The first step to selling or buying a property is to know its market value. A solid grip on the market value also lets you know whether you are making a profit or a loss from a transaction. That’s where real estate property valuation comes in.
Real estate property valuation is not to be taken lightly. It takes an expert real estate valuer to accurately determine the fair value of a property. That’s why whether you are looking to sell, buy or rent a property, you should first look for a good valuation firm.
You might think it is easy to spot a dependable valuation firm if they are a registered and certified entity. But often, that’s not enough. There are more qualities you should be looking for.
Here are our top tips for finding the best real estate valuation firm.
They Must be Experienced
The best knowledge comes from experience. Therefore, you should pick a valuation firm with a stellar track record. The best valuer will have hands-on knowledge of how to draw up a real estate property valuation. Their experience will inform them of the previous local sales data to compare with the property at hand.
They Must Have Market Expertise
Apart from experience in conducting a real estate property valuation, you must also ensure the valuer you hire has extensive market expertise. Your property may be in a different location where the market trends differ. The valuer should be able to anticipate this and make changes accordingly.
They Offer Unbiased Judgement
Valuation of any kind requires an objective and unbiased outlook. A real estate property valuation that suffers from biases risks obfuscating sound valuation, ultimately leading to difficult, often more contentious, and unnecessarily lengthy negotiations between buyers and sellers. Therefore, the valuation firm you choose must have a reputation for being fair and independent so you can avoid the traps of under or overvaluation.
They Provide Accurate Results
The results you get from your real estate valuer can play a huge role in your financial transactions. Make sure you hire a real estate valuer who can give accurate results. Ultimately, it is what matters the most. Make sure you do a thorough background and track record check to ensure this.
They Offer Real-Time Reporting
Property valuation reports play a huge role in many scenarios, from settling family and marital disputes to lawsuits regarding properties. A property valuation expert who can provide you with real-time reporting makes the process faster and easier.
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Their Prices are Reasonable
The charges of real estate property valuation can vary from firm to firm. Before picking a property valuer for your real estate valuation, it’s important to know your budget and look for services accordingly. However, a word of caution: Choosing a valuation firm based on pricing alone could prove to be a wrong decision. The best way is to weigh the qualities and values the firm brings to the table against its prices.
They Have a Reputation
Last, but not least, the real estate property valuation you hire should have a reputation among peers. A successful valuer like RNC has great contacts and a name that helps them get more business easily. Reputation is also a marker of the overall quality of a valuer. Checking reviews and testimonials from past clients can be a good determinant of a valuation firm’s reputation.
Final Thoughts
Your property sale/purchase/renting is an important decision that the sage wisdom has advised of a real estate property valuation expert. You can choose either a real estate valuation firm or an independent property valuation expert. However, selecting a valuation firm over independent practitioners is the collective experience and expertise they have independent practitioners. A reputed valuation firm like RNC can provide you with property valuers with all the relevant skills mentioned above. Reach out to us to book an appointment today!