Being into real estate valuation business might have been quite lucrative a few decades back. However, it is not so now because of a number of reasons. There are quite a few important reasons attributable to this and while competition is one such reason, it is not the first and last one. There are a number of other factors too which have started impacting real estate valuation business. Many customers are becoming valuers themselves and hence are finding it better to get the valuation done on their one. Further, what customers look for in valuers has also changed quite dramatically, over the past many years. Hence, going through the same ways of doing valuation business may not work in today’s changed scenario. There is a need to reinvent ones way of doing business taking the new facts and realities into account.
To begin with, today’s valuation customers look for additional value for the cost that they are paying to the service providers. Hence the onus lies on valuers to come up with out of the box ideas by which they are able to add value to their customers. For example, going online and offering online valuation is something that could certainly interest many customers. As most of us would be aware almost all the customers of today are short on time. Hence, they do not have it in them to make repeated visits to valuers’ office in their bid to get the valuation done. Therefore, if valuers are able to sense this reality and offer online valuation it would certainly make a big difference to way they perceive such valuation service providers.
The next important point is to find out ways and means by which they can be cost efficient to the customers. Offering valuation at low rates is on thing and being cost efficient is another. As a service provider, you should always keep in mind that cutting down on quality standards just because it is being made available at a lower rate is not what today’s customers are interested in. They want high quality services but at the same time they want the rates to be competitive. Hence, it is a tight walk which valuers should understand given the difficult market situation.
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Competition is something that cannot be avoided in any business. The levels of completion may vary from one business or one industry to another, but as a businessman one should know how to tackle competition and overcome it. Valuation business also is seeing increased levels of competition. It is therefore important for even established valuers to find out ways and means by which they can be in a position to take competition head on and also post impressive growth. Here are a few important points that could be taken into account when you are looking to overcome competition in the real estate valuation business.
First and foremost it is important for you as a businessman to find out ways and means by which you can add more value to your customer. This is quite tough and would require you to work overtime and think out of the box. Unless you are good at constantly looking at avenues to improve on customer satisfaction levels you will not be able to survive and grow in this business. Now coming to some simple steps that could help you in this, you could try and offer online valuation to your customers. Though this might not be easy and might take some time, if you are able to put this in place, your job is more than half done. Many valuers have been able to increase their businesses by quite a few times just by offering online valuation to their customers.
The next important point is to keep your pricing reasonable but at the same time ensuring that you are not compromising on the quality standards. This again is a tough job and you must always have your eyes and ears to the ground to ensure this. You must take regular feedback from customers and find out their levels of satisfaction as far as pricing is concerned.
Valuation business at the end of the day is about reaching out to more customers, networking more efficiently and building better relationships. As a real estate valuer, you should ensure that this is being done on a regular basis. You must take memberships in reputed chambers of commerce and also become a member of a community that has like minded people. All these and more will certainly help you to stay ahead of competition at all points in time.
Running a successful valuation business is not very easy these days. On the one hand there is significant increase in competition and on the other hand the real estate industry as a whole is undergoing lot of challenges and changes. Under the above circumstances, if you wish to take your real estate business to higher levels, you must learn to think out of the box. Here are a few important suggestions that could help you to take competition head-on.
To begin with, as a real estate valuer, you have to understand the importance of using modern day technology to your advantage. You must certainly have a website of your own to begin with. The website may not fetch immediate results but it will be useful in the long run. The next important thing is to ensure that there are encouraging foot-falls to your website. This can be done through various search engine optimization efforts.
As a real estate valuer, you have to offer all the products under one roof. You should be considered as the one-stop solution for all valuation related matters. You should be able to service customers with complicated valuations, whether it is back-dated or retrospective valuation. You must also be a in a position to offer compensation valuation, valuation of superannuation funds just to name few.
Timely submission of valuation reports is also is very important for surviving in this competitive market. There could be very demanding time-lines from customers which you should be able meet as a professional valuer. Offering your services at reasonable rates is also very important to thrive and grow in today’s market.
The next important factor is to understand the need to offer online valuation to your customers. Today’s customers are short on time and therefore online valuation will be a big boon for them. However, offering online valuation is not easy and requires putting in place the required systems and processes. It is also extremely important to build networks and establish good relationship with customers and other stakeholders in this business. Towards this objective, it would be important to take membership of some reputed chambers of commerce and industry. In conclusion being successful as a modern-day valuer would require leaving something behind and embracing new technology and new practices that are customer-friendly.
First and foremost we will understand what valuation is all about, though it is likely that most of us would be having an idea about the same. It is nothing but coming out with a valuation report that will depict the fair market value of the property that is either being bought or sold. While this might look a very simplistic definition, when one looks at the processes that need to be gone through, they will realize that it is quite complex and complicated to say the least. That is the reason why almost each and every valuation is handled only by professionals having rich experience and expertise in this area.
Apart from the basic report which talks about the valuation of the property in question, there are other subjective information too that is very useful from the customers’ point of view. For example, any good and professional valuer in his report will talk about the locality in which the property is located. He will share information about the development of infrastructure like roads, drainage, water, and other such basic requirements. It will scan the area for other amenities and facilities like schools, colleges, hospitals, entertainment avenues and last but not the least transport facilities. Good valuation reports will also mention about the quality of people who make up the neighborhood which could be very useful for the buyers.
Now coming to some qualities and traits that are expected of a good valuer, let us have a look at the same. First and foremost, it is expected that valuers should have rich experience in their area of operation apart from being qualified and certified. They should have the wherewithal and capability to handle almost any type of valuation. In other words they should be considered as the one-stop solution for all matters related to valuations. Last but not the least, it is also expected of valuers to understand the importance of timely delivery of reports and also being reasonable in the rates that they charge to their customers.
If you are one of those who are running a real estate business, it is important for you to find out way and means by which you can take your business to the next higher level. Competition is becoming quite intense in this business area and even established players are finding it extremely difficult to hold to their strengths. It is therefore quite normal for both established and new players to find out ways and means by which they can take their business to next higher levels of success. Let us over the next few lines try and find out what are the steps that could be taken to give a new direction to real estate valuation business.
As a starting point, though it is not mandatory, it would always be advisable for real estate valuation companies to understand the need to have someone at the helm of affairs who has a formal qualification in this area. This will certainly put the real estate companies on a higher pedestal and they will be able to answer customer queries better. Secondly, one has to bear mind that today’s customers are very well informed and having a formal qualification will help the real estate companies to handle informed and knowledgeable customers better.
The next important step that could be taken to give a new push to valuation business is the need to have a website. Though it might not look very lucrative and profitable right now, given the changing customer buying habits and preferences, there is reason to believe that customers will move over to online transactions even when it comes to valuation of their real estate properties.
Further, it would also not be a bad idea for ambitious real estate valuers to understand the importance of being members of reputed chambers of commerce. This will certainly go a long way in helping them to network better with new prospects and also find new avenues for strengthening established relationships. Hence, a multipronged approach is necessary for moving real estate business from one level of success to another.
If you are one of those property valuers Melbourne who are reasonably successful, it is important for you not to become complacent about your business. It is important that you find out ways and means by which you can move to higher levels of success. You cannot expect to stagnate or maintain status quo in your valuation business. Competition will overtake you and you will over a period of time find it difficult to sustain the existing business. Hence, you must be always on your toes and find out ways and means by which you can move from one level of success to another. Here are a few important tips that must be kept in mind to improve the current levels of real estate valuation business.
Adding value to the customer is the biggest requirement of the day for those who wish to grow beyond ordinary levels in this business. There are many ways by which this can be done. Having a website of your own and ensuring that it has enough footfalls in it is the first starting point. The next important job is to ensure that you offer online valuation facility with the help of your website.
Online valuation is something that is in great demand these days. The reasons are there for all to see. The customers of today, especially the retail customers hardly have any time to make repeated trips to the property valuers’ office for getting their job done. Hence, when you offer online valuation you certainly are offering excellent value to your customers which they will always remember.
Apart from the above, being competitive in pricing and expanding your valuation business to other cities and towns is perhaps something that you should seriously consider. Being member of a good chamber of commerce can also be immensely beneficial for your real estate valuation business.