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​Online valuations damaging property sales

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Australian Broker | 12 Feb 2014, 08:00 AM Agree 0
The real estate industry has expressed concerns that inaccurate automated valuations are having an adverse effect on the market.
  • Country Broker | 12 Feb 2014, 09:02 AM Agree 0
    On Line valuations I believe are a simple cost cutting measure by certain lenders ,

    It will eventually cost them firstly good business and secondly in terms of losses when there is a foreclosure , ( wonder if they will sue the on line provider for a loss when they realise on a property ) ?
  • observer | 12 Feb 2014, 09:16 AM Agree 0
    My experience with online vals has been that they come in higher than was expected.
  • Steve | 12 Feb 2014, 09:21 AM Agree 0
    That's hilarious. Agents say on-line valuations giving false hope to buyers when most agents live by the mantra "quote them low, watch them go. Quote them high, watch them die". Have they looked at their own estimates on any given property? Too funny.
  • BJ | 12 Feb 2014, 09:25 AM Agree 0
    Again all we hear from the home loan salesman and real estate sales industry is the screams of a murdered industry. Self interest arguments.
    If it's not "valued up" you blame the valuer, now it's the "computer says no".
    Funny how both home loan salesman and real estate agents are all experts when markets move North, yet have not the slightest understanding of what nuances drive demand.
    Come in spinner!
  • Country Broker | 12 Feb 2014, 09:38 AM Agree 0
    Wh0 is BJ a broker ?
  • BJ | 12 Feb 2014, 09:49 AM Agree 0
    Good morning Country Broker, next question from you will no doubt be and what Nationality is BJ, does he speak proper English.
    To answer your question, I am, with respect, well qualified and positioned to comment on your industry, markets and the like. I take a keen interest in the conduct, attitudes and direction of sales advice in Australia.
    Now, you would no doubt like to shoot the messenger rather than take an introspective look at what effects poorly informed consumers.
    Debate and dare one say diversity of opinion is healthy.
  • Maria Rigoni | 12 Feb 2014, 09:56 AM Agree 0
    What is being discussed here, computer "estimate" of market value or a valuation completed by a qualified professional whose "professional opinion" can be used in the courts?
  • same as 'Observer' | 12 Feb 2014, 10:03 AM Agree 0

    Agree with Observer. Online valuations have been higher; and having kept data on both manual & automatic; the online ones have proved far more accurate when the properties have sold.

    Clearly the computer doesn't factor in reducing the value to protect a PI position!

    By deliberately undervaluing, most valuers have pushed themselves to the point of irrelevance. They were the only ones that couldn't see it.
  • Papery | 12 Feb 2014, 10:22 AM Agree 0
    Hey Real Estate Industry.....welcome to the 21st Centruy. We have something called the Internet & you would be surprised that just about every average punter has access to it & knows how to use it & well basically dont accept the B/S you guys spin when driving up sales prices.
    You'd be amazed by what info (besides an online valuation tool or ppty estimation report, which by the way is usually accessible via your own websites) is publicly available these days & how much research many punters do before they step foot in your office.....and guess what else, the punters are no longer afraid to use that info!
    Yep...Im laughing too!
  • Geoffrey-WA | 12 Feb 2014, 10:33 AM Agree 0
    LOL, the real estate industry crying fowl again. So pathetic. The fact is buyers have significant access to online information now. This helps them pick "an individual" feeding them questionable information at 10 paces.
    Hey, when will the real estate industry be brought under national legislative control like finance? They al off industries need it so badly.
  • Matt | 12 Feb 2014, 10:58 AM Agree 0
    Who is BJ? I don't know but, nice to see someone with a balanced, informed point of view. Keep it coming BJ!
  • Positive Broker | 12 Feb 2014, 12:34 PM Agree 0
    I would be great to know what BJs qualifications are? Most brokers I know would only contest a valuation is they had compelling evidence and a rational argument. It may be hard to believe, but valuers can make mistakes just like the rest of us. p.s. most lenders would only use an AVM at very low LVRs.
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