Estate Agents Are NOT Valuers! Part 2

Posted on May 1, 2007 by | 0 Comments

Tim O'Dwyer M.B., LL.Bby Tim O’Dwyer M.A., LL.B Queensland Solicitor & Consumer Advocate

The following is an email from estate agent Chris Warren to Tim O’Dwyer. At last there is an estate agent who is prepared to tell consumers that estate agents are NOT valuers.

“Hi Tim,

Have recently read your article where you say owners should get valuations before listing their properties.

You may be interested to hear that for the last 3 months we have been encouraging all our owners to get independent valuations before they go to the market. We are telling them we are marketers and negotiators NOT valuers . So far we have been able to convince only 50% approx to do this. The other half insist it is up to us to give them a price, because that of course is what the market is used to.

Interestingly, of the 50% who do get the valuation, nearly 90% sell their properties in a shorter time and most are getting a little more than the valuation, some a little less. The other 10% disregard the valuation and put on unsaleable prices. The 50% who do not get a valuation stay on the market longer and we have the same old problems.

Summing up, those owners who pay for a valuation and are prepared to be guided by that figure are much happier with the outcome and we also enjoy a much happier association with them . We end up making more sales in a shorter period of time. So it is a win/win for all.

I am also encouraging my owners to have a building and pest inspection before going to the market. They and I are then aware of any potential problems with the property up front and can take that into account.

If every owner had their own independent valuation and their inspections before hand I believe it would eliminate most of the problems that owners/buyers/solicitors/agents have with each other.

Together we have to convince owners to spend a bit of money up front to do these things and that is not easy.

Look forward to catching up with you.

Regards Chris”

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