![Facade shot of a renovated single level brick house in Loftus.](https://www.hillandviteriproperty.com.au/wp-content/uploads/2019/10/22-Fourth-Ave-Loftus-1024x683.jpg)
A question that I am asked on a daily basis is ‘What is my property worth?’. As you can imagine, real estate agents are appraising property on a daily basis and for most of us we use a ‘comparative market analysis’ to determine value.
When I started in real estate some 16 years ago. I asked my employer at the time for the formula to appraise. In my mind, you could add a percentage or fixed price for a bedroom, bathroom or garage.
What I have come to learn though is that real estate doesn’t sell for ‘comparative value’, it sells for ‘market value’. The property that sticks out for me was a four bedroom house in Vermont Street, Sutherland back in 2010. The record price in Sutherland for a four-bedroom house was $830,000 . I felt this property was better and could fetch $900,000 but there was no evidence to suggest that. Now, I won’t give you the whole story but what I will tell you is that I sold the property for $1,000,000 and set a new record for the suburb.
My lesson from this sale was that this process shall replicated and if I managed the variables in my control in the right way that I could manipulate value favourably.
By the same token, I observed the variables that impacted price negatively. So, they designed my process to avoid or mitigate these.
![Living area in apartment professionally styled by Maker/Made](https://www.hillandviteriproperty.com.au/wp-content/uploads/2019/10/Belmont-Street-Sutherland-1024x683.jpg)
Now, when it comes to price, the truth of the matter is we never really know market value until we test the market. Put another way, I don’t know the price until I find the buyer who buys the property.
However, some agents see themselves as valuers. They focus on ‘comparative value’. In my view, as a professional salesperson, my role is not to analyse value. So, it is to create or add value!
Now, I am not going to give away all our secrets in this blog. But I will tell you that there are three key areas being Marketing. Negotiation & Communication where we can add value as professional real estate agents.
If you would like one of the Hill & Viteri Property team to demonstration. This to you give us a call on 9545 2220 or click here to arrange an appointment. If there is a particular team member you are looking for click here to meet the team.