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14 Comments

  1. Ian Sutherland
    October 29, 2024 @ 11:13 am

    I greatly appreciated your informative article on the benefits of spending a $1000 to engage a real estate valuer.

    Reply

    • Neil Jenman
      October 30, 2024 @ 7:05 pm

      Thank you for letting us know.

      Reply

  2. Rob Lagan
    October 29, 2024 @ 1:28 pm

    As always … excellent advice.

    Reply

    • Neil Jenman
      October 30, 2024 @ 12:57 pm

      And as always we appreciate your support.
      Take care, Neil

      Reply

  3. Stephen English
    October 29, 2024 @ 2:11 pm

    Hi Neil
    Sorry, I am usually right behind you but not on this one.
    Firstly you say a valuation will cost a thousand dollars and then later a few hundred.
    I have been helping a first home buyer who has missed out on three properties at auction. I accept that the agents have probably lied to her about price but if she had got a valuation on all three she would be down $3000 rather than just disappointed! It’s like building inspections which apparently cost $800 in Adelaide. She now knows what to look for in a switchboard and other areas. The problem is some agents won’t let you do your own inspections such as looking into the roof area. I hope I am passing useful info to her so that she can do her own inspections. We bid at auction for the house my wife and I live in now 9 years ago but I said I need to climb into the roof – the owner said not necessary as new roof – I said I will not be bidding if I have not inspected the roof area (and under the floor!) so the owner and agent soon said ‘Yes’ and organised a special inspection time. We were essentially the only bidder.

    Reply

    • Neil Jenman
      October 30, 2024 @ 12:25 pm

      Dear Stephen
      Thank you for your comment. It’s clear that I may have to write more clearly. Or you have to read more slowly. I’ll accept the blame. When I wrote “an average of $1000 per valuation”, I was talking about family homebuyers and homes worth $1 million. Later when I wrote about investors, I wrote about hundreds of dollars because investment properties are generally much less than family homes – especially those properties purchased through spruikers. I hope that explains my point. I’m sorry for the confusion.
      As for the cost, your example case is the rare exception. As I wrote, if people love a home, they may not need a valuation. I think I would rather see the occasional buyer spend thousands of dollars to make sure they are safe rather than to see almost every seller wasting thousands of dollars on needles advertising. Thank you again for contacting us. Take care.
      Kind regards
      Neil

      Reply

  4. Ben Balzer
    October 29, 2024 @ 2:11 pm

    Dear Neil,
    Thank you, thank you, thank you!
    Your advice saved my mother in law $60,000 in 2022. The agent was selling her investment unit for a lightweight $850K the family were concerned. When the agent declared that the purchaser was his nephew, I was livid!
    Having read your book Real Estate Mistakes, I knew what to do. I called a valuer I happen to know and respect who came in at $930K an extra $80K. I contacted the head of the franchise organisation and we had a meeting with the local franchisee who took over the sale. Everything was very pleasant and gentlemanly. We acheived $910K, a $60,000 increase. As Covid lockdowns were rolling along we did not hold out for more. It was a fair price in the end- thanks to you!
    I might add that I have heard a (non real estate) salesman saying that the elderly are very trusting, implying they are easy prey. This is what nearly happened here!
    Thanks again,
    Kind regards

    Reply

    • Neil Jenman
      October 30, 2024 @ 1:01 pm

      Thank you for sharing such an uplifting story with me, Ben. Of all the shenanigans going on in real estate, the financial abuse of the elderly upsets me the most. What was about to happen in your family is not a rarity, it’s common. Some agents seem to think it makes them clever to take advantage of, elderly people. I think it makes them despicable.
      Take care
      Neil
      PS Please call us before you call any agents. You had a narrow escape. We check so many things. Not much gets past us.

      Reply

  5. Carrie Carr
    October 29, 2024 @ 2:32 pm

    I didn’t know values existed. I I wanted to sell in, say 12 months time when should I get a valuer in. B4 I ready house? Or after it’s spic & span. I’m not sure I can get it that good (by the way).
    How do you contact a valuer?
    I love all your writing & eagerly read your emails.

    Reply

    • Neil Jenman
      October 30, 2024 @ 6:40 pm

      It’s probably best to get a valuer when you’re closer to being ready to sell. If you get one too soon, it could be out of date if the market changes by the time you want to sell. And that will mean paying twice.
      Kind regards
      Neil

      Reply

  6. Margot McLaughlin
    October 29, 2024 @ 3:00 pm

    As always, Neil, your articles are “on the money” – thank you!
    Just one question: how can one select a good valuer? One who is qualified, accurate and ethical.
    Love your work!
    Margot

    Reply

    • Neil Jenman
      October 30, 2024 @ 12:33 pm

      Dear Margot
      Thank you for your question. As with agents, we keep records of valuers who seem ethical and competent. If people contact us and give us their area, we can let them know if we have an agent or a valuer that we feel will look after them. I am pleased that you are settled into your new abode. You look so happy. Thank you for using our services.
      Take care,
      Neil

      Reply

  7. Danny Gurney
    October 29, 2024 @ 4:07 pm

    Hi Neil.
    Such a great article.
    As a realestate agent, I totally agree.
    Probably the best words of advice for anyone selling.
    With all the information available now days, valuers are more accurate than ever, and agents inflate the price more than ever.
    Regards. Danny

    Reply

    • Neil Jenman
      October 30, 2024 @ 6:42 pm

      Thank you, Danny. It means even more to get a nice compliment from an agent. If there were many more agents like you, I wouldn’t get so stressed about all the good people who lose so much money in real estate. Most without even realising it happens.
      All the best
      Neil

      Reply

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