Let technology decide a home’s worth
Ross Allan of Hometrack, explains more about how landlords can use technology to create Property Valuation Reports in minutes, to understand the value of their rental properties.
Is a home really worth what a tenant is prepared to pay for it? It’s the type of question that sparks lively debate.
The truth is, without proper research, setting an achievable rent is nothing more than a stab in the dark.
You advertise a property and then… nothing. Was it too high? How much has it cost in interest, rates and lost income? In reality it’s very dependent on how a property has been valued. Supply and demand is still limited by affordability constraints and competition of other properties within an area.
Swift starts
It’s a good idea to check and challenge a valuation before advertising a property, because properties advertised at the right price to attract tenants fast.
So how could using technology to check a valuation pre-advertising help?
Automated Valuation Model (AVM) technology
It helps to know what Automated Valuation Model technology can offer landlords.
Put simply, an AVM is a model that determines the value of a property for lenders, without the need for a physical valuation.
Incorporating AVM outputs similar to those used by lenders, a Property Valuation Report (PVR) from Hometrack equips landlords with a tool that gauges the valuation range of a property – and the most likely value that property would fetch if it was sold or let today.
Unique and complex data attached to the property that is hardly ever known – such as the year it was built, the type of construction and tenure – can be conjured up with a press of a button.
Market insights are provided, letting you know how ‘hot’ the sales market is within the area at the moment. That includes metrics such as time to sell, percentage of properties achieving asking price and how many people are searching within the area on Zoopla.
A Property Valuation Report is a great way for landlords to understand the value of their portfolio of properties and of any property they are looking to acquire, let or review the rental asking price on.
Having all this data at their fingertips offers landlords a lot more opportunities while providing confidence in the decisions they are making.
Efficiency and speed
These days, efficiency and speed aren’t ‘nice to haves’ – they are vital.
Customers are used to frictionless online service, intuitive technology, clear communication and fast results. More and more they’re expecting the same of their partners. Property Valuation Reports arrive in your inbox within minutes of ordering, saving you valuable time.
Meaningful conversations
There’s lots of tips online about how homeowners can do their own research before making an offer and the same applies to landlords.
AVM technology like a Property Valuation Report allows landlords to have useful and tactful conversations with their tenants, agents and brokers alike.
Hometrack’s Property Valuation Reports help thousands of property professionals make data-led decisions every year – and now NRLA members can get them at a discounted price. Get accurate, instant property valuations, powered by our market-leading automated valuation model – all for just £1 per report right now. Get started here.
