For anyone with a vested interest in real estate, valuation reports are an essential tool. These reports are used to find the market value of a property in the existing conditions.
Finding a reliable property valuation company in Tasmania can make your life as a property investor, owner or seller significantly easier. A valuation report will give a clear insight into the strengths and weaknesses of a property.
Of course, not all property valuation companies are going to provide the same standard of service. A reliable valuation firm is an experienced one with team members who have the appropriate credentials.
Ideally, you want to find an experienced, qualified and committed valuation company to assist with your needs.
How do I know if I can trust a valuation company?
So what makes a valuation company a reliable one? Going over a few of the most important factors can help you to determine if a company suits you.
A few of the crucial determining factors are:
Credentials and qualifications
The credentials and qualifications of the valuers will give you great insight into the reliability of the valuation firm. You should only ever hire the services of a Certified Practising Valuer who is registered with the Australian Property Institute (API).
The API is a governing board overseeing the standards of property specialists throughout the country. Members are led by fundamental principles of transparency, honesty and integrity.
As such, API-registered valuers are likely to provide accurate valuation reports in line with all of the regulatory and quality standards.
Relevant experience
Naturally, the experience of the valuer is important. As with any profession, the more experienced an individual is, the likelier they are to provide a reliable service. An experienced valuer is someone with a track record of accomplishment in the particular valuation service you require.
A localised expert should have experience examining similar properties in your area. Getting assistance from an individual who is not well-versed in your property type is a risky decision. Valuers should be adept at examining commercial, residential and industrial properties.
Reviews and testimonials
Customer service is vital. Reviewing what past clients have to say regarding the organisation’s service can give you great insight into the standard of service you’re likely to receive. If you notice several negative reviews and low ratings, you may want to look elsewhere.
Qualifications and experience do not make up for bad service. A firm that cares about its clients is a firm you can trust.
Pricing structure and costs
Valuations are hugely beneficial services, but they do not come for free. The price you pay for a valuation will depend on the type and size of the property, the purpose of the report, and the experience of the valuer.
Requesting a quote from a company will give you a clear outline of the pricing structure and how much you’re likely to pay. Comparing quotes between different firms can help you find a reliable firm that matches your budget constraints.
What services do valuation firms offer?
A trusted valuation company will generally offer a wide range of valuation services. Reports are tailor-made to suit the circumstances of the client.
A few of the main services that people and organisations seek out are:
Pre-sale/pre-purchase valuations
A pre-sale/pre-purchase valuation is a report that serves as guidance for those considering buying or selling a property. The report will provide clarity on market value and gives parties the insight needed to make an informed decision.
Purchase and/or sales negotiations will also move at a much faster pace as nobody needs to waste any time debating market value.
Insurance valuations
Getting an insurance valuation is a great way to guarantee that you choose an appropriate package to cover yourself in case of loss or damage to the property. The valuation will outline the full replacement cost of the property including labour costs, removal of rubble and debris, and any other costs involved.
Purchasing a suitable insurance package will help you avoid ending up in a situation where you are financially vulnerable due to factors outside of your control.
Unit entitlement valuations
For strata scheme managers overseeing a new development, unit entitlement valuations are essential and legally required. Valuation reports will define the various unit entitlements of a strata scheme; outlining the voting rights and maintenance obligations.
A certificate from a valuer is necessary for owners to effectively lodge strata plans with the Land Registry Services requirements.
Deceased estate valuation
The unfortunate process of dealing with a deceased estate can often be slow-moving and messy. Often, these cases require a fair division of property and assets among the beneficiaries. A deceased estate valuation can outline the valuation of the full estate or a specific property.
Reports can therefore guarantee fair division and prevent opportunists from taking advantage of a vulnerable situation.
Final word
For those interested in finding the market value of a property, valuation companies are your best bet. A range of trusted valuation firms exist in Tasmania, and finding the right one for your needs is essential.
A property valuation company with experienced and qualified valuers, good customer ratings and reviews, and a reasonable pricing structure is what you hope to find. A trusted valuation firm can make your life significantly easier.
Firms will generally offer a wide range of property valuation services. From pre-sale or pre-purchase valuations to assistance with deceased estates, expert valuers have a comprehensive skill set.
If you would like to learn more about property valuation companies in Hobart, don’t hesitate to give us a call. As leaders of the industry, we are ready and waiting to assist.
