Preparing for a valuation

Property - Process Bliss

A step-by-step guide for estate agents to follow when preparing for a new property valuation.

1Research the exact location of the property and identify its unique selling points (USPs)

Importance: Essential

1.1Consider if the property is close to good schools and local amenities

Importance: Optional

1.2Consider if the property is in a quiet no through road/on a busy intersection/in the centre of town

Importance: Optional

1.3Consider whether the property has good transport links

Importance: Optional

1.4Check whether there are any new/ongoing planning applications in the area

Importance: Optional

1.5Check whether the area is at risk of flooding

Importance: Optional

1.6Research whether homes rarely or often become available here and how sought-after the area is

Importance: Optional

2Research the previous sale history of the property

Importance: Essential

2.1Check when the property last sold and for how much

Importance: Essential

2.2Check whether the property has been modified since it last sold

Importance: Essential

2.3Check by what percentage the local market has changed since it last sold

Importance: Essential

3Research and compile recent comparable sales in the local area

Importance: Essential

3.1Consider what is similar about the comparable properties

Importance: Optional

3.2Consider what is different about the comparable properties

Importance: Optional

3.3Consider how quickly the comparable properties sold

Importance: Optional

3.4Check what price these properties achieved compared to their marketing price

Importance: Optional

4Compile a full market report to present to the vendor

Importance: Essential

Include the steps detailed below.

4.1Summarise current market conditions in the local area

Importance: Essential

4.2Summarise USPs of the location and of the property itself

Importance: Essential

4.3Summarise previous sale history of the property

Importance: Essential

4.4Summarise recent comparables

Importance: Essential

4.5Describe likely target audience

Importance: Essential

E.g. is the property likely to be popular with families/first-time buyers/right-sizers/locals?

4.6Include size of current database of potential applicants

Importance: Essential

4.7Summarise likely demand in current market

Importance: Essential

5Prepare standard vendor valuation pack to accompany full market report

Importance: Essential

5.1Personalise pack with vendor's name and address

Importance: Optional

5.2Double check standard valuation pack is up-to-date, accurately describes the service we offer, and includes recent client testimonials.

Importance: Optional

6Collate all paperwork to take on the valuation

Importance: Essential

6.1Check you have a personalised version of the standard valuation pack for the vendor

Importance: Optional

6.2Check you have the full market report you've prepared for the property

Importance: Essential

6.3Check you have any current promotional flyers

Importance: Optional

6.4Check you have your business cards/profile cards

Importance: Essential

6.5Check you have the vendor's contact details in case of any hold ups

Importance: Essential

7Re-confirm appointment with vendor in advance of valuation

Importance: Essential

See attached email copy.

Dear [Vendor]

[Valuer's Name] is looking forward to seeing you tomorrow at [Time] to provide a detailed market appraisal and valuation of your property, [Address].

Please do take the opportunity to ask [Valuer's Name] any questions you may have about current market conditions and the service we provide.

We very much look forward to helping you understand the value of your property.

Yours sincerely,

[Name]

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