Real Estate Comparative Market Analysis Template

This task involves identifying the property that will be analyzed in the comparative market analysis. It is crucial to select a property that is representative of the local market and has similar characteristics to the subject property. The outcome of this task is to have a clear understanding of the property to be analyzed.

In order to accurately analyze the subject property, it is essential to gather specific details about the property. This includes information such as the number of bedrooms, bathrooms, and the overall condition of the property. Gathering these details will ensure a comprehensive analysis.

This task involves identifying properties in the market that are comparable to the subject property. These properties should have similar characteristics, such as location, size, and amenities. The goal is to gather a list of properties that will be used for comparison in the analysis.

Gathering specific details about the comparable properties is crucial for a comprehensive analysis. This includes information such as the number of bedrooms, bathrooms, and the overall condition of the properties. By collecting these details, an accurate comparison can be made with the subject property.

In order to determine the market value of the subject property, it is important to classify the comparable properties based on their similarities and differences. This involves analyzing factors such as location, size, amenities, and condition. By classifying the properties, a more accurate valuation can be obtained.

Calculating the median, high, and low prices of the comparable properties will provide a range in which the subject property's market value may fall. This involves analyzing the sale prices of the comparable properties and determining the statistical measures.

Evaluating the condition and features of both the subject property and the comparable properties is crucial for an accurate analysis. This task involves assessing factors such as the overall condition, renovations, and unique features of each property.

Adjusting the prices of the comparable properties based on their features and conditions is necessary to account for any differences that may affect the market value of the subject property. This task involves applying adjustments to the sale prices based on the evaluation of features and conditions.

By considering the adjusted prices of the comparable properties and the specific characteristics of the subject property, an estimate price can be calculated. This task involves using the adjustment amounts and applying them to the adjusted prices of the comparables.

Creating a draft of the comparative market analysis report is an important step in the process. This involves compiling all the gathered data, analysis, and calculations into a comprehensive report that presents the findings and estimates the market value of the subject property.

After the draft report is reviewed and approved, changes may need to be made based on the feedback received. This task involves implementing the suggested changes to ensure the accuracy and quality of the final comparative market analysis report.

Finalizing the comparative market analysis report involves incorporating the approved changes, reviewing the report for completeness and accuracy, and ensuring that all necessary data and analysis are included. This task ensures that the final report is ready for distribution to the property owner.

This task involves sending the final comparative market analysis report to the property owner. The report should be formatted in a professional manner and clearly explain the analysis, findings, and estimated market value of the subject property.

Following up with the property owner is necessary to address any questions or concerns they may have regarding the comparative market analysis report. This task involves contacting the property owner to provide clarification or gather additional information if needed.

Updating the property details in the database after completing the comparative market analysis is important for future reference and analysis. This task involves entering or updating the relevant information about the subject property, comparable properties, and the analysis findings in the database.

Archiving the comparative market analysis report ensures that it is stored and organized for future reference. This task involves saving the final report in a designated location, such as a shared drive or document management system.

Reviewing the process for any possible improvements helps in refining the comparative market analysis workflow. This task involves analyzing the effectiveness of each task, identifying potential bottlenecks or inefficiencies, and suggesting improvements to enhance the overall process.