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Tips and Tricks

Appraisal add credibility to listing price

 

by Augusto “Gus” Agosto, REB, REA, EnP

 

Pricing a listing is one of the hardest— and perhaps the most important task in real estate.

Sellers can get it wrong in either direction: If the asking price is too low, the sellers might

end up leaving money on the table; if it’s too high, they won’t tap into the right target group,

will lose a lot of time and may then end up selling for even less.

 

Can you rely on a “mata-mata” or guessing? The answer is “NO”. You cannot. Relying on a

guess or the word of a non-registered and unlicensed individual is inaccurate and will not

estimate the true market value of a property. However, with the educated and experienced

real estate appraiser, who apply the methodology of appraisal and employ the ethical

guidelines for determining values, can be relied on as unbiased and independent.

 

The most important aspect of the appraisal is the identification of the property, both in

property site and legal documents. Thus, the due diligence task of a broker can be lessen.

In addition, appraiser conduct analysis of the market to determine the highest and best use

of the property, thereby come up with a different alternative uses of the property.

Buyers, particularly foreign investor and businessmen, tend to buy property with confidence

if it was appraised by a third party. They know that the opinion of value of an appraiser is

crucial in any business transaction.

 

In our real estate profession where trust is the most important aspect, a real estate

professional-broker and agents, should encourage in acquiring the services of a licensed

appraiser. It is more beneficial to the clients having it appraised and help in fostering our

relationship with them. In the long run, boost the confidence of the public on real estate

practitioners.  Add credibility to your listing price; get the services of a real estate appraiser.

 

Gus Agosto is a practicing real estate appraiser, broker and environmental planner.

Currently, he is PAREB National Director and professor of real estate management and

finance at the University San Carlos, Cebu. He graduated Bachelor of Arts in Economics, and

currently studying Master of Arts in Economics at the University of San Carlos, Cebu City.

You can reach him at This email address is being protected from spambots. You need JavaScript enabled to view it. or visit his website www.appraisalcebu.com.