HOW DOES AN ESTATE AGENT VALUE YOUR PROPERTY AND HOW THE INTERNET IS THE MOST POWERFUL TOOL
When an Estate Agent conducts a valuation on your property, there is a process in reaching the valuation figure:-
Take full details of the property including any additions i.e. extensions, conservatories or factors that would add value.
Look at Sold House Prices on Rightmove. This is a feature which anyone can use not just Estate Agents. I always filter this to look at the past 2 years as any further back; the figure is out of date.
Go on Rightmove and search For Sale properties in your postcode and filter your search based on the same style and number of bedrooms. Look at what else is currently on the market and the price. Estate Agents will typically set the asking price £5,000 less than the Home Report Value For Example if a property is listed at Offers Over £95,000, it is pretty much a given that the Home Report is £100,000.
Estate Agents will liaise with their surveyor if in any doubt to confirm their valuation as the surveyors have a significant amount of information and comparable properties.
Prior to the Estate Agent visiting your property 99% of the time, the Agent knows the Valuation. This is only affected if the property has a WOW factor such as fully renovated to a high specification or the agent was not aware of any additional features. The other exception is if your property is bespoke and there were very little comparable properties. In these instances, the Surveyor will confirm the valuation with the Agent.