Triangulation and valuing properties

Sitting down with a client in her home last week, we started discussing the potential value of the house and she asked me to explain how it is that we arrive at prices. As a recent geography masters graduate, she got the point immediately – its all about triangulation.

Whether you’re talking about geography, navigation, social sciences or estate agency, the principle remains the same;
“determine a single point with the convergence of measurements taken from two other distinct points”

If you’ve asked an estate agent to value your home (I know we’re supposed to call them “market appraisals” and only chartered surveyors can provide “valuations” but that’s what clients ask for when they ring up or pop in), you need to know the price they quote is based on evidence. Ideally, they should be able to walk you through their thought processes and show you exactly which recent local sales they are comparing your house with. If they are a real local expert, they’ll also know the small differences that matter so much.

If you’re interested in the detail, I’ve discussed the the various valuation methods we use in a previous post – https://www.madisonoakley.co.uk/2015/05/19/online-house-price-calculators-vs-estate-agents/

Viewers know what has sold recently and often roughly what they got. With this knowledge and the huge resources available to them on the internet, its difficult to pull the wool over their eyes price wise. On the flip side, getting the price right means quick activity from genuine buyers who’ll appreciate your honesty.

Having evidence to back up your price will also come in handy when the mortgage valuer visits. We’re often asked for comparable evidence from valuers – for our properties and also clients of other agents – and I’ve heard many times from surveyors that our habit of having a packet of property details to hand over alongside the keys is hugely appreciated.