First and foremost, valuers in Perth should understand the need to add more value to their customers. It may not be possible to survive on what is called work-to-rule. This is because new rules are being written every day in the valuation business and hence what was relevant yesterday may not be relevant today. Valuers therefore are required to reinvent the wheel and find out new was by which they can add significant additional value to the customers.
Talking about various ways and means by which new value can be added to customers, the first starting point is the need to go online. Having a website of your own is the first requirement for any valuation company however old or new it might be. This is because today’s customers use the internet quite extensively for seeking information. Since valuation at the end of the day is a product there is a need to make prospective customers aware of the various specialties that you have to offer. This can be best done with the help of a website.
The website should also be linked to popular social networking sites which will go a long way in increasing traffic to it. Further it would not be a bad idea to try and offer online valuations to customers. This is becoming very critical and could change the way your business is being done. You could be one of the few who is really walking the talk as far as providing true value to customers is concerned. Given the tight time schedules that many customers find themselves today, such online valuations is certainly a boon for them. Hence, the best bet to sail over competition is to be present aggressively on the internet.
The main reason why business is becoming tough in the real estate valuation market in Brisbane is because margins are getting squeezed very badly. The 2008 financial disaster and its aftermath have left many real estate promoters and owners tottering. Further many customers also started suffering and the entire market went into a downswing. In such a situation the demand for valuation work also plummeted. This resulted in many established companies cutting costs and also cutting down on the rates to remain afloat in the market place. This resulted in a big dip in the rates at which these valuations were done. The rates at times were so low that it became unviable and unsustainable for many valuers. Eventually they had to shut shop and look for other avenues.
All this has resulted in a total negative sentiment as far as the valuation market is concerned. However, things started improving over the past two to three years. Many new entrants came into the market. Being new players the only way they could compete in the market was by offering lower rates. Hence, the cycle of depressed rates continues even today.
Given the above situations, if you are a real estate valuation company, you should find out ways and means by which you could improve your business and take it to the next higher level. Building relationships and networking with people, banks, financial institutions, real estate lawyers and attorneys, and government revenue departments are a few options that you could exercise in your bid to reach out to more numbers of customers. You should also leverage effectively the strength and power of the internet. You should be actively present in networking websites like Facebook, Twitter, and Linkedin just to name a few.
It is also expected that you should be able to take up any type of valuation and should not restrict your business just to real estate property valuation alone. Even in real estate valuation, you should be ready to handle complex and complicated valuations ranging from backdated valuations to compensation valuations.
Valuation is a service and not a product and this factor has to be understood by any property valuation company Melbourne however big or small his business might be. When it comes to marketing a product or service amongst the various important points, maintaining good relationship with customers and other stake holders is very important. When we talk about customers, apart from individuals we should also pay a lot of attention to banks and financial institutions who often contribute huge chunks of property valuation business.
The next important point that helps real estate valuers reach higher levels of success is to find out innovative and new methods to reach more prospects and customers. While word of mouth and personal relationships are the backbone for building a flourishing and successful real estate business, it is important to also find out the need to have an eye towards changing customer preferences and needs. Today the internet is playing a big role and therefore good valuation companies should make a beginning by having a website of their own.
The website should be well structured and designed and provide interesting and useful information to the viewers. Further it should also have an interactive module based on which customer queries can be answered online within a reasonable period of time. Last but not the least there is also the need to online application facility for customers who are too busy to visit real estate valuation companies on a regular basis.
Driving traffic to the website is another point that needs to be kept in mind while planning to move from one level of success to another. This is possible only through effective and continuous usage of SEO campaigns and through other means. Use of Google Adsense is a step which could yield good results.
Last but not the least becoming member of a good professional organization also could play a big role in helping your real estate business go to the next higher level of success. For example if you take the trouble of becoming a member of a renowned local or national Chamber of Commerce it certainly will help your business quite well.
Having the right information and knowledge at all points in time is extremely important for any business. The same applied to property valuation also. As the market becomes more competitive and as customers become more internet and information savvy, it is important for property valuers to also keep pace with changing times and changing customer preferences and needs. Towards this objective it would not be a bad idea to try the idea of being a member of a group that has like-minded persons belonging to the real estate and particularly from the valuation business.
When you are a member of such organization either online or offline, you stand to benefit from more ways than one. You get the latest trends in property price movement, demand and supply situation and government rules and regulations. All these go a long way in impacting the real estate valuation business. When a real estate valuer is equipped with the latest information he would also be able to handle his customers better.
Quite a few changes are also happening to the real estate valuation rules and regulations on a periodical basis. By being a member of such interest groups, it is possible for the real estate valuers to have the latest information on such changes before even the customers come to know of it. This again will be a value addition when it comes to handling customers and looking out for new business.
Last but not the least, by being a member of such groups, especially on the internet, it is possible to network better and build new relationships which are so very crucial for moving the business to the next higher level. Hence, taking the above facts into consideration it makes sense to be associated with such groups on a regular basis. There are today a number of such groups and becoming a member of a few of them is not a difficult task at all.
Though it is quite possible that we would have heard about property valuation services it is quite unlikely that we would have much though about it. This is quite acceptable because for average customers buying or selling homes does not happen often. For many it could be an event that could happen only once or twice in their entire life cycle. However the fact of the matter remains that valuation is very important at some point in life. It is required for moving from a rented home to an own-home. Even when you are renovating or refurbishing a home it is important for you to go in for property valuation.
The main purpose for which property valuation is done is to find out the fair value of the property in question. The main objective of property valuation is to protect both the buyers and sellers interests. The sellers would like to know the real value and worth of the property that they are planning to sell. On the other hand the buyer would like to be certain that he is paying only the right price and nothing more when it comes to purchasing a property which he or she likes. Hence, for both these professionals, there is no doubt that property valuation has a very important role to play.
Apart from the two main stakeholders as mentioned above, there are also others who have an interest in property valuation reports. For example banks and financial institutions depend very heavily on these reports. It helps them to not only have a correct idea about the fair market value of the property. It also helps them to find out what exactly is the funding amount that is eligible. This is directly proportional to the value as reported by the property valuers.
Real estate lawyers and attorneys also have the need for property valuation because they need to take it up with their respective stakeholders. Whenever there is a need to fix property tax, property lawyers mostly depend on the valuation reports submitted by qualified and experienced valuers. In the same light, whenever there is a need to fix the stamp duty payable on a particular property, there will be the need to value the same. Even real estate companies, promoters and builders and even quite a few real estate agents need to take help from valuers when it comes to finding out the fair market value of the property in question.
While there is no doubt that property valuation is a very important component of any real estate buying and selling, there is at many levels lack of knowledge and information about the subject matter. This lack of knowledge or wrong information at times results in customers trying to go in for property valuation on their own. This could create more problems than solution. One has to understand that property valuation is very difficult and complex though it might look quite easy from the outside. Many of us often get carried away by the fact that the valuation report is just a piece of small information that mentions about the fair market value of the property in question. However, it is much beyond that because there are other qualitative pieces of information that are extremely important.
Let us try and find out over the next few lines some common myths and belief about property valuation.
• Property valuation can be done by the customers themselves and paying money to professionals for this job is a waste. This is a common myth that exists amongst many customers. As mentioned above, valuation of property is not easy and there are a number of inputs, information and other attributes that are required for getting the accurate market value of a property in question. Trying some vague DIY methods will certainly lead to more problems than solutions.
• It is only the indoors of the house that matters when property valuation is done. This again is a result of wrong information. When you are planning to buy or sell a home apart from the indoors the quality of outdoors should also be taken into account. The quality of garden and the maintenance of the backyard are a few examples that could result in valuations going up by quite a few thousand dollars.
• Banks and financial institutions have a habit of manipulating property valuation figures to end up funding lower amount. This is again not the right information because valuation is not by bank personnel but handed over to independent valuers who have a good reputation and goodwill. No professional valuers would be willing to stake their entire profession and goodwill just for a few hundred dollars.
• Property valuers can handle all types of valuations. This is again a myth because there are some special types of valuations of movable and immovable assets which are not exactly under the domain of property valuers. Hence, identifying the right valuer for the right property is very important.
Valuation of property might look very small and irrelevant. However, whenever a property is bought or sold the role of property valuers and appraisers becomes extremely important and crucial. They not only help the buyers, sellers and other stake holders to have a reasonably accurate idea about the fair market value of the property in question, but they also help in many other ways. A well presented and professional valuers report has information pertaining to the infrastructure available in the area where the property is located. It also makes a mention about the quality of amenities and facilities available in the locality. Hence it would be wrong to suggest that valuation report is just another piece of paper.
While there is no denying the fact that property valuation forms a very important component of real estate buying and selling, the market is quite tough for these professionals and service providers. There are two main reasons for this. First and foremost, the levels of competition in the real estate valuation business have increased quite substantially. Hence, there is lot of price undercutting which is making the going tough even for established players. Secondly, customers are becoming smarter and more internet savvy. Therefore trying to woo customers using the conventional ways and means may not always work.
Given the above situation it is very important for property valuers to find out smarter and innovative means to beat competition. Towards this objective there are quite a few things that can be done. First and foremost it is very important to harness the power and reach of the interne to the advantage of one’s real estate valuation business. This can be done by having a website to begin with. However, steps must be taken to increase the footfalls to the website. This has to be done through various marketing activities that are common on the internet. SEO strategies, taking part in web awards and competitions are some simple ways and means by which one can help increase footfalls in their websites.
Apart from the above there is also the need to look for other conventional ways and means by which competition can be overcome. A classic example is trying and taking membership in reputed chambers of commerce. Some of the most successful real estate valuation stories could be attributed to the decision of becoming members of a few reputed chambers of commerce. This is the place where even small time valuers can aspire to find some big clients.
Property valuation is one of the most important steps that need to be gone through before a property ownership changes hands from one person to another. Since property valuation is not an easy job and there are quite a few complexities involved it is quite natural for most of the customers to have it outsourced. But finding out the right property valuers is not an easy job. This is because there are dozens of valuers out there in the market place. Secondly, as a customer it is important for us to understand what exactly are the requirements to keep in mind while choosing a property valuer. Further, there are also other important attributes to be kept in mind while choosing a property valuation company or individual. Here are a few important points that could help you to differentiate between a good valuer and an excellent one.
First foremost when identifying a property valuer it is important to ensure that the company or individual is certified. They should be permitted under the law to carry out the business that they are doing. Getting valuation done from an uncertified valuer will cause more damage than solutions. The next important point to keep in mind is to recruit valuers who have put in at least 10 to 15 years of service in their business. Experience is of paramount importance because of many reasons. Though qualification and capability are vital, it has been found that experienced valuers would be in a position to handle even the most complicated valuation without much of a bother.
The important attribute of a good valuer is that he or she should be able to handle almost any type of property valuation that one could think of. Apart from simple property valuations they should also be able to handle complicated assignments like backdated or retrospective property valuation. It will also be pertinent to mention here that quality valuers should be able to use various tools and methods of valuation to suit specific requirements from customers. Offering online valuation is another important point that could go a long way in making customers flock around a particular property valuer. Given the time constraints that most customers are in, it would be indeed a great value addition for them if they were given the option of online valuation.
Last but not the least, timely delivery of services at rates that are reasonable and competitive are also attributes that go in deciding whether a valuer is good or excellent.
Property valuation is without any doubt a complicated and difficult subject matter. Thoug the main objective at the end of the day is to ensure that the stakeholders get a clear picture about the fair market value of the property that is being bought or sold, the process of getting into the valuation is quite complicated. There are many inputs and factors that should be taken into account. Additionally, a good property valuers’ report also has a few other bits of information which are mostly subjective in nature. They talk about the overall development of infrastructure in the area apart from the availability of other amenities and facilities which are required for normal living. Quite a few professional valuers report also talk about the quality of people who make up the neighborhood. Hence, there is no denying the fact that valuation reports are not a representation of figures and calculations but much more than that.
In view of the importance of these valuation reports, it is imperative that those who are at the helm of affairs so to say should be thorough professionals. As a starting point a good real estate appraiser is one who is certified under the law to offer his services to the customers. The next important point is to ensure that he has enough experience in this field. Valuation as mentioned above is a tough subject and only those who have rich experience will be able to perform complicated and difficult valuations. Further a good valuer is one who can offer all the possible variants of valuations under one umbrella. He should be referred to as the one-stop solution for all matters related to valuation. He must be in a position to conduct various types of valuation as desired by the customers.
Further the method and tools that are used for valuing a property is also of great significance. Therefore we should as customers always look for valuers who are able to value a property using the most modern techniques and methods. All valuation reports are time bound and therefore professional valuers are those who can submit the reports well in time. It is quite possible that some timelines set by customers could be quite challenging and only those valuers who are able to deliver on the same would be the ones to climb up the latter.
Before getting to understand the main attributes of a quality real estate appraiser, it would be not a bad idea to have some knowledge about the role of these professionals. The main role of real estate valuers is to help their customers to have the right information about the fair market value of the property that is being bought or sold. Additionally a professional valuation report also has quite a few other bits of information which are extremely useful for the buyers and sellers. For example any good valuation report will have a mention about the quality of infrastructure and the availability or otherwise of various facilities and amenities. Additionally valuation report also forms the basis for arriving at property tax and also for calculating the stamp duty payable.
In view of the importance of valuation report it is very vital that customers take the trouble of choosing the best professional valuers in the market. This is not a very easy job because there are scores of valuers in the market and choosing the best could often be very confusing and challenging. So over the next few lines let us try and find out what are the things to look for when hiring a property appraiser.
As a first step it is important to hire only those professionals who have a certificate to work as an appraiser. Working with an appraiser who is not certified is like taking treatment from a quack. Apart from certification it is very important to look for valuers who are experienced apart from having qualification in the subject matter. It is also advisable to look for professionals who can offer a one-stop solution for all matters related to valuation.
As busy customers, most of us are running short on time. Hence it will be useful to look for valuers who offer online valuation facilities to their customers. Apart from helping consumers to save time it will also bring about increased efficiency and productivity for the valuers. Because of reduction of unproductive work and elimination of repetitive work, online valuation will also result in reduced costs to the customers. Hence it is important to hire valuers who believe and invest in technology. Last but not the least, timely submission of reports is also very important.
The role of a property valuer is without doubt very important and significant to say the least. In fact it would be practically difficult to come across any property transfer that happens with the active role and support of the valuer. There are many ways and means by which their role is important. First and foremost, they play a critical role in establishing the fair market value of the property that is being either bought or sold. Secondly, they also play a big role in help fix the property tax rates and also the stamp agreement payable on such buying and selling transactions. Further, apart from the valuation report that form a part of any real estate buying and selling transaction, there are other subjective pieces of information also which are of extreme importance and relevance. These include the subjective information that is available in the valuation reports. It talks about the infrastructure development in the locality, the availability of various facilities and amenities and the quality of people who make up the neighborhood just to name a few.
In view of the very important role played by these professionals, it is incumbent upon the customers to identify the right service provider for the job. Choosing the right valuer from amongst a crowd is very difficult because there are quite a few things that need to be looked at. However, here are a few attributes that should be checked before appointing a valuer. This will certainly go a long way in helping to separate the grain from the chaff, so to say.
As a starting point, it is very important to only look for valuers who are certified under the law of the land. Doing transactions with uncertified valuers is not only risky but against the law. You could run the risk of making the entire transaction null and void in the eyes of the law. The next point that needs to be kept in mind is to look for valuers who have rich experience in this field. They should ideally have put in 10 to 15 years of experience in this business. Only then would they be in a position to handle any type of valuations. A good value is one who can be considered as a one stop solution for all types of valuations. Last but not the least, timely completion of services at reasonable rate are also important points to be kept in mind while choosing a valuer.
Buying or selling a real estate property is quite complex and there are a number of important steps that have to be completed. Most of these steps are mandatory because they have a legal and statutory attribute attached to it. The need for hiring a professional becomes very important because most of these steps and processes are quite complicated and complex. They need professional help to complete it. Amongst these various processes that are considered complex, valuation is also one.
While valuation is very critical for smooth transfer of ownership from one entity to another, we should have some basic understanding as to what exactly it is all about. Whenever a buyer wishes to buy a property he or she would like to be sure that he is buying it at the right price. While there is no doubt that the market could play a big role in giving a direction or a general idea bout the prevailing prices, it is by no means foolproof or concrete evidence. Hence, it is quite natural for the buyers to take the help or qualified and certified valuers to value the properties in question. The report that they submit is often referred to as the bible as far as the fair market value of the property is concerned.
Therefore when we are choosing these professionals we have to be careful about their credentials and reputation. First and foremost we should only look for those professionals who are experienced in this field. Experience will enable them to handle almost all types of valuations that one could think of. The next important point to be taken into account is to look for valuation companies or individuals who are well networked and have good relations with banks, financial institutions and real estate lawyers and attorneys. This will come in good stead when it is need the most.
Last but not the least, you must always look for valuers who are keen on investing in technology. There are quite a few valuers who have started offering online valuation facilities to their customers. Further, it is always better to look for qualified valuers though this is not yet mandated under the law. Qualified valuers will be better place to handle queries and improve efficiency of services.
Whenever looking for a valuation company Adelaide, it is always advisable to go in for big and reputed names instead of looking for individual and nondescript companies. Though the latter may be able to offer their services at much lower cost, they would leave much to desire as far as quality of services are concerned. Hence, it is always better to look for reputed, experienced and qualified valuers to help you do the job for you. There is also no doubt that you should only look for valuers who have a formal qualification to back them up. They should be able to undertake any type of valuation and should restrict themselves only to simple or vanilla valuations.
Given the importance of technology it is also important to look for valuers who have their own websites. This will help the prospective customers to have a decent look at their reputation and credentials. It would not be also out of place to mention here that there are many valuers who have started offering online valuation facilities which certainly is a great value add for customers. Today’s customers are very hard pressed for time and hence this facility will certainly will have many takers.
Apart from the above, it is also not a bad idea to look for valuers who are well connected with banks and other financial institutions. This is extremely important because it will go a long way in helping prospective customers to find mortgage loans that much easier. Hence, at the end of the day, given the high levels of competitions it is important to look for valuers who are able to offer everything under one umbrella. Secondly, they should also have value additions to the customers (online valuation as mentioned above). While cost is also an important factor, as mentioned earlier this should not be sole criterion for recruiting a valuer.
While being in touch with changing customer preference is extremely important, it is also important not to forget the good old practices that are equally relevant even in today’s highly competitive business environment. For example, there is no substitute for excellence in customer service and being perfect as far as timely delivery of services is concerned. Further, a good valuer is one who is able to understand the importance of being in a position to offer any type of valuation under the sky. A good valuation company or professional should not get bogged down with property valuation alone but should do also be able offer other types of valuations too. For example, superannuation fund valuations, valuations of other immovable properties apart from land and buildings and valuation of stocks and shares and business proposals are also important for those valuers who wish to grow beyond the ordinary.
Further it would also be pertinent to mention here that a good valuer is one who understands the importance of having a formal qualification on the subject matter. Further, it is also imperative that he should be a certified valuer without which success will not be there under any circumstances. There is also the need to be associated with like minded people and organization. This is perhaps the reason why many valuers are becoming members of associations that have many stakeholders associated with the real estate industry. Further, it would also not be a bad idea to be a member of a few reputed chambers of commerce which will certainly help find out new prospects and also be in touch with the stakeholders who matter a lot in this business.
Last but not the least, coming back to the subject of using technology to the advantage of real estate valuers, a good way forward would be to offer online valuation facilities. This will certainly be a game changer given the fact that today’s customers are very hard pressed for time and are looking at ways and means by which they can save time as much as possible.