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THE PROPERTY SALES PROCESS

APPRAISAL

Step 2: The Appraisal

Request for appraisal:

There are a number of ways an appraisal request can be received.  If the office is contacted via phone, email, online request form or walk in, the address of the property to be appraised is used to determine who is the area specialist (who's farming area) and the appraisal request is then passed on to that sales person.  If multi salespeople work in a particular area, appraisal requests are referred on a rotational basis.  

Most often salespeople are asked personally to do an appraisal.  as a result of prospecting.  If you are asked to do an appraisal in an area other than your farming area, but still in close proximity, you can proceed as normal.  However if the property is far away, you are better off to refer the appraisal to the area specialist of that area.  A 20% referral fee will be paid to you in that case if we list and sell the property.  Please ensure the referral is done in writing so that the proof can be uploaded to VaultRE in the listing property's filing cabinet.

Please remember that we can only present a CMA to the legal owners of a property by law and it is a private and confidential document not to be shared with any other external party.  


Research

Utilise all resources provided to research the property and the market before preparing your comparative market analysis report.  


Comparable market analysis document:

Once you have completed all your research, go to Property Smarts to build your comparable market analysis document.  Make sure you use the correct template that relates to the property you are appraising, i.e. Residential/Lifestyle, Rural or Commercial. 

Using the standard template in Property Smarts is compulsory and other than selecting the "recently sold" and "currently for sale" properties, no changes should be made to the document.  

Once you are confident that your CMA is correct, upload it to VaultRE and notify the Compliance Manager that it is ready to be checked.  Once approved by the compliance manager, you can go ahead and present to the prospective clients.


Presenting your appraisal

It is important to walk through the property before presenting your written CMA to enable you to make a judgement call on whether or not your assumptions about the condition are accurate.  It is also important to know / see if there are any un-consented structures or additions to the property as these will also influence the sale ability thereof.  With this knowledge in hand, you are able to either confirm or adjust your appraisal range as required.  If the appraisal range needs adjusting up or down, you have to provide the prospective client with an updated CMA as soon as possible after your meeting.  The updated CMA must also be approved by the compliance manager and uploaded to VaultRE, clearly marked as the "updated" version.  

Appraisal Resources

Summary Steps

  • Confirm appraisal presentation appointment
  • Research property
  • Prepare CMA 
  • Present CMA and associated information (REA Guide and Haze Complaints process link)