What is a Market Appraisal Meeting?
Your property is probably the most valuable asset that you own. The decision to sell, for whatever reason, is often a difficult one and therefore the selection of your sales agent is very important to get just right.
As a vendor you may decide to invite one or more estate agents to visit the property and each market appraisal meeting provides you with an opportunity to gain an understanding of the market and the agent’s approach to the sales process.
The meeting is a two-way discussion, which should result in a number of key areas being covered, the most important of which are outlined below. Your agent will need to be qualified to negotiate the sale and hold a valid PRSA licence.
Crucially, the market appraisal meeting will help you determine the best person to provide a professional service from start to finish and that you can trust in selling your property.
10 vital topics to discuss during a Market Appraisal Meeting
- Valuation and Local Knowledge
The agent will inspect the property, take some initial measurements to determine the overall property size and assess its condition. The valuation will be based on comparable sales i.e., sales of similar type properties, that have sold in the recent past within the immediate geographical area, taking into account the property’s condition and any changes that have been made by the vendor, e.g. an extension, improved insulation, redecoration etc.
Essentially the market will determine the actual property valuation, but the agent will be able to provide a very good estimate of value.
The agent should have done research on recent sales in the area prior to the meeting and be able to discuss these and how they compare to your property. Local knowledge is a key factor in selecting the agent, for an understanding of the area and its property values along with the ability to impart key information to viewing parties on various aspects including proximity to schools and access to public transport options.
- Current Market Conditions
The agent will discuss current market conditions including demand and supply, current stock levels available in the area, best timing for a sales campaign, the normal length of time taken for the sales process and the types of buyers looking for your type of property in the area.
- Method of Sale
The agent will discuss the best method of sale for your property, either Private Treaty or Auction and provide an explanation of how each method works and advise on the preferred method, resulting in the best result for you and your property.
- Preparation for Sale
Your agent should ask you if you have engaged a solicitor and informed him/her of your intention to sell your property. Does your solicitor have the title deeds or do these need to be requested from your lending institution? Your agent will remind you that you need a relevant BER (building energy rating) prior to advertising the property for sale. Do you need any assistance from your agent in preparing the property for sale, e.g. in decluttering, staging or painting for instance and does the agent have contacts that can help in this regard.
- Marketing of the Property
The agent will explain in detail how the property will be marketed i.e. use professional photography, content and layout of brochures, advertising via the various sales channels including on social media, gaining publicity, For Sale board at the property and database marketing.
Normally you have one attempt at selling your asset, and we in Hunters firmly believe in maximising exposure across all the sales channels to achieve the highest eventual result.
- Sales Strategy
The aim should be to have a very positive and swift sales campaign, maximising the number of viewers, offers received and eventual sales price achieved. The market appraisal meeting is the chance for an agent to fully explain their suggested sales strategy and provide an estimate of timescale for you.
Of utmost importance is to have regular updates and communication between you and your agent from the time of the agent’s engagement right through to the day the keys of your property are handed to the new owners.
The agent should call and update you after viewings, provide weekly reviews of number of hits on the websites, number of viewings, offers received and provide continual assessment of how the campaign is running. Detailed updates are required during the negotiation of the sale. Communication with solicitors and other property professionals is also integral to the process and is the responsibility of the agent.
Is the property vacant or, if not, what are the best times for viewings. An important question for the agent is to ask who will be responsible for conducting the viewings, will it be the agent who has visited during the Market Appraisal meeting or someone else? It is vital to ensure that the agent is not too thinly spread over too many properties and therefore not be able give your property the full attention it deserves.
- Costs and Fees
The market appraisal meeting will include a discussion on marketing costs and the agent’s fee. Marketing costs are usually required upfront, but the agent’s fee is payable only when the sales closes successfully. Ask the agent if the costs and fees quoted include VAT.
- Understanding of your motivation for selling and timescale
At the conclusion of the meeting, you should feel that the agent has a very good understanding of your motivations for selling and your preferred timescale. The market appraisal meeting should be followed up with a letter from the agent outlining all the areas covered in the discussion.
In conclusion, as a vendor selecting the agent to sell your property, you need to ask yourself who do you feel will provide the best and most professional service from start to finish, who will help achieve the highest eventual sales price and who do you trust to sell your most valuable asset.
If you are considering selling now or in the future, please feel free to contact Hunters Estate Agent at one of our four branches and will be delighted to meet you at your property and provide a complimentary market appraisal.
Senior Branch Negotiator
Hunters Estate Agent
087 917 7198 / (01) 275 1640
Hunters Dalkey (01) 275 1640
Hunters Foxrock (01) 289 7840
Hunters City (01) 668 0008
Hunters Rathfarnham (01) 493 5410