It's got some weird stuff going on super small doesn't even look like a single family house. If I know that mine single family, which I might even get on like Google Street View, right to try and see what it looks like in the front. I know it's going to go for more than 50 it's not going to go for 175 seems right. So when I go in there, I'm kind of in my mind thinking, you know, it's probably 100,215 maybe on the high end, if all it needs is foundation work, if it's completely like the roof is shot, a C's bad, all this kind of stuff, all of you start adding all that up while you're there. If you haven't already uncovered that while you're speaking to the person so So anyways, again, it's a fluid situation I come in, you know, I do as much analysis I can upfront into what I think that property is worth. Before I've seen it. And when I'm there, I've already done all the work up front and now and just kind of, you know, going back from what I remember and going through these numbers with the people again, that's why I bring my iPad so I can show all of these things as I'm going on it. So anyways, let me make sure yeah, we're quick check on time. We're doing good. I got one last property I'm going to show you here. And that is this is going to be the one out kind of in the country. So we'll do for 34 oak haven. Okay, then there we go spring branch. All right. And so it's on. I think it's on three acres. Something like that. I looked at it. Yeah, here we go. 3.01 acres. So first thing again, I'm going to go for 34 Okay, even on Zillow.
Kyle Handy 52:42
Oak Haven, spring branch. There we go. We're gonna go do the same thing on our PR for 34 oak, even. There we go. Alright, so this is estimates Tell me six 828 our PR is telling me 830 to five star accuracy. This is very uncommon, in my opinion to see something out in the country where there's a lot of differentiating factors to have five stars and have it be, you know, pretty close to accurate potentially. Usually I see him $100,000 one way or the other sometimes I mean it can be pretty wide ranging. So she with acreage homes like this, but then of course the next part is we're going to pull up our MLS analysis here. We're going to go search
Kyle Handy 53:42
right, and then this one is in mystic shores. Like that 57 that's probably a good sign. We're going to have some good cops 3500 feet. See here. You know, 3000 to 4000. Again, I mean, that's more than 10%. But it's again, if it's 35, that's 350. So it's not far off acreage, I know that it's on three acres, I'm gonna go to to five acres. bedrooms, it's a three to see we've only got four. So again, that's filtered it down quite a bit, because I guess imagine that 3500 feet with only three bedrooms, probably going to limit it. And also, I know in that neighborhood, that three acres is pretty uncommon to that's pretty, a lot of land. That'd be the other thing too is if I know it's in a subdivision, it's just got a bigger lot in the subdivision. I might take off the acreage and you know, if I'm comparing it to say, a one acre house, and this one's got three acres, I'll see what that one acre house sold for then just add back some of that value. If it was three acres. Alright, so number of stories, it is a one story, which I'll compare to allow one and one and a half in it. I just don't want to stories. Oops. There we go. It's not new construction. It's Pre Owned, I believe I make sure. Yeah, it's one is Pre Owned. It's got a three car garage looks like or two car, let's see. two car garage. Okay, good to know, because especially in these more expensive properties that can get be pretty important, right, a lot of people may want a three car. Now we've only got one listing, so we've definitely kind of filtered it out. Probably too much, in my opinion, we can try and widen the range to 24 months just to see if we get any more back but we don't, it's really more of just our filters. So when you have a situation like that, again, where your filters make it so custom and unique, you have to add back some of these. So let's just take one in one and a half off. Let's go ahead and let's bring this down to 12 months. Let's take off the garage requirement. If it's a three then we'll just add that back in. And we'll even take off the acreage there that adds a little bit more Alright, so now we're getting a few more I think still the three four bedroom is kind of a big difference here. Let's go two and three. Yeah, see that's the bathrooms a lot of people want probably three full bathrooms potentially. And so we'll pull those up and we'll take a look here. See what they look like. We have to do a little bit more math in our head here for this one. But you can see here that the most expensive one went for 715 least expensive for 70 you know this subject property we don't know yet what it should be listed at. I know what they listed it out obviously you can tell here. You know that they listed it at 849 to 39 foot in my opinion, I can tell you already that's pretty high. You're just looking at the comps the highest is 715. Let's take a look and see what this property looked like. So very nice house right all the nice features even has a swimming pool which Don't know, let's see did did this one have a pool? This one here. And sorry guys, just for the sake of time I was trying to I'm trying to do it a little bit quicker. So that's why I'm leaving off some of these filters that if I had more time I'd probably be putting in there. But I don't know I do see a pool because it does have a pool. It tells you if you have a pool here, yep, in ground pool. So you know, you could go back let's refine criteria. Let's add a pool. So yes, that'll filter down some of those we've got four now that are accurate, but even still, these four here, only one has sold, the rest are still available. I'm gonna go back and maybe pull 24 months.
Kyle Handy 57:43
And you can see why this becomes kind of like an it's almost like an art form. Right? You just, you know you get used to kind of doing these things back and forth. So we go back a couple years and luckily it tells you here the close date so you can know if it isn't overcome to maybe back in a little bit of the extra price, but it's still the you know in the last 24 months Nothing has sold for more than 715, even with the pool out in that neighborhood. And this one here was listed for 73 days list price was 748 sold for 715 4500. And closing costs, I would probably venture to say and that was 3700 feet. Let me see here, how many bedrooms and bathrooms, three bedrooms, three bathrooms, so same, you know, that one's a three, two and a half. This one's on four acres. So actually more acreage, even in the subject property. And so realistically, I would be probably telling that seller, hey, you know, we would be lucky if we can get somewhere around 200 foot but realistically, like this one here just sold a few months ago. Right and it sold for 191 91 a foot. I'm going to come in here and I'm going to say you know 191 times 30 544-670-6904 is the actual price at 191 a foot you know lot can change now, you know, going out to the property and taking a look at it and seeing what it has. It looks like this one. I mean, it's got some pretty cool stuff. Like, if this was just a house, then that would be the price. This one though it's got like a guest house, it looks like off the side here. And I don't know, you know, again, this we're having that phone conversation with them is important. Also going out and seeing the property is important. But it says here 4300 square feet of living space. So that's probably the thing we're not accounting for. Because the 3500 is just this the main house, the other 800 square feet is this extra guest house, which you know, that's adding on a lot of value. Now they're putting it as far as value if, you know, let's just say that. Again, let's just say didn't have that guest home and it was worth 191 91 a foot times 3500 to be worth six, six in the 660s. So you know, in this case, it looks like they're valuing that that extra guest house at 200 grand Which is pretty high. And that's probably the reason why it's been on the market for 150 days. I would say, you know, realistically, that extra 800 square feet of guests space, even if you gave it a value of over $100 a foot, let's say 120 foot, you know, is 100 grand, maybe 120. So if you're lucky, you know, this is probably a 775 type of property 785, something like that, I would want to be listing that thing under 800,000. I'd want to list it for about 799 900 to really get some interest, but it's again, just depends on pricing strategy, what the goals are of the seller, if they need to sell quick if they don't, even if they don't want to sell quick, I always tell people, hey, the longer it stays on the market, the lower price you're gonna end up getting for it because people start to wonder, hey, why is it sitting? We talked about that on this call before But anyways, that is just how I would look at that value. If somebody were buying the property, I would probably tell them, Hey, I wouldn't want to spend over 800 on it. I might even make our offer for 750 just see where it goes. But anyways, hopefully that gives you guys some insight into the CMA process and how I go about looking at CMS. As far as the last thing I was going to share with you is some alternatives to our PR. Mike here, just some alternatives to our PR, and what I found. I like cloud CMA. It's actually a really cool program that gives you a good example, presentation of listing presentation on your iPad that you can bring with you. If you still want to go kind of that route of having a listing presentation. Cloud, CMA will take the property and actually, you know, build out the CMA for you which you can manipulate. You can change it if it's not completely accurate, but then putting it into a listing presentation format for you, which is really, really cool and unique. I think it runs about $35 per month for cloud CMA. But it's probably the first one that I would try if I didn't already have rip. And if I didn't already have the kind of the process that I'm doing. The other one is called house Canary. This one's more expensive. This was like $54 per month, and you only get 10 CMS per month with that. And then the last one is called toolkit, CMA. And that one's about $190 annually.
Kyle Handy 1:02:17
So that's probably the cheapest route, if you're going to do something annually, and they all you know, for the most part work with most MLS is I think, toolkit, CMA works with a few more MLS is than the other two. But even cloud CMA I think works with like three to 400 MLS, so there's a good chance that your MLS is a part of it. But those are some alternatives to our PR, if you don't want to use our PR or if you just want to have that listing presentation type of format, along with your CMA. So that being said, Guys, I know this was a long one, I hope that it was valuable for you. And I didn't get to get into any of the questions right now. But I promise you, if you leave a question or a comment, or just need some clarification, put it in the comments below. Whether you're watching this live or watching this after the fact, and I'll be happy to respond to those comments, get you the answers that you're looking for. And hopefully this will help, you know, get you a little bit stronger, more confident with your evaluation method for clients. So anyways, guys, make it a great week. I'll see you guys on the call next week. Talk to you later. Bye.