When willing to sell your property, you will primarily think what would your property be valued in the open fair market? What price should you confidently quote to the buyer for your property?

There are quite a few ways to get a conception about the property value as we have stated below for your kind perusal:
i) online valuation tools,
ii) valuation services,
iii) real estate agent appraisals.

Such methods of property valuations do carry advantages and disadvantages as well. The online valuation tools are used by feeding some information about your property, i.e. address, number of bed/bathrooms, and the structural condition of your property. You will then be provided a computer-generated valuation of your property that will be based on the data of recent comparable sales of properties in your suburb. The benefits of this method are that it is quick and also may well be instant and comprises of utilising the recent sales data. It is also free or carries a very nominal fee. The various disadvantages of the online valuations tools methods are that it lacks the individual/personalised treatment and doesn’t consider particular differences between your particular property and the comparable properties in the report.

Valuation services, on the other hand, are accredited and are mostly required by the bank to approve a home loan for probable buyers, whereas prospective sellers may also resort to valuation services. A Valuer will visit your property and undertake an assessment depending upon different factors, vis. size, condition, attributes and location. The benefits of property valuation services are that they are fully independent and unbiased. They are also not incentivised to provide you a high valuation, just to lure you to initiate sell of your property.

The disadvantages of property valuation services are that they are more expensive, they also do not take into consideration the market sentiment and probable buyer behaviour. Also, they do not consider subjective elements like ‘high ceilings’. The Australian Property Institute is the best source to gain a hand on the list of industry-recognized valuation experts for advice and guidance. Also, the Real Estate Institute of Australia gives a wealth of knowledge on property law, and it can also give you the latest market research along with national property listing companies.