Inspection of the property will naturally help an Estate Agent establish value, reflecting situation, location, condition and especially in the present market, that extra "WOW" factor which may enable a better result to be achieved…..by comparison with other properties in the market.

Developers rely very heavily on a "rate for square foot" when valuing property (as do many European and American agents) and yet here most Estate Agents take no notice whatsoever of the floor area.  Whilst it is difficult to accurately value  residential property using floor areas, it is useful to analyse a valuation on that basis to make sure that the results are within normal or expected criteria.

Overall a Valuer is trying to establish what the best buyer in the market at any one time will pay and, like buyers in the market, that will largely be a comparative exercise.

I believe it is difficult to value a property precisely, or indeed quickly sometimes, in the present market conditions and further research and comparison after the inspection often enables the Estate Agent to reach the right conclusion to enable good advice to be given to the client.

Quite frankly a valuation offered quickly and after a brief inspection may well not be worth the paper it`s written on. You need to trust the estate Agent/ Valuer and not to simply be flattered by a high figure which may well prove to be unachievable. Ask therefore how he/she reached a valuation figure and if an explanation is not forthcoming, use someone else who can justify his/her advice.

HOW DO I CHOOSE AN ESTATE AGENT?

In the present market conditions, which are as difficult as any over the last fifteen years or so, it is important that you make the right choice when selecting an Estate Agent. 

Experience, professionalism and quality of service are very much more important in difficult times and therefore you should listen carefully to recommendations, see which agents are getting 'Sold' boards up rather than dozens of 'Sale' boards.

Those who explain the market conditions in detail and justify how they calculate the valuation of your property are very much more likely to do the job well than those who simply give you the highest valuation and the lowest fee.

Good management of the marketing of your principal asset, your home, will be the difference between success and failure, and the chances are that the inexperienced or unprofessional Estate Agent will do little to proactively market the property if it does not sell within the first few weeks.  It really is not just a question of price reductions to catch a buyer. Careful initial pricing is vital and therefore careful research and preparation by the Valuer is evidence that that Agent is likely to pay more attention to the marketing, should you give him your sales instructions.

It is also important that you choose an Agent who deals with your type of property.  There is no point choosing an up market Agent (no matter how good) to market an "average" property or indeed vice versa.

Probably above all you need to feel comfortable with the Agent and the firm you choose and judge who will really do a good job for you or who is simply talking a good job.

David Richardson

david.richardson@arnolds.uk.com

June 2008