Property valuation business can be both an opportunity and a challenge. It is an opportunity because there is bound to be a continuous and unending demand for property valuation business. As long as there is buying and selling of real estate properties there will be a demand for property valuers and appraisers. While this is a positive face to valuation business, there are some negatives too. The market for property valuers is becoming extremely crowded. Hence we might soon be reaching a situation where we could find more numbers of valuers running after fewer customers. It is therefore important to find out ways and means by which one can take on increasing competition and at the same time see that business grows. It is quite possible provided we know how and where to make a beginning towards this objective.
Choosing the right customer profile is extremely important to ensure that the valuation business grows from one level to another. It is always crucial to have a clear idea about the niche groups of customers that you would like to target. Once this has been chosen it is important to find out ways and means to address this constituency to the best of ability possible. There is the need to find out ways and means by which this segment of customers gets more value for money. This can be done in many ways and using technology to the benefits of these customers is something that should always be kept in mind.
As valuers it is important to ensure that there is a time bound solution to the requirements of the customers. It has to be understood that valuation of property has a time limit to it and hence there cannot be dragged on for a long time. While timely submission of valuation reports is important equally vital is the need to provide as much information as possible in the valuers’ reports. For example good valuation reports should have a number of other information that could be of use to the customers. Making mention of the state of infrastructure development, availability of various amenities and facilities are a few important tips that could make the valuation report more meaningful and of greater relevance. While timely submission is very important, it cannot be at the expense of quality. This is again something that should always be on top of the minds of these property valuers.
Whenever a home is bought or sold of whenever there is a need to find out the fair market value of a real estate property, there is a need to take the services of a qualified and professional real estate valuer. The main job of a valuer is to calculate the fair market value of a property using various methods and systems.
The reason why this is done by professionals is because it is complicated and difficult job. Since the money involved could run into thousands or even millions of dollars, it is quite common for buyers and sellers to exercise caution when entering into such contracts. They would like to be certain about the fair market value of the property. Though the market could show a near-accurate value, once it is certified by a professional valuer then it becomes a legal document.
Further there could be many rich landlords who could be in possession of a number of apartments, homes, villas and landed properties. They would certainly need the services of a property valuer to periodically find out the market value of the same. Further, when there is a need to sell a part of a land or property, valuing the same could be quite a complicated task. Here again the role of property valuer becomes extremely important to say these. Whenever there is a division of a properties and ownership rights are distributed based on the size of division, the role of property valuers becomes very important.
There are different types of property valuations for which different types of valuation methods and practice are used. For example whenever there is a need to go back in time for the purpose of backdated or retrospective valuations, one should adopt different methods and systems of valuation. In the same light whenever a long term burden is incurred by going in for mortgage loans, the valuers could help the customers to find out whether such loans would be viable.
Apart from the simple fair value representation which is the main information in a valuers report, there are other important pieces of information also. For example, a good property valuers report will contain amongst other information details regarding the infrastructure available in a locality. It will also make a mention about the amenities and facilities or the absence of it. All this will go a long way in making it useful for the buyer to take an informed and good decision.
There is no doubt that the main reason why we buy and sell property today is to make good money out of it. Decent returns on investments and a place to live comfortably or get some passive income out of the property are the main reasons why customers invest in real estate property. There is no doubt that any investment in land and real estate is perhaps the best way to multiply ones resources. However the level of multiplication and speed of multiplication would depend of various factors. It would be interesting to have a closer look at the same over the next few lines.
When a property is put up for valuation, the valuers take a number of inputs to value the same. They take into account the location of the property which is perhaps the best indicator as far as value of a property is concerned. For example investing of 100 square meters in the main area of a city is worth much more than even investing 500 square meters in a remote locality. Though the latter option will not be a losing deal, the pace at which your investment will grow will be much faster in the former case. Hence, when a valuer looks at a property location is something that is given a lot of importance.
Additionally, there are other factors too that are equally important. These include the size of the property and its age. The newer the property the higher will be the valuation figure. Hence, as a customer it is always better to look for new properties rather than go in for old ones. However, when we talk about properties we are referring to a building. The value of land will continue to go up and in fact the older the land the higher will be its value.
The kind of materials that are used will also play a big role in defining the value of your home. Therefore it is important for you to look for homes that are built from quality materials though it might cost a bit more. Additionally when buying home, the importance that is given to the eco friendly nature also has a very important role to play. This is something that is of recent origin. Today’s customers and also promoters and builders are placing a lot of importance on the eco friendly nature of properties, however big or small they might be.
Running a property valuation business successfully is not an easy job any more. It might have been so a few decades back. With increasing competition and changing customer preferences and habits, even the well settled real estate valuers are finding the going tough. Under such circumstances, it is quite important for even well performing valuers to have a look at the business from the long term perspective and take steps accordingly. Here are a few important tips that could be useful for valuers when it comes to moving their business from level of success to another.
To begin with, good valuers are those who always take a long term view of the business. While short term revenues are important, as visionary entrepreneurs valuers should have the capacity to assess the potential of their business keeping in mind the next 10 to 15 years. Towards this objective they should have a thorough knowledge about the current real estate industry in general and real estate valuation in particular. They should be aware of the increasing competition in this field and also understand the changing customer buying habits and preferences.
They must understand that the internet and other modern technologies are playing a big role in driving business including real estate valuation. Hence, they must take steps to be a part of the internet revolution. As a starting point they must certainly have a website of their own. Additionally, using this technology they must find out ways and means to add more value to the customers. For example, offering online valuation facility is a perfect example where valuation service providers could be adding value using the power and reach of the internet to their advantage.
They should pay a lot of importance to automating the back office processes which will go a long way in improving efficiency and productivity. Last but not the least a good valuer is one who offers a one stop valuation solution to his customers at all points in time. While pricing the services competitively is of course very important, this should not be done at the cost of quality. Many modern day customers are willing to pay a higher price provided the quality that they are getting is the best. Hence, constant innovation and improvements are very important to survive and grow in today’ competitive real estate valuation market.
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