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A new online platform has introduced measures designed to prevent real estate agents from either under-quoting or over-quoting the price of an advertised property.
Online property website ReValu8 aims to eliminate valuation discrepancies by encouraging vendors to seek independent valuations from a licensed valuer before listing a property for sale.
This comes after proposed under-quoting law reforms for NSW and Victoria came into effect for NSW earlier this year.
“Currently in the marketplace there are huge issues with valuation discrepancies, with some properties even recording a difference of up to 25 per cent in value – which can significantly impact the sale,” ReValu8 COO Chris Wisbey commented.
Mr Wisbey explained that members using the site to advertise property are asked to provide an up-front independent valuation, which is used to determine the correct market price for the property as part of the listing process.
The Finance Brokers Association of Australia’s Peter White commented that independent valuations provide all parties with a more accurate understanding of a property’s worth.
“By encouraging vendors to list properties that have undergone independent professional valuation, [the platform] is able to bring a much more practical and realistic understanding of the value of the property in the current marketplace,” Mr White remarked.
He said electronic valuations are often inaccurate due to coding errors or mismatched data.
“Every property is different in so many ways, which is why individual assessment will always be more accurate than a formula,” he commented.
“A platform such as ReValu8 brings a much better dynamic to the marketplace, to be able to truly understand what the property is worth.”
[Related: Real estate portal promises to pay buyers]
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