Crawford Appraisers

Credible Values are Key!

How can a Prelisting Appraisal save realtors time and money?

It’s a well-known fact that time is money, and this could not be truer when you consider everything a real estate agent must do when listing a home for sale. In case you haven’t considered it before, a pre-listing appraisal can play an important role in saving an agent time and money. Let’s look at how a prelisting appraisal can be used to your benefit.

Residential appraisal can provide valuable information that a real estate agent can use to aid them in listing a home. Instead of doing these tasks yourself you can take advantage of the appraiser doing them when they perform the prelisting appraisal.

The appraisal provides two items of important information needed when listing a home.

Market ValueThis is the most obvious and common use of a prelisting appraisal. The report provides
the market value of the home so why not take advantage of the appraiser’s
market knowledge and experience? The appraiser will come up with an opinion of value based on criteria and guidelines that are typically required in a mortgage lending appraisal. This is good because it will more closely approximate the appraisal that will be performed after the home goes under contract.

The value provided in the prelisting appraisal should not be to different from the mortgage appraisal when the home sells and will only vary if there are more recent sales. Some common problems I have seen when agents come up with comparables is that they use sales that are too old, or they use sales that are not even comparable because they differ in physical. How much time do you spend on your market analysis? Multiply this time by your hourly rate and you may be surprised.

Could this time be better spent on marketing strategy or another area that you are more of an expert in?

Gross Living Area/Sketch– Most
Broker offices now require a third-party verification of square footage if the tax record is not sited.  A prelisting appraisal report can include the sketch of the floorplan and the gross living area of the home and added areas.  Knowing the accurate square footage can give you the price per square foot of the comparables to help realtors in future pricing.

So add up the time you would spend on pricing and tracking down the accurate square footage of a listing you might find that a prelisting appraisal is a very good bargain because of the valuable information it provides compared to the time and money you might spend. In addition, if the home is priced more closely to the market it will probably sell faster thereby decreasing marketing costs.

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Crawford Appraisers

6779 Kingston Cove
Willis, TX 77318
Phone: (936) 890-1549

TUE, Mar 31, 2020

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