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Before we understand the attributes of a quality property valuer, it would be important to find out what exactly his roles are. Whenever a property is bought or sold there is no doubt there are a number of processes which have to the gone through. One such process is property valuation. The main purpose of valuing a property is to find out the fair market value of it. While this is the primary objective of any valuation, there are some additional benefits which are also offered by valuers. This includes qualitative information about the location of the property, its condition, the availability of amenities and facilities and also useful information about the quality of people who make up the neighborhood. Since the information as mentioned above is very complicated and difficult to obtain, it is very normal for customers to take the help of valuers.
Now coming to the main topic, the first important when choosing the valuer is to look for only those valuers who are certified under the law. They should also have rich experience and expertise in this field. They should preferably have a formal qualification on valuation related matters. A good valuer is one who can offer solutions for even the most complicated valuation related matters. He should be considered as a one stop solution for all valuations. No customer should go back without getting is requirement fulfilled.
Amongst a few more important points, modern day property valuers should understand the importance of technology and the internet in particular. They should be willing to offer online valuation facility to all those customers who want it. Today’s customers are suffering from shortage of time and this point should always be kept in mind while choosing a valuer. Being competitive and being reasonable in pricing is one more point that cannot be ignored. However, in the quest of being price competitive one should not choose valuers who compromise on the quality of services being offered to the customers.
Last but not the least, timely submission of reports and returns is also a good attribute of a professional valuer. There could be many situations where the timelines fixed by the customer might be very demanding. A competent valuer should be in a position to handle such tight situations comfortably.
There are a number of legal, administrative and compliance related steps that have to be gone through whenever there is a need to either buy or sell a real estate property. While there is no doubt that seasoned property developers and businessmen would be aware of it, when it comes to individuals there is reason to believe that the knowledge levels are quite low. Hence, at times many customers get into the process of buying and selling not knowing what exactly to do next. Amongst the various processes that are extremely important, there is hardly any doubt that property valuation is considered to be very vital and crucial to say the least. The fair market value report that is provided by the valuer has a big bearing on the decision making especially for real estate buyers. Apart from the report on the value of the property there are also other subjective bits of information that are also very crucial for the customer.
Against this background, the need of the hour is to identify the right valuer. This is not easy because many individual customers do not know what to look for when hiring a property valuer. Here are a few important tips that could go a long way in helping such individual customers to have some basic idea when hiring valuers. First and foremost, as a customer one should look only for valuers who have a formal certificate to run their valuation business. Secondly, experience is extremely important in this business and you should only go in for valuers who have put in at least 10 to 15 years’ experience in this field. Thirdly, you must always go in for valuers who can offer wholesome services under one roof. Any good valuer should not let his customer walk out without offering their services. A good valuer is a one stop solution for all types of valuations, however simple or complex it might be. Good valuers are also supposed to have good relations with banks and financial institutions. Such relationships will certainly help the customers in more ways than one.
While there is no doubt that pricing is an important point to be considered while going in for valuation, as a customer you should know how to draw a line between the fees and the kind of services that are being offered.
Experience in the field of valuation is the first and foremost point that needs to be kept in mind when you are in process of recruiting valuers. This is because experience is a good teacher and it has generally been found that valuers who have experience in this business are in a position to help in any type of valuation. The next important point is to look for valuers who could be considered as a one stop solution for all valuation related matters. As a customer you should be aware that there are different types of valuations. Starting from simple or vanillas property valuations to complex backdated or retrospective valuations, the list could go on and on. Hence, as a valuer the onus is on the service provider to ensure that he is able to handle any simple or complex type of valuations.
Having a certified and being permitted under the law to work as a valuer is another important point that should always be kept in mind. Taking help from uncertified valuers is similar to getting oneself treated from a quack or uncertified doctor. The next important point that one need to bear in mind is to identify valuers who have a formal qualification. Though a formal qualification may not be mandatory, it has generally been found that valuers who are qualified are able to handle even the most complex valuations professionally and successfully. Timely submission of valuation reports is one more area where valuers could play a big role. Most of the valuation reports have a tight time schedule and professional valuers should always keep this point in mind. Last but not the least keeping the pricing reasonable and affordable is also important. However, low prices does not necessarily mean low quality of services and a valuer should know where to draw a line between cost of service and quality of service.
First and foremost, before going in for a real estate valuer you should as a customer understand the importance of hiring him. This is because many customers are of the opinion that transfer of ownership can be done without valuing the property. This is not possible and will create lot of hurdles and challenges along the way. Once this thought process is clearly understood one can start being on the lookout for the right service provider.
When choosing a real estate valuer, the first thing that should be considered is experience. A good valuer is one who has put in at least ten to twelve years of experience in this line. Apart from experience it is always important to look for valuers who have a certificate to carry on their profession. Working with an uncertified valuer is akin to getting yourselves treated from quack instead of a qualified doctor.
Good valuers are those who can offer a single window solution for all types of valuation related matters. Whether it is complicated superannuation valuation or backdated/retrospective valuation, they should be able to handle it with efficiency. Speedy disposal of cases and ensuring that valuation reports are submitted on time is another important attribute of a good quality. Further they should be able to offer valuable subjective advice on the property that is being planned for purchase or sale. Such information should contain the details regarding the development of amenities and facilities and the development of infrastructure in the locality. It is also important for valuers to understand the need to be present on the internet given the importance of technology.
While price certainly is a very important consideration, it would not be advisable to go in for valuers who are offering low rates but at the same time are compromising on the quality of services that they offer. Hence, there is no doubt that choosing the right valuer does take time and effort.
The first attribute for being successful in the real estate business is to understand the market well. This can come only with experience. Further one has to always keep in mind that achieving success in real estate business cannot happen overnight but it has to be a process that is well crafted and well thought out. Further, there are quite a few other important points that need to be kept in mind too. It is always better to work under a real estate entrepreneur for a few years, gather the required experience and then start off your own real estate business. Experience is very important for those aspiring to be successful in this area. Further, there is also need to change with changing times and changing customers’ needs and preferences.
Today’s customers certainly look for full value for money and if possible something more when they go in for real estate buying or selling. Hence, as real estate businessmen it is important to walk that extra mile and go beyond the normal call of duty. They should be adding something more than helping the customer to buy a new home or apartments. This is perhaps the reason why many real estate businessmen and promoter offer additional services that are complimentary to their main line of business.
Towards this objective it would be pertinent to mention here that many real estate promoters are seen offering valuation of real estate and properties as ancillary services for their customers. This goes a long way in adding value to the customers in the true sense of the term. Further it would also be not out of place to mention here that many real estate businessmen are also very aggressive in the use of the internet and other means of communications when it comes to reaching out more number of customers. Hence, thinking out of the box and adding value to customers is something that should always be kept in mind.
The statistics do point out that being successful in the real estate business is not as easy as some people would think it to be. There is a big learning process involved and success does not come easy. So, the first lesson that one should learn before entering real estate business is to be prepared for the long haul. There are no short cuts and the fundamentals of hard work, learning from mistakes and failures apply to this business too.
The next important point that aspiring and budding real estate businessmen should keep in mind is the need to constantly innovate and look for new ideas and methods of doing business. They have to take into account the change customer demographics. The customers of modern Australia are very informed and internet savvy. They would not like to go into any decision making without getting the desired knowledge and information. Further the modern day customers certainly expect a lot of value addition from the service providers and merely doing what is expected of them is not enough. The real estate businessmen should be aware of this and must be willing to walk that extra mile if needed.
Adding a few more services apart from buying and selling properties alone could be a good idea. It is therefore quite normal for many real estate promoters and builders to also offer the services as real estate attorneys and real estate valuers. Whenever a property is bought or sold there is no doubt that it has to be valued and the legal documents have to be vetted. Hence, if this job is also done by real estate businessmen it certainly will go a long way in adding value to the customers about which we talked about a bit previously.
There is a need to redefine the way valuation companies of today describe their customer focus. It is not all about being good in the type of services they offer to the customers. In fact they should go one step beyond and ensure that their valuation shop is a one stop solution for all matter related to real estate property and other property appraisals. Further, timely submission of reports, however demanding the time lines might be, is something that should always be kept in the mind.
While these are the service related issues, when it comes to bringing in new prospects, the valuation companies that are forward looking must understand the importance of the internet and other such technologies. Having their own websites is no longer a necessity but something that is become hugely necessary these days. The website should also add value to the customer in terms of content and other useful details. Further, it certainly would be a game changer if the website could offer online valuation facilities. The reason for this is not very difficult to understand. Given the fact that many of the customers are finding it to squeeze time between office and their personal works, having such online valuation facilities will certainly add a lot of value.
Last but not the least it is very important for valuation companies not to restrict their services to real estate valuations alone. They should be willing to go much beyond that and should be ready to offer valuation of other types of movable and immovable assets. They should also have the wherewithal to handle various methods of valuation taking specific needs and requirements of customers in mind. For example when it about valuing a hotel or a vineyard, the revenue method of valuation could be more suited than the conventional resale value or cost method of valuation.
While one can talk about newer ways and means to target new customers and methods to hold on to existing customers, the basic foundations on which successful real estate businesses are built continue to remain the same. These basic fundamentals are hard work, commitment, perseverance and a burning desire to keep on adding value to customers.
While keeping in mind the basics, there is a need to understand the changing preferences and tastes of customers. Today’s customers, especially the younger generation are very keen on gathering as much information and knowledge before taking decision on a particular product or service. Hence, it is important for real estate businessmen to feed customers with quality information at regular intervals. Towards this objective the role of the internet is very important.
It is quite natural that even the smallest of real estate companies should have their own websites without which it would be difficult to reach higher levels of success. The quality of information that the website has, the manner in which it is designed and the frequency with which the information gets updated are also important considerations that must be kept in mind.
Apart from the above, there is also the need for real estate companies to be constantly adding value to their customers. Hence, merely depending on buying and selling of properties alone may no work to their advantage. They should be ready to offer other services that are complimentary to the main real estate business. It is therefore not very surprising to see many real estate promoters offering valuation of property as a free service to their customers. This certainly is a wonderful way to build trust and confidence with existing customers.
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There are quite a few things that could be thought of as far as your real estate business is concerned. If you are a real estate agent, you should understand the power of the internet and leverage the strength that it offers. You should without any doubt have a website of your own, which however is just the tip of the iceberg. There are other important things which also you must keep in mind. For example, as a real estate promoter and valuer, it is very important to build new relationships and here too using the power and reach of the internet is extremely important.
There is also the need to be in regular touch with the various sources from where business originates. For example, there is hardly any doubt that banks and financial institutions are the biggest source of real estate customers. It is quite evident that 8 out of 10 homes or apartments that are bought are funded by financial institutions by way of home mortgage loans. Hence, if you are an real estate appraiser it makes sense for you to identify as many banks as possible and have your name enrolled as an approved valuer. This will ensure continuing business for you over a period of time.
In the same light real estate agents and also promoters can also stand to be benefitted from such links and relationships with banks and financial institutions. While having a website is very important, you should also take steps to ensure that you are getting regular visits to your website and be certain that traffic is increasing on a periodical basis. You should have ways and means to check the same again on a regular basis.
When a person or an entity decides to buy a property (commercial or residential) there are some important and vital processes and steps that must be gone through. First and foremost, it is important to identify the right right property for purchase. To enable this to happen, buyers could take the help of various sources of information including TV and newspapers advertisements and of course the internet. Many prospective customers are comfortable taking the services of real estate agents when it comes to buying such properties. Once the property has been identified there are other service providers whose role becomes very important.
One such service provider whose role is very important and significant is that of the real estate appraiser or valuer. Unless he comes out with a valuation report, in most of the cases ownership transfer from one entity to another will not happen. This is because a valuation report is often referred to as the property bible and it contains a number of useful and highly relevant information.
Many persons are under the opinion that valuation reports contain only the fair market value of the property. This is only partially true because apart from this figure there are a number of other information that are also provided along with a valuation report. For example, a complete and comprehensive valuation report will contain a lot of subjective information. It will talk about the locality where the property is situated, how well connected it is with the main city or town centre. It will have a look at the infrastructure that is available in terms of transport, water, power, schools, colleges, hospitals, shopping malls, and entertainment facilities.
The valuation report is also important for any prospective buyer because it will also list out the market value of similar properties in the same area. All this and much more will without any doubt go a long way in helping the buyer take a decision that is based on facts and figures that are derived from various angles and various sources.
Real estate agency is all about being good at relationship building and networking with all groups of people. So, to begin with you have to be a good at building relationships over a period of time. This is something that takes time and effort and cannot happen overnight. The next important point that goes in making a good real estate agent better is the need to understand the market very well. Real estate market is always in a flux and the only thing that is constant about real estate agency is change.
Therefore, real estate agents who would like to move to higher levels of success should be aware of these basic facts. The next important point that distinguishes a successful real estate agent from others is the way he tries to add value to his customers. This can be done in many ways and let us have a look at them over the next few lines. To begin with it is important for real estate agents to diversify into other areas. For example, it has been found that those real estate agents who are also good property valuers are in a better position to sell more to their existing customers in terms of new properties and other business relationships.
Being a good real estate valuer also helps real estate agents in more ways than one. It helps them to also build good relationships with banks and financial institutions. This over a period of time will help a lot in getting new business from them as far as property valuation is concerned. Today the most business that is generated for real estate valuers comes from banks and financial institutions and this is something that will work to their advantage. Hence, diversification is an important point that must be kept in mind as far as success in real estate agency business is concerned.