Valuation is fundamentally the most important thing in real estate. We have said it before and we will say it again, and its accuracy is paramount.
Valuation is the very start of a dependent chain of events in which a property is ultimately sold or let.
If your initial valuation is not accurate, this can lead to a variety of problems:
- Your property could sit on the market
- You could even ‘undersell’
- A lenders valuation may not meet expectations
- You may inflate local market pricing
Over 70% of property owners did not know their property’s true value, with 45% underestimating its value (Zoopla).
So, property owners really do need to ensure they obtain an early and accurate valuation.
So, what needs to be considered to obtain an accurate valuation?
Robin Sabin, director at Miles & Barr said there is a ‘key question’ estate agents need to take into account:
“At a valuation, we need you to consider whether you would like a quick sale, or do you want the highest possible price for your property?”
Someone who is hoping to sell their property quickly will need a different plan compared to a vendor who wants to sell within six months.
Estate agents will also be thinking:
- What’s the demand for this type of property?
- How much have similar properties sold for recently?
- How long is it taking on average to find a buyer for these properties?
Then you have your ‘more intricate’ factors that Rightmove say can be incredibly difficult to take into account without viewing a home.
According to them, using a local estate agent is by far the best way to get an accurate valuation.
A good agent will know all the detailed factors that affect value: local sold prices of similar properties, condition and presentation, access to public transport (being too close can sometimes be a negative!), the brand of the kitchen and sanitary ware, the aspect of the garden, room layouts and useability, sunlight, the service charge costs, and then they will overlay the market trends that will also have an impact on the value.
Some of these factor’s algorithms cannot pick up. So, the human input and knowledge is still key to any valuation.
So, how can I obtain an accurate valuation?
As mentioned above , algorithmic or online valuations will be able to look at data such as sold house prices and market trends, but they won’t be able to take into account the unique aspects of your individual property.
But what if there was a way to merge the two?
A digital method coupled with expert human knowledge.
Well then, to shamelessly plug – this is exactly what The ZEUS App does!
Our app is consistently within just 5% of the eventual deal price. That is for both sales and lettings valuations.
When uploading a property to our app, users will receive multiple valuations from numerous local agents.
The more information provided by the user, the more accurate the valuations received will be. No useless algorithmic valuations!
You will also receive an average valuation which is calculated from all the agent valuations you receive.
It is this figure that we track closely for every property, to evidence our accuracy.
Agents love the simplicity of our app and are keen to value your property, giving them a chance at winning a new instruction.
Upload your property today and receive their valuations.
And remember “valuation is fundamentally the most important thing in real estate”.