HOW TO GET A FREE HOUSE APPRAISAL
The most reliable way to establish how much your property is worth to sell is to compare 2-3 appraisals prepared by real estate agents who have been vetted and proven competent for you, your property type, situation, location and value.
When selling a house, all your decisions will be totally reliant 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 and the quality of real estate company for which they work.
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ACCURATE APPRAISAL FIRST TIME ROUND
Using a real estate agent who has been vetted provides you with a level of assurance that your agent has the capability and experience to achieve the best possible result for you. Doing so also prevents price-reduced advertising and a lot of angst which is more prevalent in the current market and often leads to vendors wanting to change real estate agencies. You can find out more about changing real estate agencies here but avoiding having to do so is better.
Scroll to view the real estate appraisal checklist.
WHO TO APPROACH FOR YOUR FREE HOUSE APPRAISAL
All house appraisals conducted by licensed real estate agents in New Zealand are provided free, but the standard of these can vary a great deal. Start with finding a real estate agent you can rely on.
Rather than randomly selecting a real estate agent from a flyer or being allocated a 'duty' agent, it is crucial that you are matched with a competent agent for your property type, location and value.
For example, you may be selling a tenanted property or portfolio of properties, downsizing, selling a lifestyle block, a deceased estate held in a Trust or an apartment. If you're in Auckland, your property may be zoned for development. These will all require a higher level of knowledge, capability and project management in tight timeframes.
To find out how much your house is worth to sell in the current market, use a vetted real estate agent proven competent at valuing properties accurately.
Request a shortlist of 2-3 agents to prepare free house appraisals to compare now.
HOW TO COMPARE REAL ESTATE APPRAISALS
A 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.
Compare the quality of data used to determine the value or price range recommended for marketing and advertising.
You can do this by checking the properties used to compare yours against for establishing value, taking into account uniqueness, land size, number of living or bedrooms, garage size and improvements for example.
Use our Agent Questionnaire to help guide you through the process of interviewing real estate agents when they present the property appraisal to you. This helps compare both the agents and the real estate agencies objectively and avoids issues commonly encountered.
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 - but watch for unrealistic values - if it sounds too good to be true, it might be.
Due diligence at this point is not to be missed. Send an enquiry - we're here to help.
HOUSE APPRAISAL CHECKLIST
1. SCRUTINISE INFORMATION QUALITY: Most people head straight for the dollar value in their house appraisal but ensure you scritinise it and check the facts on which it should be based. A real estate agent over-inflating a property value to entice a vendor to list is not uncommon so beware.
2. METHOD OF SALE HELPS: If the value is not what you expected but is based on reliable information sources, rather than choosing a real estate agent whose appraisal is inflated, the method of sale you choose can help create buyer competition which can help elevate your end result.
3. IN WRITING NOT VERBAL: 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.
4. COMPETENT REAL ESTATE AGENT: It has been proven that sellers who achieve the best sale prices rely on realistic property appraisals then plan the marketing to aim for an optimal result. Buyers will often pay more for a house they love or have to compete for.
5. UNDUE PRESSURE: 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.
6. GOVERNMENT AUTHORITY: The Real Estate Authority has made 'undue pressure' a conduct issue worthy of complaining about and addressing formally.
7. DAY ONE: 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.
8. BE ON THE ALERT: We recently heard of a real estate agent using comparative sale prices that were listed with their company only, which in our opinion is not an objective or reliable method of establishing how much your house is worth.
Property sellers are entitled to expect a free property appraisal to be prepared with integrity, accurate data and based upon relevant information in the current property market. It's all part of a licensed real estate agent's responsibility.
If you would like an objective approach to finding the best agent to appraise your property, request a free shortlist to compare.
Why is Agent Finder a free service for New Zealand home owners?
Agent Finder NZ Awards:
- Best Independent Real Estate Advisors 2022 | BUILD 2022 Real Estate & Property Awards
- Best Property Advice Hub New Zealand 2021 | APAC
- Most Reputable Property Advice Hub New Zealand for Wise Up NZ 2020 | APAC
- Best Real Estate Agent Vetting Service 2018 | APAC
- Awarded Property Advisor of the Year 2023 (PINZ)
Page updated July 7, 2024 by Trish Willis | Member of the Property Institute of NZ (IPAC).
