This week’s winning comment comes from ‘Steve’ and relates to Monday’s interview with REINSW CEO, Tim McKibbin and president, Christian Payne, regarding online valuations.
In the article, the REINSW argue that the availability and use of online valuation sites needs to be investigated, because they believe the online tools offer inaccurate and overly-complex information for borrowers.
Here’s what Steve had to say:
“I have had many run-ins with valuers over the years with terrible valuations, however I can say at the end of the day this is only amplified by a computer doing it. At least in many cases valuers if it is onsite valuation can take into account features. A computer will not at any time & only the basic data sitting in RP data files. All these people saying ‘oh finally it will help the buyer against the terrible evil agents’ - not so. In fact in some cases this flawed approach has given much higher estimates than what the property would be worth just because one big sale went through with massively different features, therefore helping an inflated price. Also, everyone seems to say no buyer would rely on this, yet in same comment say it is going to help a expose a true price instead of the agent, therefore they are now believing this. It is a completely useless system & is rarely close to any real value.”
Thanks to everyone who contributed comments over the last seven days and keep an eye out next Friday to see if you're the author of Australian Broker's next top 'Comment of the Week'!