HOW TO GET A FREE PROPERTY APPRAISAL
When needing to find out how much your house is worth to sell, requesting a free property appraisal can be a good place to start. However, there are some curveballs to be aware of if you want a prime sale price and stress-free experience.
All your decisions will depend on the accuracy of your real estate appraisal - and appraisal accuracy will depend on the integrity and experience of the real estate agent who prepares it.
Unfortunately some real estate agents over-estimate what a property is worth to entice you to list with them, then come the price reductions.
If a property appraisal sounds too good to be true, it might be. But how do you know?
HOW TO ENSURE AN ACCURATE PROPERTY VALUE
1. A free property appraisal provided by a real estate agent is also referred to as a Comparative Market Appraisal (CMA) and although provided free, it can end up very expensive if your property was incorrectly appraised from the start.
- To avoid this, it pays to use a vetted real estate agent whose background, conduct and performance capability has been scrutinised. We have been doing this for 10 years and our many client reviews are testament to the value of vetting agents nationwide.
- We also recommend requesting more than one property appraisal and then comparing the quality of how the property values in each were established.
- There is no one size fits all in real estate so each agent will be shortlisted specifically for you, your location and property type.
- They will provide you with free, comparative market appraisals so you can compare them. From there, you can decide if you want to proceed further with them.
- You will likely want to find out more about real estate commmission and fees. We have a lot of information to help you with this.
Many clients found our Questions To Ask Real Estate Agents really helped them compare agents objectively.
WHAT ELSE YOU SHOULD KNOW ABOUT FREE HOUSE APPRAISALS
- Property appraisals must be provided to you in writing and any recommendations must be backed up by sound data and a property inspection to help you make fully informed decisions.
- It has been proven that sellers who achieve the best sale prices rely on realistic property appraisals provided by proven competent real estate agents, who then manage marketing to aim for an even better outcome. Buyers will often pay more for a house they love.
- Find out here how much real estate commission should you pay.
- Succumbing to undue pressure by real estate agents often results in disappointment, price reduction pressures, a long drawn out time on the market, or no sale at all.
- The Real Estate Authority has made 'undue pressure' a conduct issue worthy of complaining about and addressing.
- A verbal appraisal is never acceptable and not legal. We recently heard of a real estate agent using comparative sale prices that were listed with their company only, which is not an objective or reliable method of establishing how much your house is worth in our opinion.
- Day one live online is the most important day of your marketing campaign, so having an accurate price range from the get-go is imperative. Find out why here.
There is no one size fits all in real estate which is why our tailored advice will put you at a greater advantage over other sellers with competing properties.
If you would like an objective approach to finding an agent, request a free shortlist of vetted real estate agents first.
Ultimately we all want the best sale price and the higher the property valuation recommended by a real estate agent, the more attractive an appraisal will be. Due diligence at this point is not to be missed.
When your agent presents you with your property appraisal, check the sales and property types your agent has used to compare your property with in the area, but allow for the uniqueness or qualities your property has to offer. Does it stack up?
Before you start contacting real estate agents, it is important to understand what the property appraisal process involves.
Property sellers are entitled to expect a free property appraisal to be prepared with integrity, good data and based upon relevant information. It's important to review the appraisal data carefully, so tell the agent you want more time to review their appraisal information and will get back to them. Don't be pressured to list there and then.
Having an accurate (or inaccurate) property appraisal is the one thing that determines how well or poorly you will do from the real estate process. Find out more about how to choose a property appraiser first.
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Article updated September 24 2020 by Trish Willis