Planning to sell your property this summer? It’s time to get your property valuation sorted
Getting the best value for your property all starts with setting the right price to gain the attention of potential future buyers. The time has come for you to get real with your expectations and figure out just how much your property is worth on the local Maltese property market. Even though technology has made it easier for us to make our own assumptions on how much a property would go for on the Maltese property market, getting professional help from an experienced estate agent is definitely the way to go to get the most accurate and realistic price tag for your property for sale.
A real estate appraisal or property valuation happens when an owner of a property asks a professional in the property industry to inspect a property to get an idea of what it's worth and what it could possibly be sold for. Tips for Dummies gives a great breakdown for a better understanding of what a property valuation is. Step one is calling up your real estate agent and giving them a breakdown of the pros and cons of your property, the main features and what it lacks. One of our Zanzi Homes agents could happily guide you through this process. A quick conversation about all the obvious features of the house for sale including location, size and other local prices. These are all the main factors which will determine the price range that would be accepted for your home for sale. This gives your Zanzi Homes real estate agent enough information to then do their own research. Get the most value out of your property with our handy tips.
Leave this step in the hands of your trusted Zanzi Homes real estate agent. Their role here is to do their research to get as much information as possible. The Zanzi Homes Comparative Marketing Analysis (CMA) is where all Zanzi agents get the lowdown on all things property around the Maltese Islands. Their research involves comparing the different amenities available in your property for sale to other properties to get a better idea of what price range other properties of similar liking are being sold at. The best way of doing so would be for agents to look at sales memos to see how much properties were actually sold for.
Step 3 includes listing down all benefits and unique pitch points of your property for sale. This includes any interior facilities: stairs, lift, air conditioning and flooring, the state of the property: whether it's a new build or a developmental property or a newly renovated one or may need some renovations done and any renovations you've done to the place. Valuations Vic gives a great checklist of useful items to mention in your list.
For some extra tips and tricks on selling your property this summer read our last blog post.
After conducting research and comparing prices of various properties it's time to present the conclusions brought on through CMA to discuss what price you as the seller had in mind and whether it's feasible or he would have to settle for less. You might even consider asking an architect for a second opinion and valuation of the actual structure and make up of the property and come to a compromise. Getting the opinion of an architect may also be valuable in getting an idea of what improvements may be made to add value to your property and subsequently get a better price tag. Although depending on the work of just an architect as they are likely to forgo many other aspects of your property for sale.
To get a more realistic price and others opinions on the matter after entering it on the Zanzi Homes system is organising a group viewing. This entails inviting a group of esteemed real estate agents that work in the area and on those types of properties. To get their honest opinion on the price they believe it deserves a questionnaire is usually passed around at the end of the viewing. After drawing conclusions from the various prices gained through the group, viewing will help to settle on a more realistic price which the owner can choose to keep or stay with their desired price. More often than not, the price is negotiable after getting an offer from a potential buyer.
Main blog photo courtesy of Kindel Media