Property valuers play a huge role in ensuring that real estate buyers and sellers get the right deal for their investment. Whether you plan on buying or selling a residential or commercial property, a professional valuer can streamline the transaction process.
Property valuers are qualified individuals with expertise in commercial and residential property valuations. They offer you expert insights into the proposed real estate transactions so that you can make the most out of the real estate deal.
According to a report by Bloomberg, real estate advisor CBRE Group Inc. reported that the number of residential transactions in the city reached 90,881 in 2022, surpassing the previous record of 81,182 deals in 2009. This indicates a significant increase in the city’s real estate activity.
Additionally, there was an 11% growth in Ejari contracts, which are home rental agreements, compared to the previous year, reflecting a rise in the city’s population. These numbers shed light on the importance of expert property valuations for real estate investors.
In this guide, we will share with you all you need to know about property valuers, including their roles, responsibilities, and the benefits of hiring an expert property valuer.
Who is a Property Valuer?
Property valuers are real estate valuation experts that determine the estimated value of a commercial or residential property based on a specific pricing method and the current market pricing trends.
Along with assisting in the property buying or selling processes, real estate valuation is also required by concerned authorities for insurance purposes, loan approvals, and financial reporting.
Property valuers protect your interests by giving you facts about the estimated value of your property that you can use to guide your real estate investment decisions.
Also Read: Overview of Residential Property Valuation in Dubai
Property Valuer Role & Responsibilities
Property Valuation
The primary job of a property valuer is to conduct a thorough survey of the real estate to find its estimated value. To calculate the estimated value, the valuer looks for the number of rooms, available amenities, the type of property, and the market pricing trends for similar properties.
The process of property valuation is conducted by experienced professionals who are experts at valuing commercial and residential real estate.
Reporting
Property valuers conduct a thorough survey of the property to review its elements that they document in a report presented to the person who hires the valuer. The valuer takes photos and notes of the entire property and comes up with a detailed report justifying the estimated value of the real estate.
The buyers and sellers can look at the valuation report to determine the feasibility of the real estate investment. Based on the report’s findings, sellers can work to improve the areas of the building that need work. Also, buyers can decide whether the price would work for them or not.
Property Investment Advisory
Investing in real estate is a huge endeavour requiring much due diligence. Property valuers understand the importance and significance of researching before finalising a real estate deal.
The insights and advice offered by property valuers can help buyers and sellers make informed decisions regarding real estate investment.
Price Analysis
Property valuers use a standard method to find the value of your property, as per the type of property that you own. Some of the most common valuation methods include:
- Cost Approach
- Income approach
- Comparison approach
- Valuer per door approach
Benefits of Hiring a Property Valuer
Make Informed Property Investment Decisions
Property valuation reports created by property valuers can help buyers and sellers make the right investment decisions. Without guidance from real estate experts, you may make decisions you regret.
With informed decision-making, you get to maximise your ROI. Property valuation reports give buyers and sellers peace of mind that they are getting the best deal possible, per the local real estate market conditions.
Get Professional Advice
Property valuers are experts in real estate-related affairs. These individuals have the knowledge and the experience required to make any real estate investment decisions a success.
Property valuers offer you expert insights into the real estate investment and transition decisions based on the valuation report that they generate for you. The details about the property value and the building condition mentioned in the report can help you avoid poor decisions making.
Negotiation
Since property valuers have experience working in the local real estate market, they can negotiate on your behalf. Buyers and sellers can benefit from the negotiation expertise of real estate valuers when buying or selling a property or a piece of land.
After conducting the survey, the property valuers have all the information they need to make the case regarding the property’s value. They use the findings of the valuation report as a baseline for real estate transaction negotiations.
Market Experience
Property valuers are qualified individuals with years of practical experience in handling complex real estate investment matters. A professional property valuer carries with them sufficient experience that is required to protect your best interests.
Property valuers find the estimated value of your property after analysing the market trends to ensure that you get the best value for your real estate investment.
Conclusion
Property valuers are experienced professionals with expertise in conducting accurate valuations based on the current local real estate market trends. The valuations offered by property valuers can help all stakeholders involved in a real estate transaction make the most out of the property transition deal.
Get in touch with Land Sterling for professional property valuation services in Dubai, UAE.
