How Does An Estate Agent Value A Property?

Looking to sell or let your property but want to know exactly how to maximise its value? Well, read on to find out the key considerations of estate agents when valuing a house.

How do estate agents conduct a valuation?

Years of first-hand experience

When an estate agent values your property, they won’t just look at how many bedrooms you have and the area you live. This is a great start, but an accurate valuation takes several other things into consideration, from the features that buyers will be attracted to, to the age of your heating system. 

They then combine this with years of first-hand experience, recent sold house prices, and in-depth market knowledge.

Background research

Any good estate agent begins their valuation before they ring you, especially if you’re having a virtual valuation. Your agent will be local, and they’ll take time to research your neighbourhood.

Speaking to you personally and further research

After a pre-call with you to understand more about your home and area, your agent will check the price and sale time of similar recently sold properties. This is a great starting point, as it tells your agent more about buyer demand.

Getting to know you

When your estate agent visits your home, they’ll start by finding out what you want from your sale. While this won’t affect the actual value of your house, it could influence the marketing price. 

Sizing up your property

Your agent will then start their walkthrough. During this they’ll make lots of notes, take measurements, and look for selling points that make your home unique.

Increasing your value

Your agent may also make recommendations for quick fixes that could boost your home’s appeal. This could be anything from painting your kitchen to re-arranging your furniture for a viewing.

What do estate agents look for when conducting a valuation?

1. Indoor Décor Condition

One of the very first things an estate agent considers is the decorative order of the property. You should aim to make your property as immaculate as possible, especially if it is a modern build, and you should highlight any charming features of character properties, e.g. beams and brickwork. On the flip side, the smallest details like clutters, stained carpets, and wallpaper peelings, can each reduce an agents valuation of your house.

2.  The Kitchen

Keep in mind that if your property features a traditional kitchen, or a contemporary one, one of the leading factors that prospective buyers consider is the kitchen. It has to be conditioned to its prime, and one where they imagine their friends and family gathering. The truth is that estate agents know that houses with great kitchens sell best, and that they do not struggle to make it to the very top of the property market.

3. Size

The spaciousness of your property and its flexibility plays an important role when estate agents come in to value your house. They consider factors like whether the accommodation will be suitable for a family home, and whether it has the potential to grow with them. In addition, they evaluate the number of bedrooms it has, and whether it comes with an extra lounge or office. Space is vital to market value.

4. The Location

Location, location, location. It is a primary factor when weighing up a valuation of a property. What is the local neighbourhood like? Is their access to local amenities, such as supermarkets and schools. What kind of road is the property situated on; is it busy with restricted parking options, or more reserved and well maintained? Where are the nearest transport links; are there bus routes or access to trains?

5. The Number of Bathrooms

In recent years, the total number of bathrooms a property possesses, has become quite important, so even small modern bathrooms (en-suite) can help and add value. When your estate agent comes in for a valuation, they will consider this and how spacious they are.

6. The Garden

A well-kept garden adds value to the price of a house and has the potential to attract buyers. Bear in mind though, if it’s overgrown or poorly maintained, this can have adverse effects and make prospective buyers wary of the potential upkeep it might require. However, a neat and pretty garden will be priceless when it comes to the marketing of your house.

7.  Potential for Modification

Does your house have the potential for modification in terms of refurbishment or expansion? A property’s potential can add thousands to its asking price. Is the property listed as a complete building or one in a conservation area with a past of rejection? Such factors are important to consider, along with any planning permission you may have, and an agent will weigh up all of these when coming to an accurate valuation for your house.

There you have it, 7 key factors to take into consideration before requesting an estate agents valuation of your house. 

Think you are ready? Upload your property to The Zeus App for free virtual valuations from experienced local estate agents in your area.