How Do Estate Agents Determine the Value of a House

Whenever you are looking to buy a home or sell a home evaluate the property you are going to sell or buy not only for maximizing profit but also for personal satisfaction. We people used to consider our own property best in comparison with others in whatever location it is or defects it has.

Not being an expert, you should not take part in the valuation of a house and selling that because there is a high chance of losing the proper value of that. Selecting the right estate agent to sell your home can sometimes feel like a minefield.

In ahead, we would see how estate agents value property and how you can make sure the valuation you’re given is accurate.

What Estate Agents Look at While Valuing Property in Bangladesh

Judging the value of a property is an art and you also know that not everyone is an artist, here estate agents are the artists who show their charisma. According to Edward Church, You may have an idea of what price your home can achieve based on your own research, but a good estate agent will be honest about whether your estimate is realistic.

Including property size and location, while valuing a property, estate agents will take into consideration:

Market reports
Local knowledge
Knowledge of previous sales, documents, owner, and current demand in the housing market
The quality of decoration and surrounding environment
Development opportunities and transportation system to the house

Edward Church stated, “A selling agent should always be able to explain how they’ve come up with their valuation and give examples of what comparable properties have sold for.

Why It’s Not All About the Numbers

Without analyzing properly, just based on the highest valuation to get back huge profit you may blindly choose the estate agent yet not all times this trick clicks. After all, you want the best price for your home! But if you charge a too high price for the market, it won’t be sold in a short span of time.

The longer a home is on the market yet unsold, the more likely buyers are to think there’s something wrong with it, and the more likely you are to have to drop the price.

An agent should also take into account their knowledge of active buyers in the market and the nature of the buyer; at the end of the day, they are the ones who have to be persuaded to pay up! Experts say the first 6 weeks of marketing are the golden window of opportunity, which means do your best selling home within this given time.

Being transparent and integrity always be your top priority. If you’ve already had an offer accepted on another property, then finding a reliable buyer who can meet your timescales may be more important.

Tips to Find the Best Estate Agent in Bangladesh

Achieving the best price depends on the performance of your estate agent whom you selected for the particular task.

Having an estate agent you trust can make the process of selling your home more comfortable and less stressful, and help you develop a strategy to get the best possible price. Here are our top tips on how to find the best estate agent for you:

Ask for Previous Evidence

Experience matters always, these talks about your expertise and represent how you can add value for your clients.

Ask for evidence to assess their valuation, such as other properties they’ve sold in the same location and why they’ve valued your home at a certain price. Would that make a profit or loss for you?

Consider a Specialist Agent

According to real estate experts, “If you have a niche property, then it makes sense to find an estate agent who specializes in that type of property.

Not only will they be able to give you a more accurate valuation, but they may already know of buyers who may be interested. This is also something to consider if you’d prefer to sell your property off-market.”

Ask for a Secure Lending Figure

Although your buyer’s mortgage company will want to do their own valuation, you can run into issues if your sale price is significantly above what their mortgage company is prepared to lend.

Always ask your estate agent what figure they’d put in if they were writing a letter to the bank, so you’ll know if this is likely to be an issue.

Be Wary of Long Contracts

Don’t always be just by watching the overvalue of your home before comparing it with other property around you. Be cautious for a warning sign that an estate agent may have overvalued your home if they tie you into a long contract.

Don’t forget about the 6-week golden window, check your contract terms, and try to avoid lengthy 6-month contracts.