Finding comparable properties, or “comps,” is crucial for real estate professionals to accurately determine a property’s market value. The Multiple Listing Service (MLS) offers powerful tools to help you efficiently identify and analyze these comparables. This guide will walk you through how to effectively use the MLS to find the best comps for your Comparative Market Analysis (CMA).
Utilizing the MLS Comps Tab for Efficient Comparable Searches
The MLS typically features a dedicated “Comps” tab within its CMA section. This tab centralizes all the resources needed to locate and organize your comparables. If you initiate the CMA from existing search results, the chosen listings will already be populated in this tab. Here’s a breakdown of how to leverage its features:
Searching for Comparables Within the MLS
The MLS Comps tab provides several methods to search for comparable listings:
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Mapping: This feature allows you to search within a defined radius around the subject property. Enter the desired radius and click “Find Comps.” The results will appear in a new tab, allowing you to select and import relevant listings back into your CMA. Remember that the subject property needs to be accurately mapped on the Subject tab for the radius search to function correctly.
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Quick Search: Use pre-defined search templates or customize your own criteria to quickly identify potential comparables. This function enables efficient filtering based on specific parameters such as property type, bedrooms, bathrooms, square footage, and more.
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Listing Collection: If you have saved previous comparable searches as listing collections, you can easily import them into your current CMA, saving significant time and effort.
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MLS Number: If you already know the MLS numbers of specific comparable properties, you can directly input them, separated by commas, for quick addition to your analysis.
Leveraging Non-MLS Comparables (If Allowed)
Some MLS systems allow the inclusion of non-MLS comparables. This feature provides flexibility when dealing with properties not listed on the MLS. You can manually add details for these properties or select from existing non-MLS comparables within the system. This allows for a more comprehensive market analysis, especially in unique market segments.
Managing and Refining Your Comparable Selection
Once you’ve compiled potential comparables, the MLS provides tools to refine your selection and make necessary adjustments:
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Selecting and Deselecting: Choose specific comparables for detailed analysis by checking the boxes next to their listing numbers. Unselected listings can still contribute to the overall market analysis but won’t be individually adjusted.
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Viewing Listing Details: Access comprehensive listing reports for each comparable by clicking on its MLS number. This in-depth view provides crucial information for accurate comparison.
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Removing and Reordering: Easily remove irrelevant comparables or change their display order to prioritize key properties within your analysis.
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Adjusting Sold Prices and Reporting Location Issues: For sold listings, adjust the sold price if needed to reflect accurate market data. You can also report location inaccuracies for any comparable and suggest corrections, contributing to data integrity within the MLS.
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Show Only Selected Comparables: This feature allows you to focus solely on your chosen comparables, streamlining the analysis process. Click the Next Step button once you’re satisfied with your refined list of comparables to proceed with your CMA.
By effectively using the tools available within the MLS, you can streamline the process of finding and analyzing comparable properties, ensuring a more accurate and informed CMA. This comprehensive understanding of the market is essential for providing clients with valuable insights and making sound real estate decisions.
