The tension that often exists between brokers and property valuers comes down to several key issues, according to The Selector Group’s Matthew Zappia and Smartmove’s David Brell: Namely, valuers’ pride and brokers being overly emotional.
Zappia tells Broker TV that mounting pressure from banks on valuers for consistency, as well as valuers’ ‘proud nature’, contribute to many of the problems valuers have with brokers.
“I think…valuers are very pride-driven people, so if they’re using comparables from, say, a buyers’ agent like myself or a sales agent on the road who’s giving them some data to go off; I think they find it a little hard to take on that information. And obviously the banks, they want to see a valuer that is very consistent in the market, otherwise they won’t use those valuers again.”
On the other hand, Brell warns that brokers have a tendency to take on their clients’ emotions – something which valuers struggle to deal with.
“Mortgage brokers take on the emotion from the client so we deal with a relationship which is the hardest piece behind looking after the mortgage. We take on those demands. It’s something that we have to manage and manage well, so a lot of the negativity could be on the back of those emotions.”
However, Brell says there’s no point in brokers battling valuers.
“At the end of the day, valuers are professionals. They’ve gone to university, they have a huge task at hand and there’s a lot more that goes behind a valuation than just a figure. And it’s a matter of weighing up the emotions of the broker versus the professionalism of the valuer. So I don’t believe there should be any negative feelings towards the valuers – it’s just a matter of working with them as professionals. Just get it right up front, talk to the client, prepare them for the potential event of a lower-than-expected valuation.”
To watch the full interview with Zappia and Brell, CLICK HERE