I talk to dozens of property owners, daily, and 90% of them want to know what their property is worth today. During our conversation, I am faced with two options:
- Shoot from the hip, and give them a value supported by information they provide or
- Offer a more informative opinion of value that is actually useful
The most important times to know the value of your property is when you are faced with a loan maturity or you need to sell. I would not recommend waiting until this point to find a broker that will guess at what price you will want to hear.
By getting regular opinions of value, you can track your property value and time your exit better. A professional opinion of value from a broker should cost $500 to $1,000 depending on the complexity of your property.
These are questions you will want answered from the opinion of value:
- How does my property compare to what has sold and what is available?
- What buyer profile is most likely to purchase my property?
- What improvements could I make to enhance the value of my property?
- What would a lender value my property at?
- What would my property achieve in a competitive bidding process?
This report should take only 2 - 3 days if done by a market expert, and it is worth the small price to maximize value and time your exit strategy.