The importance of getting an honest valuation for your property
There are many factors which can affect the valuation of your property. As well as market conditions and the wider economy, its location, age and condition, and features such as parking, aspect and views can hugely influence its value. As a result, valuations change over time and different agents may value the same property differently – property valuation is most definitely an art rather than a science.
When placing your property on the market, your primary aim is most likely to get the best price for the property, whilst selling it within a sensible time frame. Getting a realistic valuation is key to achieve these objectives.
The first step will be deciding which agents to invite to value your property. So what do you need to look for when choosing?
Local knowledge and experience
Local knowledge and experience of the property market in your area is essential. A local agent will know how much similar properties in your area are selling for and so will be able to provide a much more accurate valuation than online or national agencies.
Not all estate agents want to be held accountable for their actions and many don’t hold any industry or professional qualifications. At Hudson Moody, our sales valuations are carried out by Ben Hudson who is a qualified chartered surveyor and, as members of the Ombudsman for Estate Agents and the National Association of Estate Agents, we are answerable to the leading professional bodies.
It can be tempting to place your property on the market with an inflated valuation, especially if the market is buoyant, and many agents are willing to provide inflated valuations. This is often done in an attempt to win the initial instruction, rather than with a long-term view of selling the property.
As an independent estate agent, we are only recompensed when a property is sold so it’s in our interest to provide an honest valuation that will lead to the sale of your property, rather than overvaluing just to win the instruction.
An unrealistic valuation will lead to a lack of interest from suitable buyers, or worse still, no interest at all. You then run the risk of your property becoming stale and having to reduce the asking price, sometimes to less than its true market value to generate new interest. Not only does this waste time, it’s also likely to make it much more stressful for you as the property owner.
Also, if you do succeed in receiving a high offer for your property, there is a risk that the sale can end up falling through because the purchaser’s surveyor disagrees with the property’s value.
When it comes to choosing the right agent to sell your property, it is worth remembering that it’s about more than just the valuation. You need to be confident that they’re going to provide you with a consistently high level of customer service to ensure your sale progresses smoothly.