Are you going to do a property valuation? If yes, being part of the valuers’ community makes you the authority of being a proper judge of the property you visit. However, the job isn’t as easy as it may sound. You will have a ton of responsibility even before you visit. You are the face of the firm as well as the employee. You need to prepare well and plan your visit properly.
While many may argue that property valuation is only quantifiable visit where you need to get hold of your logic and sense to make a deal happen, this is not the case. If you ask experienced valuers, they will always suggest you do your research thoroughly. Now, this research not only includes evaluating a property solely on its merits but also the condition of the family who has asked for an evaluation.
This is so because when you represent yourself in front of the family, you are representing your firm. Being too strict on the rules of the game may land you in a false position where you can possibly lose a client. On the other hand, being too lenient on property valuation can cost your company. So, what can you do to avoid any mishaps or over-promise? Here, we’ll tell you about the 3 key preparations that you need what other valuers don’t do, so that you can be logical in your approach and convince the parties involved on why your valuation is accurate. So, without further ado, let’s begin.
#1 Do your research as a valuer as well as client
This is the part where most appraisers fail to showcase their property or estimate the property value. They do not research properly. Yes, you read that right and you must know that doing research is the most important part of your job as it not only helps you to be understanding the situation but also aids in being realistic.
How would you feel if someone comes knocking at your door and says that he knows what you want? Instead, he keeps murmuring about how good their company and product is. You will feel obnoxious, right? This is the same with real estate agents as well. So, when you are the judge for appraising property to a client or for a client, you should understand their needs and for that, you need to do research.
For that purpose, we’ve outlined specific question sets that you need to ask yourself before visiting the client. This question set is not exhaustive and you can as many questions you deem fit:
- What is the type of property – you need to check the configuration of the property. You will require to study whether the property is a landfill or solid ground, an independent house or flat in an apartment, a number of bedrooms, front yard and backyard measurements, floor measurements, carpet area.
- How old is the property – the major task of the valuers is to understand the buying and selling pattern of a property. The age of the property plays a vital role.
- Interiors and exteriors – you need to find the furnishings of the home and compare it with other homes in the locality. One of the key preparations for you is to find value and propose it. Recent renovations can also add to values while views and living scores add to aesthetic values.
- Locality advantages – the research should also involve the kind of locality the house is situated in. If the utilities like groceries, shopping malls, public commute, movie theatres, etc. are nearby, then it will also add to the value. Now, the weightage determines completely on logical and trend factors.
- What the client wants – mostly the reviewers or property managers go with their basic instinct of selling or evaluating the property value. But you need to understand what the client wants from you. So, you can provide a better solution for them.
#2 Being realistic is the key
It is quite obvious that everybody wants the highest valuation of the property, but the valuers should understand the exact or at least the approximate value of the property. The clients will show you their expensive carpets, and modular kitchen tops, and renovated ceiling. But this is where you need to step up and showcase your mathematical and convincing skills to see the property as you perceive.
Please ensure that your explanation is well justified. Furthermore, be prepared to answer awkward questions.
#3 Be neat and well prepared
No one likes an unprofessional. So, you have to make sure that you look sharp and neat before leaving your home. Another important and reputed characteristic is to be punctual. Make sure you adhere to the allotted time to the client. This will show your sincerity and willingness to do business. Moreover, you need to understand the terms and inform the clients the same.
The valuers should always ask open-ended questions and welcome the clients to speak their minds. This will help you gather more information. Lastly, don’t forget to take notes.
So, these are the 3 key preparations that you as a valuer need to do before any property valuation.