Do not make the mistake of assuming the market is uninformed. Technology is the consumer's friend and there is plenty of information at the fingertips of a potential buyer or tenant that shapes their choices.
If you don't have up-to-date information about the market and how your property is likely to perform you are at risk of losing a potential tenant or buyer.
Complete the relevant online form and then press send. Include your property address and contact details.
Whether you are considering selling or renting your property, the reality test is what the market is prepared to pay - because it is the market that determines value!
How does the market determine value?
There are five key factors which create value in the mind of a potential tenant or buyer. Within this space, your property will be critically compared to other properties as well as against people's own personal preferences, tastes and biases.
Price (affordability)
Features such as type of property, design, location, age of building, local amenity.
Presentation - the look of the street, the property, landscaping, etc.
The Opportunity the property offers in terms of lifestyle enhancement, functionality & convenience.
Risk is a double sided factor. It is the risk of loss (of the opportunity) as well as the risk associated with making the wrong choice!
Take a more dynamic view
A 360 degree market review is more than a market appraisal which relies on historical data from past market activity. A 360 degree market review is a more dynamic approach that also takes into consideration the buyer/tenant "value proposition" and competition from other properties on the market right now!
