Sourcing the Information
The best way to acquire an overview of local property values is to search on a local property website for properties for sale in your area. You’ll need to used our Research Materials which are included in the Estate Agent Business Package, enter the advertised prices along with the Sold Prices, following the instructions in the Business Package.
Then carry out a similar exercise with 1, 2, 3, 4, and 5 bedroom flats and houses. We suggest that you complete at least 3 separate sheets, so that you are comparing about 150 properties of each size, totalling them all onto the last sheet.
When you have completed the valuation research sheets, and used the spreadsheet to work out the average sales prices as we explain, you will arrive at at least 10 figures: the average sale prices of each size of property according to number of bedrooms, i.e studio flats through to 5 bedroom properties. These 10 (or so) figures really are the only ones you need to commit to memory while learning how to become an estate agent. The reason for this is simple: by impressing your potential clients with your local property knowledge, you’re more likely to gain more estate agent instructions, and of course this is what really matters.
When the time comes to carry out a valuation of a property for a client, you can then use these numbers to work from, making small changes to them to account for the house itself, and the local area. Other things such as how far away the bus routes are, how long it takes to walk to the train station, and location of primary and secondary schools will all influence the value that you place on the property.
Although this research may seem time consuming for anyone wanting estate agent training, it is certainly a very important process in the preparation stage, and will make all the difference between making basic errors, and getting things right from the start in your first few weeks.
You can read more about rental valuations in our Estate Agent Training Course, which is included within our Business Start Up Package.
You can learn more about how to run an estate agency here.