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What is the Comparable Adjustments Feature?
Agents can now add price adjustments to their comparable properties in CORE Present, allowing them to leverage their market knowledge and expertise to stand out among their peers. This feature enhances the accuracy of CMAs by considering the unique characteristics of each comparable property, which can be crucial during negotiations with clients.
**The Comparable Estimates feature relies on sold data so would be available for those users on MLS’s that provide sold data.**
The Benefits to Agents
Adding price adjustments to comparable properties allows agents to create the most precise CMA possible, reflecting their deep understanding of the market. This added accuracy not only strengthens their presentations but also provides powerful talking points during client negotiations. Here’s a real-world scenario:
- Subject Property: 4-bedroom house listed for sale.
Comparables:
- Comp 1: Sold for $600,000 but has an additional bathroom.
- Comp 2: Sold for $550,000 but is 500 square feet smaller.
- Comp 3: Sold for $615,000 but is in a declining neighborhood.
Adjustments:
- Comp 1: Reduce the price by $15,000 for the additional bathroom.
- Comp 2: Increase the price by $40,000 for the smaller size.
- Comp 3: Increase the price by $10,000 for the neighborhood decline.
These adjustments result in a more accurate CMA, showcasing the agent’s unique expertise and market insight.
Key Features of Comparable Adjustments:
- Review and Adjust: Agents can review their identified comparables and add precise price adjustments.
- Big Picture CMA: View CMAs using either actual prices or adjusted prices, with both options available for comparison.
- UI Update: The Review Comparables screen now includes functionality for adding price adjustments.
- Enhanced PDF Presentations: Both actual and adjusted prices will be displayed in the PDF presentations.
Where You Will See Changes:
Review Comparables Screen: This is where agents will add price adjustments, ensuring they can fine-tune their CMAs to reflect the most accurate pricing.
By considering individual features and making necessary price adjustments, agents can provide more accurate and detailed CMA reports, ultimately enhancing their ability to price listings correctly and win more listings.
Understanding Adjustments:
When comparing properties, no two properties are exactly alike. Adjusting the pricing of comparables based on individual features—whether they are superior or inferior to the subject property—ensures the most accurate comparisons.
For example, if a comparable property has a dirt yard compared to the subject property’s landscaped yard with a pool, the agent would increase the price of the comparable property to account for this difference. Conversely, if a comparable property has features superior to the subject property, the agent would lower its price.
Viewing Adjusted Pricing:
Agents can view both actual and adjusted pricing for comparables within the CMA itself. They can toggle between each option and view each adjustment separately, making their presentations more dynamic and informative.
