Valuation on property is a value added service every real estate agent should provide to retain repeat customers. Most clients prefer an valuation update on their properties compare to receiving spam festivals or birthday greeting messages from acquaintance agents. Often these “spam messages” simply have no value to them.
Studies have shown basically most property owners are concerned about their property values on a regular basis before sparking ideas on their properties. This increase the chance for real estate agent services.
Listingmine.com agent private CRM allows users to record all their contacts’ properties by portfolio groups. This certainly makes performing valuation on property portfolios becomes easier. The user only needs to open up a contact’s property portfolio and to update the latest valuation on property. Whatsapp or email is the usual media to share the updated property values to contacts.
The most suitable valuation method for agents to find out contacts’ property worth is to use the comparison method or to simply ask someone who knows the value.
Comparison Method Valuation On Property
Real estate agents may compare similar properties by asking or transacted price. Online property portals and transaction data websites are good source for these information. Some transaction data websites might require a subscription to access their data. It is a small fee worth investing to provide the extra service for repeat customers.
Comparison method for strata title properties
Strata title properties use per square foot or by per square metre to compare among comparables. Agents can find out the per unit price base on the latest asking or transacted price of similar property and times the build up of the contact’s property. The subject property may have different condition or selling points to comparables. Performing a range of adjustment like 5%, 10%, 15% to the final value is common.
If both asking and transacted price of similar property is similar then the valuation amount is likely accurate.
Comparison method for individual properties
Individual title properties possess different land and build up sizes resulting valuation slightly more complex compare to strata title properties. Agents should only compare the same type of property with exact same build up and land size to be accurate.
Comparable properties against subject property
| Subject Property Type | Valid Comparable |
| 2.5 storey terrace house | 2.5 storey terrace house only |
| 3 storey semi-detached house | 3 storey semi-detached house only |
| 2 storey detached house | 2 storey detached house |
Get specialist agents or valuer help
If the agent is not familiar with properties locations the contact has and fail to find comparable, they can always call specialist agent within that location or a professional valuer friend for advice on the latest pricing.
