If you have never had your property valued before, whether for a sales valuation or for a lettings valuation, it can be a bit overwhelming. What questions do you ask the agent to ensure that you get the results that you are after? Northfields Estates suggest 4 key questions to ask your agent.
1. What price do you think that my property will realistically achieve in this market?
Many estate agents will quote the asking price that they would list your property for when marketing. Although this figure is important to know, it is far more important to know what price the agent feels your property will realisticallyachieve. If you have a realistic figure you can budget better and decide whether putting your property on the market will actually help you to achieve your goals; whether that be buying another property, meeting your mortgage payments, or achieving a certain return on your investment.
2. What are you basing that figure on?
Unfortunately, there are estate agents who will try to impress you at the valuation by inflating the figure that your property will achieve. Everyone wants to hear that their property is worth more than they thought. However, this type of practise may only delay your disappointment - your property is actually only worth what someone will pay for it. So, when an estate agent gives you a figure, always ask what they are basing that figure on. Good estate agents will have done their research and can provide you with the prices that similar properties in your area have recently sold for (estate agents call these 'comparables'). The agents should also know what other similar properties are currently on the market in your area and will therefore be your competition. Imagine, if there is a property similar to yours being marketed for significantly less - which property are prospective buyers and tenants going to want to view?
Also, keep in mind that even if the estate agent managed to sell your property for a figure that is above the sold prices achieved by comparable properties in your area, the surveyor may very well down value the property if there are not sufficient comparables to suggest that similar prices could be achieved if the property needed to be resold.
3. What applicants (prospective buyers and tenants) do you have registered at the moment that would be interested in my property?
Good agents should know exactly who they have on their books and should be able to tell you if they have someone looking for your type of property. This way, you will know that they can get people in to view your property right away and hopefully sell or let it quickly.
4. How often can I expect feedback from you?
Estate agents should be providing you with regular updates and feedback regarding what people who have viewed your property are saying about your property. As a result of feedback, your estate agent should be able to make recommendations - perhaps your property needs to be repainted or the price needs to be reduced.
With the answers to these four questions you should have a feel for the estate agent. Were they well prepared for the valuation with lots of knowledge on the market and your area? Were they transparent and straight forward when giving answers about price?
To take advantage of Northfields multi-award winning service, click here to request your valuation or call 0208 840 6666 - we'll be waiting for your questions.
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