Appraisal FAQs

What happens during an appraisal?
Usually during an appraisal, if you have immediate access to the property, your sales agent will walk through the house with you to make an assessment on the condition of the property. This is the best time to point out features of the property or other benefits of living at the property that may not be so obvious to the agent or a buyer.
 
Your agent may also make suggestions that could increase the value of the property including improvements to the property and suggestions on presentation. The agent may give you an indicative price at the time, however it is more likely they will withhold an opinion until they have completed more research. This could take 24 – 48 hours, at which point you will receive your property appraisal.
 
A price appraisal alone will take on average 45 – 60 minutes. Add another half an hour if you have asked our agent to do a listing presentation.
 
No. You can provide your agent with access if you can’t be present for the appraisal. Alternatively, your agent can perform a fairly accurate appraisal without entering the property, providing there has been no major improvements or damage to the property since you purchased it. The more information you provide to your agent, the more accurate your appraisal will be.
 
Yes. As previously mentioned, your agent can perform a fairly accurate appraisal without entering the property. If you do not wish to disturb your tenants, this is the best option for you.
 
For a more accurate appraisal, you can issue an Entry Notice (or authorise your property manager issue the Notice) to your tenants, giving them notice that we will be entering the property on a specific day and time to perform the appraisal.
 
The purpose of an appraisal is for our sales agent to make an assessment on what price your property would fetch in the current market.
 
During a listing presentation, the sales agent will also go through all the services that will be provided should you sell your property with our agency, including the best marketing approach for your property, your pricing strategy and of course the fee.
 
You may also ask our agent to give you a listing presentation while they are with you discussing the appraisal, or you can request they come back to do the presentation when you are ready to sell and are deciding which agent to choose.
 
Absolutely. Your agent will simply take into consideration what impact the repairs will have on the property price, and the impact and total value of the renovations, when preparing their appraisal.
 
An appraisal is an opinion on the price of your property, based on experience and research performed by the agent that takes into consideration the age and condition of the property, the condition and value of included features, land value, and the value of recent sales for similar properties in the area. This service is usually provided free from most real estate agents.
 
Real estate agents are, however, not licensed to carry out a valuation. A formal valuation can only be conducted by a qualified Valuer, who will charge around $400 - $500 for the service.
 
For more information, read this article.