Understanding The Value Of Your Property

If you’re a property owner who is thinking of selling, understanding the value of your property is an essential first step.

Many factors can influence the value of your property – from the layout of the floorplan, to the location, market trends and economic factors. A professional, unbiased property valuation empowers you with the knowledge you need to make informed decisions and maximise your return on one of the most significant transactions you will make.

At Pursuit Property Advisory we believe there are five compelling reasons why an independent analysis of value should be your top priority before you begin the journey of selling your property.

Independent and Unbiased: Pursuit Property Advisory are independent professionals who provide an objective assessment of your property's value. We are not emotionally involved or affiliated with any party set to benefit from the transaction. Our independence ensures an impartial opinion on value, giving you the peace of mind that you are making the right financial decision. 

We Are Qualified Experts: Property valuers complete a 4 year university degree, 1 year of practical experience where they are mentored by senior valuers, a formal application process and undertake a professional interview with their industry peers before they are qualified to provide you with valuation advice. Our expertise in market trends, location, and property features guarantees a reliable assessment.  We know the market inside and out in your area, giving us unique insight into the true value of your home.  

Your Property Is Unique: Online assessments, which focus on market averages, do not consider the specific characteristics and condition of your property. A professional valuer will take account of building age, floorplan and any possible repairs or renovations which may impact the value of your property.

Better Negotiation: Property buyers want to purchase for the least amount possible. Armed with a professional valuation, you have a valuable tool for confident negotiations, ensuring you make informed decisions and reduce the risk of underselling.

Auction Bidding

If you’re in the market to purchase a property this year we suggest you read on. In today’s Pursuit Property Advisory News, Managing Director Brad Willmott shares insights from his advocacy experience, explaining how a buyer’s success rate at auction can be improved with some prudently considered tactics.

Setting up an auction strategy

The first thing to do when preparing yourself to buy at auction is to define your strategy. Don’t leave any one thing to chance. Purchasing at auction is not always about who has the most experience and a savvy first homebuyer can triumph over a seasoned investor if they’ve prepared themselves to bid confidently. Your strategy should include simple factors like having your finance pre-approved, engaging a lawyer or conveyancer to ensure the auction contract is appropriate and having a hard limit on your bidding.

Know what the property is worth

When talking Melbourne real estate, the actual property value, the price quoted by the selling agent and the eventual sale price at auction are rarely the same. Buying well means paying a fair price for your property. Pursuit Property Advisory buyer advocates work with their clients to show a clear picture of the property's true value, based upon a variety of market indicators and comparable sales information. When you have a clear understanding of a property’s value, it allows you to develop a more effective bidding strategy – and it gives you the knowledge needed to walk away from an auction if it becomes an overheated bidding war. However, you may be the only bidder at the auction with the confidence to make a well informed ‘knock out’ bid, extinguishing the hopes of any competing bidders in one move.

Play your cards close to your chest

The way that you bid and behave in the auction scenario can directly affect a property acquisition outcome. An inexperienced buyer’s behaviour at property inspections and during conversations with estate agents about a home they’re interested in purchasing can also impact upon negatively upon their purchasing power. Letting an agent know your budget can put you at a disadvantage should a property be passed in to you – so be cautious and exercise discretion, no matter how friendly the real estate is.

Manners matter

It might sound basic, but understanding and respecting auction etiquette can make a difference. Bidders who try to control the auction, and attempt to put their competition off with unflattering remarks about the property only show how badly they want the property! Just be amiable and show the selling agents, fellow bidders and the vendor common courtesy.

Have your ducks in a row

Allow preparation time to agree on your budget in collaboration with trusted advisors such as buyers’ advocates and valuers, have all your required terms and conditions (such as settlement period) agreed to prior to auction and define your bidding strategy. Are you going to make an early knock-out bid or will you sit back and wait for the competition to show their hand? Or are you aiming to create a ‘pass in’ situation? These auction tactics make all the difference to buying well.

If you’d like professional assistance in making a better buy when it comes to your next home or investment property, Pursuit Property Advisors can help. Contact us for a free, initial, 45 minute consultation where we can discuss your next property purchase.

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