What to do when a valuer is coming

Deep breaths, the valuer and their opinion are important, but you don’t need to stress yourself.

If you live in the property to be valued:

  1. Neat, tidy, clutter free presentation is best, but don’t kill yourself going overboard.
  2. When the valuer is there, do feel free to point out any work you’ve done since you bought the property and if you have invoices or costings, feel free to give them a list or a handout with that information.
  3. Do understand that valuers are pretty time poor creatures and will sometimes have 10 or more reports to do in a day. Don’t take it personally if they don’t spend a long time at your property, it doesn’t meant they’re not doing their job thoroughly.
  4. Do let your broker know when the valuer has been through (or contact us if you haven’t had contact and we said we ordered the valuation 48 hours ago)

If your property is tenanted:

  1. Let your property manager know that a valuer is coming.
  2. Advise them to let your tenants know that this inspection is not pertaining to a sale – just an update of the owner’s finances (tenants can sometimes get nervous and think you’re selling, best to let them know up front so they can rest easily)
  3. Do have your property manager let the tenant know that their presentation should be neat and tidy.
  4. Advise your property manager that valuer’s often work on VERY tight time schedules (not because of client’s requests, but because the valuation systems impose them) but that you want to respect your tenants’ rights to 48 hours written notice (or whatever may be the appropriate state based legislation).

Or just feel free to copy this and email to your property manager:

Hi <<insert property manager name>>

Just letting you know that Up Loans, my mortgage brokers have organized for a valuer to attend my rental property.

Can you please let me know if the valuer hasn’t contacted you to book this in within 48 hours?

Please also let the tenants know we’re not selling, just updating some finances behind the scenes and thank them for allowing the inspection. Also feel free to remind them in your own special way that their continued great presentation is important.

Finally – my broker has given me the heads up that the valuer may push for a fast time frame for inspection. Please don’t be guided by that and give the tenants all appropriate notices.

Thanks

<<insert your name>>

If you’re buying a property:

  1. We’ll send the valuer the sales agent’s details to organize the valuation (if a valuation is required).
  2. We’ll send a copy of the contract through to the valuer when ordering the valuation.
  3. A great agent will meet the valuer on site and discuss comparable sales (sometimes having a list of them).

When is a valuation not required?

This depends on each specific’s bank requirements. As a general rule of thumb through – the less you’re borrowing percentage wise of the home’s value the more likely a bank are to be able to do an automated valuation (and not go inside the property). Regardless, we’ll guide you on this dependent on your circumstances and the lender we’re using.

After the valuer has been 

A valuer is likely to be on a tight time frame to get the report back so we should usually have it back the same day or the next day at the latest. You can help us chase this by sending us a quick email when you’ve had the inspection so we know on time frames.

– Kirsty