How We Determine the Best Property Sales Price
As South Africa’s leading smart online real estate agent, PropertyFox prides itself in its forward-thinking approach to buying and selling property.
Property valuations play a key role in the sale of the house and many could be wondering how a strictly-digital company can value your property without sending an agent for a walk-through, as with traditional agencies. We take pride in transparency of information, and we’re more than happy to share our diligent process with you:
At PropertyFox we are dedicated to making sure that your house is priced right and that you get the best out of the sale process as well as the closest offer to your listing price. Although our valuations team do not physically visit your property, we have developed a method supported by the power of our data and technology, which due to the many factors considered during the process, ends up with a far more accurate valuation than just a walk-through would do!
As they say, a picture says a thousand words, and at PropertyFox we deem that to be true. Our professional property photographers not only take the best pictures to display on our site, but also help us with the property valuation as they are our eyes and ears on the ground. They capture everything in detail to make sure that we take all aspects of the property into account.
Due Diligence Comparison
We do not only use images to confirm the best price for your home, as PropertyFox is well-known for its tech advancements and our use of gathering data, we use a Comparative Market Analysis (CMA) method to help with the property valuation, but we’ve added an additional touch to how this is normally done.
Traditionally the CMA is a report that looks at the sold price index; analysing the prices of properties that sold in an area historically. Although we still include this, we also compare your property to various other houses in your neighbourhood in real-time by analysing current properties for sale that are similar to yours, taking into account the various features of your property to make sure it is more accurate, for example the amount of bedrooms, bathrooms, kitchen, garage, views, security etc. to make sure that your property is priced at a rate according to what category it falls under in the market.
Of course our advisors will look at a few additional avenues, or ask you a few more intricate questions than is mentioned here, as well as look into the current economic conditions to make sure that we take it all into account. Some of the additional questions or avenues that we look into may include, but not limited to:
- Municipal valuation of your property
- Suburb trends
- Renovations and alterations of your home
- Any updates to neighbouring property facades or neighbourhood property street-side enhancements or improvements (agents usually call this “curb-appeal”)
- Price Trends
Why is Accurate Pricing so Important?
We all know that valuing property accurately is an important part of the sale process, but property valuations are also done to make sure that you make the best investment decision as it is also the process which determines the economic value of the neighbourhood. According to FNB’s quarterly Property Barometer, on average, 10% of properties are actually overpriced. Emphasising the significance of pricing correctly.
In addition, valuing your property correctly will also determine how quickly it will move through the sales process. Properties that are priced right, gain far more viewings, and very quickly the seller has a great offer to purchase in hand, close to, or even matching asking price!
Sellers that choose to go outside of our valuations, we find their properties usually have a much longer time on the market. We try to guide our sellers as much as possible in terms of pricing correctly.
With our low commission, and because of the more accurate pricing (due to our stringent process), buyers are much more keen to pay a value closer to the asking price.
When choosing PropertyFox our advisors and property managers will work with you very closely throughout the process to keep you informed of any moving market conditions. List your property with us today.