There is little doubt that running a valuation business successfully is not the same as it used to be a few decades back. There are many reasons for this and increased competition is one of the primary reasons. Apart from this the real estate industry also is going through a rough phase because of difficult market conditions. This is having its effect on the valuation business too.
Given the above situation it is important for valuers to think out of the box and come up with unique and different ideas. Unless they do so it will be difficult for them to handle competition and also face uncertainties in the market place. There are many simple and doable steps that can be implemented without much loss of time and effort. One such idea is to take membership of like minded institutes or organizations. It is therefore not very surprising when we see a number of valuers becoming members of valuation committees. Further there are many valuation companies which have also become members of chambers of commerce. Taking membership in these institutes certainly go a long way in helping network efficiently and to also for building and strengthening relationships.
Another important area where attention should be paid is in making effective use of modern day technology. Ambitious and visionary real estate valuation entrepreneurs should invest on internet technology. A beginning should be made by having own websites which will yield good results over a period of time. If you can offer online valuation you will be adding lot of value to your customer. It will help you to take your business to a higher level of success within a short period of time.
Apart from the above it is also very essential for valuation companies to avoid unproductive work which will eventually push the cost of their services. In today’s competitive business environment, being cost effective is of vital importance. Your objective should be to offer your services at reasonable rates without compromising on the quality of the end product. Timely submission of reports is another important point that cannot be ignored in today’s business situation. At end of the day being unique and being fresh is a continuous process and there cannot be any laxity on this under any circumstances.
Running a valuation business might have been a pleasant and rewarding experience even a few years back. However, things have drastically changed over the years and even the most established valuers are finding it difficult to survive and grow. Of the many reasons that are attributable to this difficult scenario, there is no doubt that competition is increasing quite rapidly. It is almost becoming a case where too few customers are being chased by too many service providers. Hence, there is unprecedented price cutting and some valuers are also using unfair and unethical means to stay afloat in the business.
Under the circumstances, if you are a reputed and professional valuer, you must find out ways and means by which you can move from one level of success to another. You should find out unique ways and means to take on competition without being unfair or unethical. There are quite a few ways you can do this and almost all of them are quite simple. All it requires is continued focus. It might take some time before results start trickling in and so you must be prepared to play the waiting game.
Here are a few such simple steps that you should immediately put in place, if not already done. First and foremost, we are today living in a technologically advanced world. So as a real estate valuer it is important for you to understand the importance of being present on the internet quite aggressively. The best starting point would be to have a website of your own, which will certainly augur well for your business from a medium and long term perspective.
The next important point is to find out ways and means by which you can improve your networking capability. Building relationship with existing customers and looking for new relationships are very important. Towards this objective it would not be a bad idea if you took up membership in some good organizations where you could find like minded stakeholders. You could commence this journey by becoming a member of a good chamber of commerce. This is without any doubt a low cost but highly effective means by which you can reach out to more number of prospects and other stakeholders. However, this again will take time and it would be naïve to expect results overnight.
The biggest problem with most of the customers is to identify the right valuer because there are literally dozens of them in a small area. The market for valuers and appraisers is becoming extremely competent and hence as a customer you are likely to receive many proposals for valuation related services from dozens of these service providers. In such situations, the onus lies on you to identify the right valuer after taking into account various important points. Let us have a look at them over the next few lines.
A good valuer should start his business only when he has been certified as a registered valuer under the law of the land. The next point is to ensure that he gets a proper qualification on the subject matter, though this is not mandatory. It has generally been found out that valuers who have a formal qualification under their belt are likely to get a major share of the business. It would be pertinent to point out here that banks, lawyers/attorneys and even government revenue departments are more at home working with valuers who have a formal qualification available with them.
The next important attribute of a good valuer is to ensure that he or she offers a one stop solution for all matters that are related to property valuation. A customer should never walk out from a valuers’ office because he is not able to get the right kind of service. Talking about quality service, timely submission of reports is a very important point which all good valuers should keep in mind. The valuation report apart from being an accurate representation of the fair market value of the property should also be submitted on time. It should also provide some useful pieces of subjective information that could prove very useful to the buyers to enable them to take the correct decision. Last but not the least, valuers should also ensure that they are offering the services to the customers are affordable and reasonable rates.
As a starting point, it is important to always look for property valuers who have the requisite certification and permission to carry out their duties. Just as we have touts in the medical field, there are also a few unqualified and unregistered valuers who could create more problems than solutions for you. You should therefore first check to find out whether they have a certificate as a registered valuer authorized by the concerned authorities to carry out their duties.
The next point that you should keep in mind is to look for valuers who have rich experience and expertise in their respective fields. Experience is a big teacher and this is particularly applicable to the valuation business because there could be quite a few complicated and difficult valuations which can be handled best only by those who are experienced. It is also not a bad idea to be on the lookout for valuers who are qualified and have a specific degree dealing with this subject matter. Though not a mandatory requirement, many modern day customers, and banks in particular, want only valuers who have a formal qualification on the subject matter.
It is also important to look for valuers who can offer a one stop solution for all valuation related matters without referring it some other third party. There are quite a few complicated valuations such as backdated and compensation valuations which can be handled only by those who have the right knowledge and wherewithal to handle it. The rates at which the valuation companies offer their services are also an important point that needs to be kept in mind. You should always look for service providers who can provide quality services at affordable rates. Last but not the least, one must look for valuers who are well known for maintaining time lines when it comes to furnishing valuation reports. Quite a few times the time lines could be demanding which the valuers must be able to accommodate with a smiling face.
We will, over the next few lines, try and have a look at the various important factors that should be taken into account while looking for a property valuer. First and foremost, we must always understand that there are quite a few dozen valuers and therefore choosing the right service provider from such a big crowd could indeed be a tough job. When looking for a real estate appraiser, the first thing we should consider is his experience. Experience in this field is extremely important and they can come in very handy whenever one has a tough and complicated valuation to be done.
The next point that should be kept in mind is certification. As a customer you should not make any compromise on this point. You should understand that only valuation reports given by certified valuers are accepted under the law. Hence, you should make it doubly sure that you are dealing only with certified real estate and other property appraisers. While a formal qualification is not necessary, it would not be a bad idea to look for those valuers who have a formal qualification of real estate to boot. This will help your cause as a customer because you can get the best of services.
Good property appraisers and valuers are those who can help you with even the most complicated and difficult valuation. They should be able to offer a one-stop solution for your valuation related matters. Last but not the least, the rates that they charge is very important. The rates should be reasonable and in line with the market. You should however, not be misled by very low rates which perhaps will come with an equally low standard of services.
The first and most important point that should be considered when choosing a property valuer is to ensure that they have a minimum of 10 to 12 years experience in this field. Experience is a big teacher and this is applicable very much the real estate valuation business. Experienced valuers would be in a much better position to help you with difficult and complex valuations.
Experience apart, the next important attribute that separates the good from the not so good is their having a certificate supported by a formal qualification in real estate valuation. Though qualification is not absolutely mandatory in most of the provinces, when it comes to customer perception there is hardly any doubt that it makes a big difference. Customers are always comfortable dealing with property appraisers and valuers who have a formal qualification to back them up.
Another point that must be taken into account while looking for valuer is to go in for those who can offer solutions not only for real estate valuation but also for others valuations too. Today, there are thousands of customers looking for quality valuers for valuing the superannuation funds. Hence, this is an area where valuers could benefit a lot and customers will also find value additions.
In the same light it has also been found that there is a big demand for backdated and retrospective valuations. However, this is unlike ordinary valuations and there are quite a few complexities involved in it. Hence, as a customer you should look only for valuers who can add value to you as far as these complex types of valuations are concerned. Last but not the least, given the importance of technology, it is very vital that valuation companies have their own websites. Customers would certainly look forward to this and would be even happier if valuers could offer online valuation facilities. best double stroller - http://thestrollerguide.com/
The biggest role of real estate valuers is to help the buyers get a comfort factor as far as the fair market value of the property is concerned. There is no doubt that the market is a very true and honest indicator of the value of a property in question. However, almost each and every buyer would like to be sure that the valuation is correct. Hence, they take the help and assistance of property appraisers to be sure that the rates they are negotiating are fair and honest. Hence, the small piece of information that is given by the valuer by way of fair market value of the property is extremely important and vital to say the least.
Further good valuers do not restrict their report to market value of the property alone. They provide much more qualitative and subjective information which is also very valuable inputs for the buyers. For example it is quite common to see almost each and every valuation report having a mention about the neighborhood. The reports often talk about the condition of roads, drainage and other infrastructure. They also mention about the availability of schools, colleges, cinema halls, hospitals and other such utilities. The reports also go a step further and mention about the quality of the people who are living in the neighborhood. It is also common to see many valuers also trying to find out the valuation of similar properties in the neighborhood.
Apart from the subjective parts of the report which are very useful for the buyer, a valuers report also mentions about the actual size and measurements of the property. This is not just a piece of information picked up from the title deeds. Valuers go and visit the property and physically measure the properties to ensure that the measurements tallies with the figures available in the title deeds. Hence, taking these above points into account, there is hardly any doubt that the role of property valuers is extremely important to say the least. electric shaver the best electric shaver
In this article we will try and find out ways and means by which one can identify a good and professional real estate appraiser cum valuer. The first starting point towards identifying the right service provider is to understand your requirements perfectly. There are different types of property and real estate valuations and there are different methods too in which such valuation can be done. It is therefore very important for you to identify what exactly your need is.
The next important point is to look for good property valuers Perth, who are certified and approved by the rule of the law to work as appraisers. It is also advisable to look for valuers who have rich experience in this filed apart from having a special qualifications covering the various important matters pertaining to valuation of real estate, movable and immovable properties. Though there is no legal binding for such qualifications, as a customer you would always like to associate with real estate valuers who have a formal qualification to help them out.
You should as a customer look for valuers who have the capacity to handle almost any type of valuation, however difficult and complex it might be. For example, backdated valuations though few and far between are sought after by many customers. So it would be better to look for valuers who are able to handle them easily. Timely submission of valuation reports, subjective information that is available in such reports are also a few more points to be taken into account when looking for these professionals.
Last but not the least there is no doubt that the service providers should offer their service at reasonable rates. While this is very vital as a customer you should know how to draw the line and differentiate between the grain and the chaff. In your quest for saving a few dollars you should not compromise on the quality of the services provided by them under any circumstances.
To begin with, the main reason for valuing a property is to ensure that the buyer has a true representation of the fair value of the property that is planning to purchase. It is not possible for the buyer to go by the valuation that the market offers. This figure needs to be corroborated and confirmed by an experienced and skilled third party professional and that is what the role of a property valuer is all about. However, while the entire job of property valuation may look very good on paper, getting it implemented on the ground is not that easy. The following are the most important factors to be taken into account while valuing a property.
As a starting point before valuing a property, the first job of the valuer is to ensure that the legality of the property in question has been settled beyond doubt. To ensure this he should have a look at the property records as is available with the relevant revenue departments. On a close examination of the same he would be able to correlate the facts available in the property document available with the seller with that of the record that is available with the government departments.
Once the ownership details have been identified properly, the next job is to physically measure the property and ensure that they are the same as available in various records and documents. Once this is done the next job is to value the property taking into account various factors. There are different types of valuations that a valuer might use. It could be based on the cost method which is nothing but the cost of the property as of today and what it was when it was bought. The next method is the revenue model where the revenue expected from the property over a period of time is taken as the basis for valuing the property.
Apart from the facts and figures, there are also a number of subjective elements to a property valuation report that are also quite important. These talk about the condition of the infrastructure in the locality, availability of various amenities like transport, health facilities, schools, colleges and entertainment avenues. Last but not the least, the valuer also tries and compares the value of similar properties in the same locality and tries to draw a parallel as far as the value of the property in question is concerned.
When you decide to buy a property usually you go through three steps. The first is the identification process, the decision making process and the executions process. The first is all about getting to now more about the properties that are up for sale and would mostly involve the services of the real estate agent. However in the second and third processes the role of real estate valuer is very important. The moment a prospective buyer identifies a property for purchase he immediately seeks the assistance of a valuer to find out whether the price being quoted represents the fair market value of the property. It is here that the valuation figure quoted by the valuer assumes significance.
Once the buyer is sure that he will be paying the right price for the property he will move forward and sign the contract with the seller. It is here again that the role of property valuer assumes a lot of significance. The first time around the valuation report talked about the suggested market value of the property. The next report will talk about the various details with regard to the property. The details will include the legal status of the property, the exact location of the same and also other subject pieces of information which will help the buyer to take an informed decision based on facts rather than on opinions.
Further, when we take the case of banks and financial institutions, here also the role of property valuers is very important because it is based on their inputs that a credit decision is taken by them. It will not be surprising to see many banks raising dozens of valuation requests in a given day. This will no doubt give an idea about the importance that banks attach to valuation reports at any given point in time. All in all there is hardly any room not to believe that valuation of property is perhaps one of the most important processes if not the most important.
The main reason why a property is bought or sold is with some commercial interest in mind. The commercial interest is usually valued in terms of money. Hence, whenever a property is bought the objective of the buyer is to ensure that he is buying it at the right market price and is not paying more for it. On the other side, the objective of a seller is to be sure that he is getting the fair market value for the property, the ownership of which he is planning to transfer to the buyer. Hence, each of the stakeholders is right from their own points of view. Under such circumstances, there is a need to ensure that both of them have full satisfaction in the entire deal as far as the monetary or commercial considerations are concerned.
It is here that the role of a property valuer becomes very important. He is often considered the final authority as far as the valuation of a property is concerned. Though it is quite likely that there will be a market value for the property, it is quite unlikely that both the buyer and the seller will be completely satisfied with it.
When they approach a property valuer, he merely does not write a valuation report based on market feedback or what is available in the record books. He does much more than that. In fact it is almost very common to see valuers spending quite some time physically in the property that is being put up for sale. He measure the entire area, compares the same with the records that are available in the registrar’s office, does a legal check of the property concerned, just to name a few. He is the one who takes lot of pain to subjectively investigate the property and ensure that it is situated in the right neighborhood if the buyer happens to be new to the city. He also takes into account the market rate of similar properties in the same neighborhood, compares it with the actual condition and location of the property before coming out with the valuation report.
Taking these above factors into account, there is hardly any room not to believe on the importance and significance of such valuation reports.