Reaching high levels of success in real estate valuation business is not an easy task. There are a number of issues that have to be taken into account. First and foremost the level of competition in this business is increasing quite dramatically. It is now becoming a case where there are more valuers than the total business that is available out there in the market place. In such situations, there is bound to be intense and cruel competition which at times could be cut throat to say the least. Under the above circumstances, it is very important for valuers to find out other ways and means by which they can move their business from one level of success to another. Here are a few important tips that could be useful for ensuring success of valuation business even in the face of stiffest competition.
To begin with success in valuation is a journey and it will take its own time and effort. There cannot be any shortcuts to this process. This has to be clearly understood by the valuers because it will prevent them from making mistakes which could prove costly. Further, it is also very important for valuers to build their business based on sound principles and objectives. They should never compromise on the quality of services that they are providing to the customers. It is also vital that they should be totally transparent, open and ethical in their dealings with their customers, employees and other stakeholders.
A good property valuation company will certainly have its own team of professionals and will not depend on outsourcing their activities. Outsourcing does not work very well in valuation because it leads to loss of time and the quality of work also suffers. Therefore before moving a valuation business to higher levels, you should ensure that you have the right valuers and other support staff in place.
The next point that is worth mentioning is the need to offer the entire gamut of valuation services under one roof. There are some valuers who offer only the legal aspect on their own. The actual valuation and other administrative works are often outsourced. This is something that should never be encouraged under any circumstances. Being competitive on the price front is also important but it should not come at the cost of quality of service. As a service provider you should know where to draw the line between quality and cost.
There are a number of steps that have to be followed before the ownership of a property is transferred from one entity to another. Valuation is one such process that is considered extremely important and also indispensable in many cases. If one looks around the various real estate purchases and sales, it is quite likely that there will hardly be any transactions that are completed without the properties being valued. Let us try and understand what the main purposes of valuation are before trying to find out ways by which valuation business can be improved.
The main purpose of any real estate property valuation is to have a clear idea about the fair market value of the property that is being bought or sold. Apart from the market induced rates, when it comes to buying and selling or for ownership transfer purposes, it is important to have the value of the property certified by a qualified and experienced valuer. Such a value has a legal sanctity and is therefore considered very important. Additionally, valuation reports also help in fixing the property tax payable and also to have a better idea about the stamp duty applicable.
Now coming to ways and means to improve valuation business, to begin with the valuers must understand that the market is becoming extremely crowded. Further the ways customers are buying products and even services like valuation has changed quite dramatically over the years. Keeping these facts in mind the valuers must find out new ways and means by which they can move their business from one level of success to another.
Towards this objective the first starting point is to network more efficiently and also to build better relationships. For this to happen today’s valuers must make more efficient and intelligent use of the internet and more particularly the various social networking sites like Facebook, Twitter, Linkedin, YouTube just to name a few. It is also very vital on the part of the valuers to have their own websites failing which they will not be able to expand their network. It also makes a lot of sense to take membership in chambers of commerce and other such institutions which will also help in better networking.