Wasatch Front Regional MLS

WFRMLS Class Description – CMA

WFRMLS CMA - METIS .............................................................................................................. 1

Getting started ..........................................................................................................................1

The CMA Process Flow ...........................................................................................................3

1. Enter Search Criteria for Comparables ................................................................................3

2. Search for Comparable Properties .......................................................................................4

3. Select Comparables from the Results of the Search ............................................................5

4. Build a CMA Report ............................................................................................................5

5. Enter Subject Property Data .................................................................................................6

6. Edit CMA Adjustment Factors ............................................................................................7

7. Create, modify, and print the CMA Packet ..........................................................................8

Appendix A - Map Searching Tools ............................................................................................. 12 Appendix B – Custom Reports ..................................................................................................... 14

Appendix D - Custom Search Forms ............................................................................................ 17 Appendix E – Policies and Procedures Updates ........................................................................... 19

Appendix F – Useful Internet Links ............................................................................................. 20

~~ The NEW WFRMLS site is online and

ready for you to use! ~~

~~ Login to metis.wfrmls.com using your

current login ID and password ~~

Wasatch Front Regional MLS

www.wfrmls.com

230 West Towne Ridge Parkway, Suite 420

Sandy, Utah 84070

Phone: 801-676-5400

FAX: 801-676-5401

Toll-free: 800-236-1462

Email: webmaster@wfrmls.com

WFRMLS System Introduction 10/31/2008 2

Wasatch Front Regional MLS

CMA 1 10/31/08

Wasatch Front Regional MLS WFRMLS CMA - METIS

This section introduces and describes the completely revised WFRMLS CMA for the METIS system.

The new CMA provides the interface and the tools to develop and deliver a first class CMA using:

Customizable search forms – easy to create and modify

Interactive mapping technology using radius and rectangular searching

Self-populating subject property fields via MLS #

Dynamic selling price estimating

Customizable CMA adjustment tables

CMA packet reports – with customizable cover page and seller‟s proceeds report with worksheet

And the ability to save a file or print via a simple Adobe© PDF interface

Background: The purpose for conducting a comparative market analysis, or CMA, is to estimate the market

value sale price for a property. The theory is that a property may sell for about the same amount as the average of

the sale prices of similar neighboring properties. The variations in size and features complicate a simple approach.

A CMA process allows you to adjust for differences between properties.

CMA Process Overview:

Find recently sold properties near the subject property.

The sale price of these comparable properties is used as the baseline for calculation.

Value is added to or subtracted from the comparable properties to make up for differences as compared to

the subject property, and then the adjusted prices are averaged to determine the likely sale price for the

subject property.

The computer‟s role in this process is to provide a place to accumulate data, assist in comparing

properties, and generate a printed report.

A CMA is neither the only means nor always the best for predicting a property‟s sale price. An agent should

consider a number of different strategies, especially if it is difficult to find recently sold comparable properties

near the subject property. The final decision regarding the listing price resides with the seller, who may depend

heavily on the agent‟s advice. Exercise careful judgment as you suggest a price for the property they wish to sell.

Getting started

Login to the New WFRMLS site: metis.wfrmls.com using the same login/password as the current

www.wfrmls.com site.

Login to the New WFRMLS site: metis.wfrmls.com using the same login/password as the current www.wfrmls.com site.

CMA 2 10/31/08

Wasatch Front Regional MLS Getting started (cont’d)

Before starting the CMA, you may want to load your company logo or personal photo to use in the

CMA reports packet

Select Preferences – then

either Office or Profile

Select Office to set the Company Logo for the entire office. Select Profile to set an image (photo or logo) only

for you.

Upload your logo or photo as instructed here:

Then be sure to Save Changes to the

Profile before leaving this screen.

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The CMA Process Flow

Before going further, here is the process overview for doing a CMA and building a CMA report.

1. Enter Search Criteria for Comparables

a. Select Searches/Residential/CMA

b. You can also select the Standard Search/CMA or

c. Use a Custom Search form (Appendix A)

Step 1: Enter search range criteria

for comparables – including location

via the interactive Map feature

Step 2: Search for comparable

properties and view the results

Step 3: Select comparables from

the results to use for the CMA

Step 4: Build the CMA report

Step 5: Enter Subject property

Data (manually or by populating by

MLS# )

Step 6: Edit Adjustment Factors for

the CMA Report

Step 7: Create, modify, and

print CMA packet to PDF

Step 1

Select:

Searches/Residential/ CMA

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2. Search for Comparable Properties

Whether you‟re representing the Seller or the Buyer, at this step you should have the Subject Property

data on hand so that you can search for the Comparable Properties first.

When you‟ve finished entering the CMA search criteria (including the Map search) for the comparables,

select the View Results button.

Step 2

You can enter the upper or lower bounds (or both) for the comparable properties. (You should have the Subject

Property data on hand)

Comparables are usually selected from Sold properties – but selecting Active will

show current comps

When finished entering criteria,

select View Results

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3. Select Comparables from the Results of the Search

Now select any or all of the listings to proceed to the CMA Report

4. Build a CMA Report

You can now select listings to generate a CMA Report

a. Select appropriate listings from the comparables listings results

b. Then select Reports/CMA Reports

Step 3

Step 4

Because we‟ve selected at least one listing, we can now select CMA Report from the Reports dropdown list

Select the top box to choose all of the results

OR - Select any of the other individual results as needed

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5. Enter Subject Property Data

a. Enter subject property manually by typing in the property data or

b. Select the Populate Subject Data button

Step 5

You can also populate the Subject Property by entering the data

manually System Default Adjustment factor amounts are starting points for your CMA

Select Populate Subject

Data then enter the MLS#

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6. Edit CMA Adjustment Factors

The initial System Adjustments are intended to provide a starting point for adjusting

the comparable properties. You can then build your own Adjustment Factors for location, property type,

property age, etc.

To edit the Adjustment Factors, select the Edit Adjustment Factors button to create or modify the

Adjustments being used in the CMA.

With this feature, you can create tables of adjustments for locations, styles, or subdivisions.

Step 6

SAVE: When finished editing adjustment

factors, click on Save then Back to return to the CMA Report

“Concessions” is selected by default – Concessions will be subtracted from each comparable adjusted

sale price.

Add a new feature or check/uncheck a current

feature to use with the CMA

Select Edit Adjustment Factors at anytime during

CMA report

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Wasatch Front Regional MLS Save a CMA Report

While completing the CMA Report, you can select More Actions/Save CMA anytime, and then restore

later by selecting the Saved CMA Reports.

7. Create, modify, and print the CMA Packet

When you‟ve finished with the CMA Report, you can select the Create CMA Packet button.

This feature brings you to creating and printing each section of the CMA Packet:

a. Cover sheet

Title, logo, client name, date, and additional information as you like

b. Property details

Comparable properties‟ medium reports

c. Comparison report

Table showing side-by-side comparison of subject property and comparables

d. Summary analysis

Cumulative and sold property analysis

e. Map report

Detailed map showing subject property and all comparables‟ locations

f. Seller proceeds

Approximate totals for low and high estimates that includes:

Low and high suggested selling price

Current encumbrances

Estimated closing costs

Select More Actions/Save CMA to pop

up the Save CMA box

Step 7

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Edit the CMA Cover Sheet

You can customize the CMA cover sheet by adding, formatting, or deleting text.

You can also add your own company or office logo or photo. Important: The image must already be loaded in your personal or company profile – select Preferences then either Personal or Company profile.

Insert Image – the image must already be loaded in your personal or company profile. To preload a logo or photo, select Preferences at the top of any page and load the image file in either the Office or Personal settings.

Be sure to save the Cover Page after making any

changes!

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Wasatch Front Regional MLS Edit the CMA Seller Proceeds Report

The Seller Proceeds Report is a worksheet where you can enter low and high estimates for property

encumbrances and closing costs to produce an approximate net proceeds report.

This report allows you to:

Create new encumbrances items

Create new closing cost items

The totals are automatically updated on the Net Cash to Seller line at the bottom.

You can add new encumbrances or new

closing cost items.

Totals are automatically updated on the Net Cash to Seller line

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Wasatch Front Regional MLS Convert the CMA Packet to PDF and Print the Packet

When you‟ve finished editing and reviewing the CMA Packet Reports, you can then print the CMA

Packet to PDF format for saving as a file or printing a hard copy.

1. Edit and Save the CMA

Report cover sheet

2. Review the sections in the

CMA packet

3. Edit the Seller’s Proceeds

page as needed.

4. Select at least one of the CMA

Reports in the CMA Packet

5. From the CMA Adjustments

screen, select Print to PDF

6. From the PDF screen, you

can Print or Save the PDF file

with the CMA Packet

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Wasatch Front Regional MLS Appendix A - Map Searching Tools

You can search using any of the location fields: County, City, Area, Zip, or Quadrants.

You can also search using only the Map Tools.

Load a map area saved previously OR

Save a selected map area as

a personal area

a public school district or

a subdivision

Clears the area already selected by a map tool

Relocates the map to

an address or MLS #

Select this so that the map will always relocate to the current location view

You can select Hide Map while using other

input fields

Select this icon to move the map by clicking and dragging or when you want to use the navigation controls

Polygon Search – defines an irregular shape for the search Click each point on the map to

begin/end a line Double Click on the last point to

complete the area

Rectangle Search

Rectangle Search Click the map and drag to define the search area

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Wasatch Front Regional MLS Map Searching Tools (cont’d)

Radius Search Select Set Radius or Enter Radius then

select Set Radius or Enter From Address or

MLS number then select Set Radius

Search area results show properties as pinpoints – these are not viewable until you select View Results.

Note: More than 100

properties will not display pinpoints

For the Radius tool and the Jump-To features, you can enter a location using any of these formats:

“From” Format Example

MLS number 123456 City, state Salt Lake City, UT City, state, zip Sandy, UT, 84070 Street, city, state 9500 S. State, Sandy, UT Street, city, state, zip 9500 S. State, Sandy, UT, 84070 Street, zip 9500 S. State, 84070

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Wasatch Front Regional MLS Appendix B – Custom Reports

METIS provides a method for designing your own report – this includes:

Selecting as many property fields as you want

Choosing the order of the fields using a click-n-drag design tool

Setting an initial format of one, two, or three column or

Setting a „Fluid‟ format – a streamlined and efficient layout

Here are the steps for Creating, Saving, Editing, and Modifying a Custom Report.

From the View Results List, select the New Custom

Report button.

First enter the name for the Custom Report

Choose the Report Style for the initial report display – 1, 2, or 3 columns or a „Fluid‟ layout – streamlined and efficient.

To Add fields, click-n-drag a field from the right list to the left list of Selected Fields. Double clicking a field will also move a field from one column to the other. You can then move fields up or down as you like.

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Wasatch Front Regional MLS Custom Reports (cont’d)

You can add a Separator between sections of your custom report by:

1. Selecting “Add Separator”

2. Entering the label text

3. Click “OK”, and then click-n-drag the Separator to the area of fields that you want to separate.

Move the field Separators anywhere in the field list

Click-n-drag the Separator to the area of fields that you want to

separate.

Click the “Add Separator” button then enter the label.

Click “OK” when finished.

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Wasatch Front Regional MLS Custom Reports (cont’d)

Saving the Custom Report

Viewing the Custom Report

After designing a new report, select “Save as

New Report “.

After editing an existing report, click “Save and Run”.

“Cancel” ends the editing

and ignores any changes.

You can also print a Custom Report to PDF.

You can change the Report

Style for viewing

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Wasatch Front Regional MLS Appendix D - Custom Search Forms

a. Select Customize Search Form

b. Enter Custom Search Form Name (Check Set as Default if you want this form to appear first)

We‟ll customize the form by moving search fields between the Selected Fields (left column) and the Available

Fields (right column) and inserting/deleting Field Separators as needed.

Add fields to the Selected Fields (left) side by

Clicking and dragging from the right to the left or

Double clicking on a field on the right

In this example, the „school district‟ field is being added to the Selected Fields search.

Click and drag the ‘school district’

field from the right side to the left –

or just double click on ‘school

district’.

Select Customize Search Form

from the Action tools

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In this example, we‟ve added the „Map‟ field to the left column at the top of the new Search Form

Custom Search Forms (cont’d)

Remove fields from the Selected Fields (left) side by

Clicking and dragging from the left to the right or

Double clicking on a field

When you‟re finished customizing the new search form,

Select Save as New Form

The program will return to the new search form for inputting criteria

When finished customizing,

select “Save as New Form”

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Appendix E – Policies and Procedures Updates

The wfrmls.com website contains links to the current Policies and Procedures as well as the Fine Policy

(select Classes/Mail/Misc then License Agreements).

The Fine Policy is the list of violations which will result in the violating subscriber being assessed a

monetary fine. Such infractions would result in the MLS being less accurate or less current. They may

also threaten the security of our data or place the WFRMLS in a position of liability.

The amounts of the fines vary from $10 per day up to $1000 (for privacy/security violations). It is

worth every subscriber’s time to read the policies.

The following is a summary of recent updates to the WFR Policies & Procedures as well as the Fine

Policy. For a complete of updates, refer to Announcements on the wfrmls.com site:

1. New: Listings MAY now contain multiple tax I D‟s

2. New: The primary photo may be a photo of either the interior or exterior view of the property. At

least one of the photos must be an exterior view of the property.

Property photos must depict the property and may contain superimposed text – but not contact

information.

3. Listings must be entered within 3 business days of the listing date (listing agreement)

4. For market status property changes, the listing must be updated within 3 business days

5. When a listed property is sold, the listing must be updated to reflect sold status within 10

business days of closing

6. No for sale or sold signs other than those of the listing broker may be placed on a listed property

7. When inaccurate listing data is found, corrections must be made within 3 business days

8. Listing information must match the listing input form signed by the seller

9. Listings must comply with all state, federal, and local laws (e.g., fair housing act, etc.)

10. For any person whose image is in a graphic, a written consent, and a waiver of all applicable

publicity rights is required - a copy of any such consent must be sent to WFR

11. Public Remarks may not contain contact information (except for Broker/Agent remarks)

12. All Remarks must follow Fair Housing rules and must not contain any commissions information

13. All subscribers are required to keep confidential information confidential, and never share

their passwords. A fine of $1,000 for the first offense and $5,000 for the second offense will

apply for violating this policy followed by a possible termination under the Policies and

Procedures.

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Appendix F – Useful Internet Links

Realtor Links

1. www.slrealtors.com

Salt Lake Board of Realtors

2. www.ucaor.com

Utah County Association

3. www.webernorthdavisrealtors.com

Weber / North Davis Association

4. www.utahrealtors.com

Utah Association of Realtors

5. www.cache-rich.com

Cache-Rich Association of Realtors

6. www.btbr.qwestoffice.net

Brigham-Tremonton Board of Realtors

Public Links

1. www.utahrealestate.com

WFR's public site

2. realestate.utah.gov

Utah State Div. of Real Estate

3. www.co.weber.ut.us/gis

Weber County GIS

4. www.co.davis.ut.us/recorder/

Davis County Parcel Search

5. www.utahcountyonline.org/

Utah County Recorder‟s Office

Statistics Links

1. www.slrealtors.com/bs_marketstats.html

Salt Lake/Davis County

2. www.ucaor.com/statistics.htm

Utah County

3. www.utahrealtors.com/quarterly/mktrpts.htm

UAR statewide

4. extras.sltrib.com/HomePrices

Salt Lake Tribune Statistics

Miscellaneous Links

architecture.about.com

Source for property styles definitions and

building construction information

www.realtor.org/rmohome_and_design/architecturec

oach

Source for residential architectural styles