MANILA, Philippines - Setting a selling price for a property may be challenging, especially if one is not knowledgeable in the current market values. Inflate too much and you might scare away potential buyers. Price it lower than current values and you’re undervaluing the property.
If you’re not sure how to price that piece of property you’re selling, you might do well to get in touch with an experienced real estate broker. Aside from making sure the asking price is correct from the outset, a broker can help you with a lot of things, including knowing how to respond to buyer inquiries, dealing with regulatory requirements and all the necessary documentation.
Property24.com.ph, an online portal that lists properties from leading estate brokers around the country, shares these pointers on why it’s advantageous to hook up with a real estate broker who can help you get the best value for your property.
Expertise in pricing property
A highly regarded real estate broker will have a record of how much properties with similar offerings to the seller’s home have recently sold for in the last three to six months.
A sales broker is knowledgeable about the running prices around the area. Although it is the seller’s decision, a real estate broker will have the expertise to guide them with regard to setting the right asking price by performing a comparative market analysis.
Sellers must ask about the general trends in current asking prices, as well as prices from a few months to a year ago. Knowing the prices at which properties are getting sold in the area will help the seller arrive at an accurate running price for his property.
Comparative market analysis
Real estate brokers use a comparative market analysis (CMA) by gathering information and statistics from various sources and to determine the average price per square meter of property in the area. A CMA is not an appraisal, but it does contain some of the same types of information that you will find in an appraisal. CMA is a property analysis that real estate brokers use to help sellers and buyers determine the market value. This information, paired with their experience of the relevant area will help guide the seller’s understanding of what an appropriate price will be for their property.
Accurate appraisal
From here on, it is easier to give an accurate appraisal of the property. Knowing the base price, the seller can now include other factors that might affect the property’s exact value. These could be the condition of the property and its size, security features, finishes and fixtures, and any other features that could set the house apart from others in the areas. The real estate broker will still guide the seller in pricing their property right.
For more information, visit Property24.com.ph. The site is now a leading online venue for legitimate sellers and serious buyers, and a preferred portal for licensed brokers and agencies. In addition, it provides better navigation experience with its user-friendly dashboard and helpful filters. Finally, site visitors can also view listings on latest real estate developments, and get updated on industry news.