Valuation versus sale price

[Marty McDonald]

- Customer estimate 1 month ago $555k
- My figure for Val purposes $560k
- Full Val done 2 weeks ago valuers figure $560k
- Auction last Saturday sale price $553k

Just one example of a valuer not always coming in 10k or 5-10% under market as is some people's assumption.

 

[Bigtone]

good work by the valuer, tough job and he got this one right, .......although maybe he just likes u and never even looked at the property and returned ur estimate

 

[Marty McDonald]

full inspection

 

[Mick C]

It depends on the area/location.

Val only falls short in more remote areas + client might have a much higher expectation.

 

[Bigtone]

full inspection

amazing how they can be back in i hour some times

 

[Rolf Latham]

amazing how they can be back in i hour some times

technology

or in some cases ( rare) making up your mind what the place is worth and doig your comps before you go out.

The realising that all your comps are backing the M1 motorway noise barrier, yet the subject is on a back street with no more than normal road noise.

Now that one led to an interesting discussion.

Mostly we find valuers do a good job, but like any work, you get those few that are hopeless, those that dont care, and then you get the real dangerous ones that are hopelesss and dont care, but have no clue that they are unconciously incompetent.

ta
rolf

 

[RightValue]

amazing how they can be back in i hour some times

My record was 45 mins from the time we received the instruction to when the report went out the door, with a full inspection.

I was in the street valuing another apartment when the call came through and the owner was in. I had previously valued a near identical one down the street the week before.

I did the inspection and measured it. Worked out the floor area in the car and dictated the changes to the property description over the hands free as I drove to the next job.

This was before valex/property pro, when the reports were typed in the office and the report with the photo went out a week later after it was developed and posted to the office.

Soon (they said last December I said yeah, maybe easter) I will get a tablet with keyboard and camera in it and full internet connectivity. In intend that Jobs that are not tricky will be sent from the car many within an hour of inspection.

 

[Jamie M]

My record was 45 mins from the time we received the instruction to when the report went out the door, with a full inspection.

That's impressive. I wish the vals I ordered flowed in at that pace.

Soon (they said last December I said yeah, maybe easter) I will get a tablet with keyboard and camera in it and full internet connectivity. In intend that Jobs that are not tricky will be sent from the car many within an hour of inspection.

Tablets are great but I think you'd be better off using a digital camera (can be from a phone) coupled with a laptop. Otherwise you're going to spend a lot of time typing into the fields on the tablet - which will invariably end up in bizarre typos which are easily overlooked. Chances are it will end up taking you longer.

Cheers

Jamie

 

[wylie]

It depends on the area/location.

Val only falls short in more remote areas + client might have a much higher expectation.

Not always. Norman Park Brisbane valuation done on our IP several years ago now. Commbank valuation $150K, sold two months later for $208K.