There’s a growing concern in the housing market currently, and brokers are sitting somewhat uncomfortably in the middle. Estate agents and buyers are agreeing sale values on average 5.5% higher than this time last year, according to Rightmove, however, lenders and surveyors are calling these prices ‘over estimations’ and marking down the price of 20% of properties in England & Wales. But where is a broker’s role within this, and how can we help our clients?
The growing cases of so-called “down valuations” are causing brokers to lose some deals. Ideally, brokers need to have a realistic and empirical view of the market, managing their client’s expectations when it comes to house prices and looking beyond the headlines. Smartr365’s Hometrack tool allows users on the Smartr365 platform to provide clients with a real-time estimated valuation, managing expectations and ensuring clients are prepared for the likely sale amount.
Should the worst happen, and the lender’s valuation comes back less than expected, a broker’s role is to provide a solution to the problem of a client’s asking price being under-valued. Brokers are able to provide expert insight on these matters – looking at comparables, occasionally negotiating on behalf of the client, and picking up discussions on the issue with a number of lenders. By ensuring brokers have the right tech available to be prepared to support their clients in this position is essential. Rather than spending time on repetitive tasks, brokers using sophisticated tech platforms can use time to build an in-depth knowledge of the market which will serve them and their clients in this position.
To find out more about Smartr365’s Hometrack feature, schedule a demo with our experienced team to learn more here.