Too few real estate agents appreciate how important a comparative market analysis (CMA) is.
The CMA is not only one of your core responsibilities as a real estate agent when serving either sellers or buyers. It is also the most visible representation of you and your brand to sellers. A great CMA will both win more listings and better serve home buyers.
When a potential client has interviewed multiple agents, how will your dated, incomplete, ugly CMA compare to the sleek and informative packet the other agents left behind during their listing presentation? Your CMA can easily be the difference between getting and losing the listing.
That’s why it surprises me there aren’t more contenders in the real estate CMA software niche. The below options don’t even have 100% MLS coverage. I don’t know what most agents do for their CMAs, but I know this is a major place you can up your game and really stand out from the competition.
Read below about the best CMA software options available!
Top Real Estate CMA Software
Cloud CMA
This is the best CMA software out there. It's part of the Cloud Agent Suite, so you can have clean, elegant CMAs that reflect well on you and your brand. It's available in most major MLS markets, so you're sure to find a fit. I highly recommend Cloud CMA for your business needs!
dashCMA
DashCMA is a cutting edge company that is quickly making a name for itself in the CMA industry. Their unique approach to pricing and presentation is sure to impress homeowners, and will help you earn their business.
HouseCanary
HouseCanary is an app designed specifically for real estate agents. It relies on AVMs and Big Data to provide actionable market insights into a home's value. I highly recommend HouseCanary for agents who have a strong listing presentation game and want to outsource their CMA needs to the future of predictive analytics, machine learning, and AI.
MoxiPresent
MoxiPresent is a piece of the flagship software for MoxiWorks, a brokerage software company with a suite of tools. MoxiPresent is their comparative market analysis (CMA)
Realtor Property Resource (RPR)
RPR is the NAR-owned CMA tool that is one of the most popular options for creating CMAs and listing information for Realtors. It is a free CMA software, and while not as sleek or feature-rich as some competitors, it has a lot of information and reports, allowing you to quickly add value and market expertise to your business.
ToolkitCMA
ToolkitCMA is an older, established CMA software option that is one of the most affordable options. It is not elaborate, and it has a dated design compared to some of the competitors, but it will be a familiar format for most agents. I recommend it to anyone who is more comfortable with the classic CMA look and fields.
Not Included Here
Many MLS providers have a basic, free CMA tool.
Different MLSs have their strengths and weaknesses here, but I’ve generally found MLS CMAs ugly and inefficient.
This list also doesn’t include the proprietary CMA software that companies like Offerpad, Opendoor, or institutional investors have developed for their acquisitions teams.
Lastly, it’s not too hard to DIY your CMA. Being an analytical C on the DISC scale, my personal preference has been to use Excel and pdfs and give a lot of information to my clients via MLS displays and printouts.
What to Look for in CMA Software
Availability
Any residential real estate software, at a minimum, must have access to your local MLS data. Not all CMA software have relationships with every MLS, so your options may be limited based on your local market.
Adjustments
When creating a CMA, you will want to make adjustments to comparable homes versus the subject’s property data.
Common adjustments include square footage, number of bedrooms, acreage, flooring type, and more. Making adjustments are essential for a solid listing price and ensuring you are neither overpromising nor underpromising on the home valuation.
A CMA software that lets you easily create the adjustments you need for your market is important, though none of the current options do this as well or easily as I would like.
Reports
The CMA reports are what sell you as an agent. You want reports that you can customize to your brand, reinforcing your subject matter expertise as a forward-thinking and tech-savvy real estate professional.
Most CMA software has templated content like neighborhood trends, heat maps, or property flyers that can quickly make a CMA dozens or even hundreds of pages long. You want to be selective about what you include so that your clients aren’t overwhelmed with information or data.
And only include content that you can explain. Don’t know what absorption rates are? Don’t invite your seller to ask by including the CMA’s absorption rate graphs.
Also, don’t forget the homes that are not in your CMA, or among the comparables you’ve chosen. Homes that haven’t sold, weren’t comparable, or were withdrawn/expired, can tell you as much about a market as a home that did sell. And it’s also handy to have that information on hand when your seller asks “what about the home across the street? Their yard sign was gone in a week!” You can explain that no, it didn’t sell, but rented, or whatever the case may be.
Interconnectivity
Can you send your report directly to your clients’ email? Scroll through on the tablet? Does it pull in third-party information like schools, crime rates, and more?
Some software has additional features like creating property reports for a potential buyer, flyers, or more.
Final word
Even the best CMA software is not necessary for a new agent trying to save some money. Be conscious of your spending.
But when you are ready to go to the next level in your business and are doing at least a few million a year in sales, CMA software is worthy of consideration.
Use free RPR software at a minimum if you are using nothing else. Or better yet, if your brokerage provides a CMA tool, use it!
