Unbiased property valuations have now become a reality
Every Homeowner is concerned about the value of their property, especially when it comes time to sell. Arriving at the correct asking price is often hindered by conflicts of interest and inflated expectations. For the first time, a service is now available that can provide an unbiased and independent appraisal of house values.
London September 21st, 2005 – e-valuations.co.uk, the UK’s first online home valuations service launched today to give Homeowners an honest and unbiased appraisal of the value of their property. In an attempt to determine how much their house is worth, most Homeowners will invite a local Estate Agent to visit their house and provide them with a free valuation. Some Homeowners will even do their own research using the internet. Both of these methods are widely used and are accepted as the norm, even though each is inherently flawed. The best person to value a property is going to be person who does not have a vested interest in the value of the house, that way the result is not swayed in either direction. Unfortunately, neither the Homeowner nor the Estate Agent can honestly form an objective opinion about the worth of a property. A Homeowner will try to inflate the value of their own property based on emotional ties to the house and also their desire to get the most money from the sale of their house. An Estate Agent is also biased about a house’s value because they stand to make more money if they sell a house that is more expensive. Estate Agents are also more likely to acquire a new customer when they are able to impress a concerned homeowner by suggesting that the house can be marketed for a higher asking price than the property owner ever thought was possible.
These flaws in property valuations were recently highlighted in a report by consumer advocacy group “Which?”. The report presented evidence that Estate agents’ valuations can vary wildly, sometimes up to £125,000. Setting an asking price too high can keep a property on the market for twice as long as should be and it can even create a ripple effect of false expectations throughout the local property market. These problems could be avoided if an independent 3rd party is able to provide an objective opinion of a property’s value. In response to this lack of objectivity, a new service has just been launched at www.e-valuations.co.uk that is able perform independent and unbiased property valuations.
The revolutionary service allows each valuation to be ordered online for a flat fee (No sliding scales based on a house’s value). The valuation is performed without ever visiting the property because the information that would otherwise be gathered through a visual inspection of the home is, instead, provided by the homeowner. The result of the valuation is a 15 page report that presents not only the amount of the valuation, but also all of the evidence that is used to support the valuation. The reports are produced using information gathered from multiple data sources including the Land Registry, and an analysis of the properties that are currently for sale in the local area. Every report is customised for each individual property and is personally performed by a qualified member of e-valuations.co.uk staff (not just an automated computer program).
The abundant amount of property information that is presented throughout the e-valuations.co.uk report provides a refreshing change from the traditional valuations. In a recent corporate accounts pilot program the reports have proved to be so informative and accurate that many professional property investment companies are now using them for their routine valuations. Also, many Homeowners who are selling their houses privately on the internet (without an Estate Agent) will find that the reports are an excellent source of reference during sales negotiations.
The website is owned and operated by Liquid Property Limited which was formed in a response to the lack of Homeowner access to professional grade property valuation reports. After years of experience in the United States Real Estate market, Steve Minton (an American) settled in the UK and quickly learned that the structure of UK property marketplace can be chaotic when compared to system in the United States. Most of this chaos has evolved because Estate Agents in the UK are not regulated. Without any regulation, the quality of customer service can be compromised and can vary substantially from one Estate Agent to the next. Most Estate Agents are happy offer free valuations, but as you would expect you sometimes “get what you pay for”. Even though extensive property information is readily available, many Estate Agents still refuse to include a professional report with their valuations. Noticing that there is a lack of customer attention, Steve set out to create a service to enable homeowners to obtain objective information to aid them with the buying and selling of their property e-valuations.co.uk has filled that information gap and is empowering Homebuyers, Home sellers and Property Investors with professional grade valuation reports.
- Contact Information
- Steve Minton
- Managing Director
- Liquid Property Limited
- Contact via E-mail
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