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Getting a better valuation

Discussion in 'General Property Chat' started by BKRinvesting, 28th Jul, 2016.

  1. BKRinvesting

    BKRinvesting Well-Known Member

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    Thoughts on this article?

    Valuers control a fair bit of our wealth creating ability,
    Anyone ever put together a 'valuer pack' for their valuer (i.e. comparable sales and analysis) and if so, do you it has helped?
     
  2. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    I've had clients hand give valuers significant information when they meet them. Sometimes it's helpful, quite often it's ignored. It certainly doesn't hurt.
     
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  3. Big Will

    Big Will Well-Known Member

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    1. Ensure the property is complete - Umm of course they are only going to value what they can see, not like I can tell them in my backyard we are putting a pool in so if you can include that as part of the valuation haha.

    2. Provide valuers with a valuation pack - They will ignore this most of the time, I have even provided expected weekly rental returns from different PM all were ignored. Only when you challenge it the MIGHT review it but it is difficult like Peter said.

    3. Have someone walk the valuer through the property - They will not communicate with you much except ask 'what improvements have you made since you bought'.

    4. Give the valuer a great experience - I don't understand what this point is, what make them a cup of tea and give them a going away present?

     
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  4. tobe

    tobe Well-Known Member

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    Just get multiple valuations. A lot of the time desktop or kerbside valuations come back higher than full inspections.
     
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  5. House

    House Well-Known Member Premium Member

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    It could work if they don't have the most recent data for comps and there's been some upwards movement .

    Have heard of someone get 3 REA's to guesstimate their property value and generated a report that gave 5-10 of the most recent comp sales in the area. They picked the highest from all 3 reports and gave to the valuer. Hard to tell if it has any actual impact though.
     
  6. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    I have had clients put together a list of works completed and comparable sales and we have had success in amending valuation reports but it certainly isn't common.

    You have nothing to loose except some time by doing so and will come down to the valuers personality and ethics.

    I think val reports should be called opinions at times though :rolleyes:
     
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  7. Natedog

    Natedog Well-Known Member

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    Recently when going for a "tentative on completion valuation" for a new build on an old knock down rebuild site I had a chance to speak directly to the valuer.

    He rang me directly as he wanted to make sure the tenant was okay for him to access the site.

    As its quite a hi spec build in an area that is only just starting to get new builds happening I had already put together an emailable list of what I thought would be comparable....to email him....so it was fate he called me first!

    I asked him if it would help him if I sent the information through, as it "might make things easier for him"....he said sure send it through.

    I also went on to say how excited I was that the new dwelling would have bay views from the second storey and he said "really...well that will help the valuation".

    In the end the valuation came back higher than I'd expected it to..... Meaning about $50k less of our own funds needed to put into it...I was happy

    :)
     
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  8. Colin Rice

    Colin Rice Mortgage Broker Australia Wide Business Member

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    @Natedog - great story and exemplifies that the "way you go about it" is as important if not more than the actual information provided. Well done!
     
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  9. dabbler

    dabbler Well-Known Member

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    I would give relevant info, had a couple of sales nearby that are significantly higher than buy price of our interest, the property is basically same position but a poorer house, but the sales agent gave me the list of things wrong with the place and they are significant issues, so should easily value at least the same or more, they are things a valuer would not see.
     
  10. Rolf Latham

    Rolf Latham Inciteful (sic) Staff Member Business Plus Member

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    This is the most useful usually

    Choice and variety of opinion can make a substantial difference

    The valuer shop is one area where broker v bank will often yield a better result

    Ta
    Rolf
     
  11. albanga

    albanga Well-Known Member

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    I told this storey back on SS but find it funny. I had a valuer come through my place and outback I had a very old self contained granny flat, it was in very poor shape but none the less she asked me to take her through.

    My place didn't have a garage so the granny flat was used for storage making it very tight to maneuver through.

    Anyway as she walks in my 50kilo golden retriever decides to follow her wagging his tail like a madman and as we are all squeezed in his tail hits somerhing that falls right at the feet of the valuer.

    Turns out to be some very interestingly shaped glow in the dark straws from my wife's recent hens night if you know what I mean.

    Valuer and I both look at the floor, then look up at each other silently for a second and then both burst out laughing.

    She valued the property 50k higher than the next 2.
     
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  12. BKRinvesting

    BKRinvesting Well-Known Member

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    Win!
    Note to self - purchase glow in the dark straws...
     
  13. albanga

    albanga Well-Known Member

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    Yes but not just any glow in the dark straws ;)
     
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  14. Magnet

    Magnet Well-Known Member

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    Did this for our last valuation and think it worked well. There were several properties that had recently sold - 5 weeks prior so we were keen for the valuer to know about them.
     
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  15. Brady

    Brady Well-Known Member

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    Any of the brokers here provide infomation to the valuers? For shortform valuations I will often look at comparable sales and send them through to the valuer, often have good success. Doesn't mean the valuer is always going to look at them or use them. Same property could be valued with reasonable variance and still be inside the guidelines pending what comparable sales are picked up
     
  16. Azazel

    Azazel Well-Known Member

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    Were they doodle straws by any chance?
    ;)
     
  17. albanga

    albanga Well-Known Member

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    They sure were! Haha
     
  18. Azazel

    Azazel Well-Known Member

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    Ms Valuer must have been very impressed then!
     
  19. dabbler

    dabbler Well-Known Member

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    That is all well and good, but wonder what value would have been if it was an old gumpy male & you were giggling ? :)
     
  20. Azazel

    Azazel Well-Known Member

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    That's just as possible.
    Maybe it could've been higher? Maybe it depends on how much they giggle.