The comparables report provides evidence of how similar properties in the area are performing, using current and historic data, and can help to build confidence in your valuation. This allows you to accurately manage vendors’ and landlords’ expectations.
A tailored comparables report helps build vendors’ and landlords’ confidence in the valuation provided for their property. Gaining their confidence and trust early on, backing it up with market evidence, gives you a higher chance of winning the instruction.
- When you go out to conduct an appraisal or provide a valuation, you need to demonstrate that you know what you’re talking about in regards to the local market, area and similar properties. The report data can help towards you putting a value on the property, and make the vendor or landlord feel at ease, as well as confident that your valuation estimate is a correct figure. The vendor may disagree with your valuation so show your workings and how you’ve taken into consideration all the variables that may have an impact on the valuation figure and explain how it’s accurate.
When talking about market trends, you can use the charts available in order to illustrate the market to the vendor and how it impacts your subsequent appraisal or valuation
- From the beginning of your relationship with the vendor, you have invested time in them and listened to their needs, so you'll want to deliver accordingly. The comparables report being prepared specifically for them can help you set yourself apart from other agents who may not have gone to the effort as you have, as you provide the vendor with as much tailored information as they need, in the effort to secure their business and sell their property.
The report also acts as a leave behind, one that is well presented and tailored specifically for them with their details, but complete with your branding and agent details on it. You may even decide to enter your direct email address or add a personal note show that extra level of care and credibility.
Certainly, having a report to hand ensures the vendor can review your information after you have left and is more likely to remember your conversation(s)
- In terms of the report customisation, consider the branding used, Zoopla and PrimeLocation or just Zoopla. Think about the images which are displayed - if any of the comparable properties have similar features, highlight them by selecting the relevant image(s) to help the vendor immediately see that the property you are comparing is similar to theirs, for example, similar facade, size of garden, recent refurbishment etc.
Include a map if you are working with a slightly more unique property, i.e. a country property or more uniquely styled homes. If there are fewer comparable properties, you can then use the map to show the reason for the valuation or lack of comparables.
With all of this information, if you can capture this in the initial call with the vendor, you’ll ensure your negotiators and agents know this information at the earliest time and so the comparables report will be well prepared