Frequent errors in the real estate estimate: what professionals must know
Discover the most common errors in the real estate estimate and how to avoid them. Advice for professionals to guarantee a precise and reliable assessment.
The importance of a precise real estate estimate 🏡
Real estate estimate is a key element for any transaction, whether it is, for sale , rental or purchase of a property. A precise evaluation makes it possible to establish a fair price , to maximize the chances of fast sales and to avoid expensive litigation. However, many errors can occur during this process, often committed by professionals in vigilance or experience. In this article, we will explore frequent errors in the real estate estimate and how to avoid them to guarantee reliable and coherent assessments.
1. Do not take into account the real state of the property 🛠️
One of the most frequent errors in the real estate estimate is forgetting the real state of the property . A good can be the same area and in the same district as another, but its general condition can have a considerable impact on its value. For example, renovation work not carried out, humidity problems, or obsolete installations can negatively affect the value of a property.
Solution :
During the estimate, it is imperative to assess in detail the state of equipment, materials and housing finishes. The photos and an audit of the state of the property, including technical reports if necessary, will help adjust the price to the reality of the market.
2. ignore the evolution of the local market 📉📈
Another current trap for professionals is to base themselves only on recent comparables without taking into account the evolution of the local market. The real estate market is dynamic and can fluctuate according to many external factors such as infrastructure projects , the season , or even regulatory changes .
Solution :
Estimate experts must always be up to date with local market trends . It is crucial to study recent sales prices but also to take into account economic projections and future developments in the region.
3. Undost the impact of the location 🗺️
The location of real estate has a major impact on its price. However, some professionals make the mistake of underestimating this aspect by focusing too much on purely technical criteria, such as the area or the age of the property. The proximity of shops , public transport , schools or even commercial areas can influence the price significantly.
Solution :
The estimate must imperatively take into account the location of the property. This includes the quality of the neighborhood , nearby services , accessibility, and even the general atmosphere of the area. Property located in popular areas or close to economic activity zones can be sold well above the basic price.
4. Do not integrate the specific characteristics of the property ✨
Real estate is often unique, with specific characteristics that can be underestimated during the evaluation. For example, an exceptional view , a landscaped garden , a terrace or a swimming pool are elements that can add considerable value, but which are sometimes neglected.
Solution :
Each property has its particularities. An estimate professional must make sure to identify all the exceptional characteristics of the property, whether it be its architectural elements, its equipment or its unique views. These elements must be taken into account in the estimate.
5. Concentrate only on quantitative criteria 📏
The measurable characteristics , such as the living area, the number of rooms or the size of the land, are important criteria for an estimate. However, focusing only on these elements can miss the qualitative of a property. For example, the brightness , the distribution of spaces or the functionality of the parts are factors that directly influence life comfort and, therefore, the value of a property.
Solution :
The estimate must be based both on quantitative qualitative criteria . The arrangement and natural light of a house, for example, strongly influence the perception of value by buyers.
6. Forget to assess the external environment 🌳
Outdoor spaces such as gardens, patios, or additional land is often overlooked when estimating a property, although they can have a great impact on the overall value of a property. For example, a well -maintained garden or land with a development potential can considerably increase the price.
Solution :
During the real estate estimate, it is essential not to limit yourself inside the property. The evaluation must include the size and development of outdoor spaces (garden, terrace, garage) which can influence the perception of the property.
7. Make decisions based on general prices without in -depth analysis 📊
Many professionals rely on general price indices or price estimates per m² without carrying out a specific analysis of good. This approach can be wrong, because it does not take into account local specificities or the particularities of a property.
Solution :
precise estimate must be based on a comparative analysis , taking into account factors such as the seniority of the property , its unique characteristics , and its precise location .
8. Neglect the impact of recent renovations 🏗️
The renovations and improvements to a property can have a major impact on its value, but certain estimation errors occur when recent renovations are not taken into account correctly. A renovated house with quality materials can be sold much more than a similar house that has not been modernized.
Solution :
Before carrying out an estimate, an expert must carry out a careful assessment of renovations , taking into account the quality of the materials and the impact of the work on the value of the property .
Conclusion: a quality real estate estimate is a know-how 🏆
Errors in the real estate estimate can have heavy consequences, both for sellers and for buyers . Professionals must avoid the most common traps and adopt a rigorous approach, based on the precise analysis of the characteristics of the property , local market and behavior of buyers . By following these tips, you will be able to provide a reliable and precise estimate, thus contributing to the success of your transactions.
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