Many homeowners find it difficult to place a value on their real estate property, especially those who have spent a good deal of time living in a home or have made a lot of good memories in it.
When the time comes for them to sell their home, they end up jacking the prices of their property by putting a premium on “sentimental” value without realising that it is intangible and unrealistic.
This is where the real estate agent comes in and step up from their game by taking responsibility in keeping homeowners grounded by educating people to be more realistic with determining the value of their property.
By doing so, they not only set proper and realistic expectations with those looking to sell their homes but they also increase the chances of closing a deal with more accurate and fair valuations.
It pays to know
Educating homeowners about how to determine the value of their property empowers them to be aware of how much their property is approximately worth and make it easy to set a price or value should they decide to put their property up for sale.
It also gives them a good idea of how to set your expectations with regards to maximising the value of the sale of the property.
Property appraisals are critical in the decision-making process
When people are torn between the option to sell or renovate their home a property appraisal may be able to help in their decision-making process and make their choices less of a gamble.
Being aware of the value of their property helps them determine whether it’s worth renovating or go ahead and sell it. It can also help people understand and assess their investment options to help them make the right choice.
Values always vary by location
When people own a real estate property, it is important to have an accurate picture of the property’s value. By understanding the details and process of property valuation, a real estate agent can provide great insights into factors that affect the value of a property’s location accurately.
Local real estate agents know how to provide great estimations
Experienced real estate agents can provide people with valid appraisals and expertise in the industry since they are familiar with the locality and surrounding areas. Real estate agents are knowledgeable with comprehensive quantitative real estate market data and can provide more accurate details that can be factored in to determine a more accurate estimated value of a property.
Real estate agents may also be able to provide homeowners with information about improvements needed to increase a property’s value and how it could stand out in a competitive market.
The difference between property valuations and appraisals
A property valuation is a precise and formal process of determining an official value for a property, while an appraisal is a less formal assessment of the property. Appraisals serve as an approximate guide but can still be a vital tool to help people decide how and what to do with their property.
No matter what the reasons may be, knowing the details of how to conduct a property appraisal can help people make the best decision with their property and real estate agents can leverage this as a value proposition to their existing and potential clients.