Understanding an appraisal

How does a Realmark expert approach a market price appraisal?

In assessing what your property is worth with a market price estimate or appraisal your expert will consider several factors:

• Comparative market assessment

  What is selling or leasing and what has sold or leased and for how much and how is the broader market performing.

• Property profile and attributes

  Detailed information about a property, including its size, features, fittings, amenity, zoning, and location; and is there anything changing in connection with the property.

• Property evaluation and condition

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• Residential or Commercial 

  The approach differs between commercial, residential and mixed-use properties.

How to obtain a property market appraisal?

To obtain a market appraisal you can simply:

• Contact on of our experts in selling or leasing directly.
• Complete our appraisal request form.

A Realmark expert will provide a specific and personalised market appraisal for your consideration.

Residential appraisals can generally be returned within 48 hours of submitting your enquiry. Generally, our team will offer to meet with you to present their appraisal. This will generally take an hour, depending on your property, aspirations, and complexity of the proposed transaction.

Commercial premises appraisals or development site appraisals generally take longer to prepare.

Whilst we may email an estimate or price check to you the best experience of a market estimate or appraisal comes from sitting with one of our experts. You know your property and your collaboration in the process is invaluable. An expert can meet with you virtually or in person, there is no costs associated and no obligation for proceed. We know that these are significant decisions, and it is important not just to understand the price, and how the expert arrived at their market estimate but also the process, costs and timing.

What do you need to prepare for a market appraisal?

To submit a request for a property appraisal you can simply start with an address however, if you provide more information, you will receive a more reliable and detailed estimate of your market value or price for your property.

• Status of the property 

  Details of work done to the property, and up-front information about any problems and concerns.

• Expert advice

  If there are unique circumstances affecting your property, we may rrecommend that we request information from specialists in those areas. 

• Other interests

  You should also advise whether there are any leases or other interests over the property, and the terms of those interests.

• Potential changes

  Any information you have about potential changes in zoning, condition or use that could affect the property are also valuable.

What is the difference between a commercial property and residential property market appraisal?

Market appraisals for residential and commercial properties differ significantly in purpose and approach. Residential appraisals focus on personal use, lifestyle appeal, and comparable sales data from similar homes in the area. Key factors include the property’s design, location, and features, such as the number of bedrooms or outdoor amenities. These appraisals are simpler, relying heavily on local market trends and emotional buyer appeal.

What is the different between an automated market valuation and an expert appraisal?

The key difference between an automated market valuation (AMV) and an expert appraisal lies in the methodology, accuracy, and depth of analysis. 

Here's how they differ:

An AMV is a computer-generated estimate of a property's value based on publicly available data and algorithms, it is good for a quick ball park estimate for a property's potential market price. A professional market appraisal conducted by a licensed real estate agent or sales representative is prepared based on data, unique details of the property and with in-depth market knowledge. It assists you in understanding what the potential market price is for a property, and deciding the pricing strategy and method of sale or lease that shoudl be adopted to the sale or lease of your property to maximise your returns based on your personal aspirations and circumstances.

• Key features of an AVM:

  Utilises recent sales data, property characteristics, and trends in the local marke and provides an instant valuation, often within minutes.
  
  An AVM is based on algorithms that apply the same criteria across all properties so it does not consider unique property features like renovations, location nuances, or current market conditions, may not account for supply-demand fluctuations or broader economic factors, and its accuracy depends on the quality and recency of available data. AVMs are not available for commercial properties.

• Key features of market appraisal:

  Considers property-specific details, including unique features, condition, and location-specific factors and is typically more precise than AMVs due to local expertise and firsthand property inspection. An appraisal accounts for current buyer demand, market trends, and broader economic indicators even before they are reflected in the data.
  
   A market appraisal to lease or rent takes longer to prepare as it involves in-person evaluation and analysis.

What's the next step after a market appraisal?

After you receive an appraisal a real estate expert will ask you if you would like to market and list your property for sales this is generally referred to as an authority to act for sale or lease of your property. The authority will also generally also be accompanied by a quote for marketing services and your agreed approach on pricing, sales method and you may expect to receive a disclosure form or provide information about the property.

Once they understand your aspirations they will discuss with you strategies for sale or lease, pricing approaches, marketing plans, and improvement suggestions to optimise property value which are tailored to you.

A Realmark expert may also recommend any additional experts, such as staging consultants, or property condition specialists, if needed to prepare the property for the market.

Once all the key decisions are made, your identity has verified, and you signed authority returned we will then move into the list to launch phase to prepare your property and the marketing for the sale or lease.