{"id":5827,"date":"2015-09-20T01:00:16","date_gmt":"2015-09-19T15:00:16","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=5827"},"modified":"2015-09-20T01:00:16","modified_gmt":"2015-09-19T15:00:16","slug":"how-you-can-determine-the-true-market-value-of-a-property","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/how-you-can-determine-the-true-market-value-of-a-property\/","title":{"rendered":"How you can determine the true market value of a property &#8211; Cate Bakos"},"content":{"rendered":"<p>&nbsp;<br \/>\nIn today&#8217;s show\u00a0<strong>Cate Bakos<\/strong>, a buyer\u2019s agent, has some great advice about how you can determine the true market value of a property without having to rely on your own judgment and the advice is FREE.<br \/>\n&nbsp;<\/p>\n<h4><strong style=\"font-size: 1em\">Transcript:\u00a0<\/strong><\/h4>\n<p><b>Kevin<\/b>:\u00a0 It\u2019s so difficult when you\u2019re in the market to buy a property just to get a handle on what the prices are doing. In recent times, we\u2019ve seen some crazy prices coming out of Sydney and Melbourne. How do you get a bit of a handle on this, and how do you know that you\u2019re not paying too much when you\u2019re going to buy a property?<br \/>\nI\u2019m going to talk now to Cate Bakos who is a buyer\u2019s agent. No doubt, Cate, you face this challenge all the time, every time you\u2019re helping someone buy a property.<br \/>\n<b>Cate<\/b>:\u00a0 Every single time. Yes, that\u2019s right, Kevin.<br \/>\n<b>Kevin<\/b>:\u00a0 How do you work your way through that?<br \/>\n<b>Cate<\/b>:\u00a0 The first set of analysis that I\u2019ll conduct once we\u2019ve found a property that seems to tick all of the boxes or fit the brief<b> <\/b>is to conduct a comparable sales analysis. What that means is you look at sales results that have taken place in the area for properties that are on similar land size, offering a similar number of bedrooms or layout, and then obviously, you can pinpoint where you think the subject property sits in relation to the ones that you\u2019ve assessed.<br \/>\nIt gets pretty tricky when you have a property that is very unusual or doesn\u2019t have a lot of comparable sales or, more importantly, recent comparable sales. You can look at a property that sold a year ago, but in this market with the pace that we\u2019ve been enduring, a one-year-old sale won\u2019t really be helpful because the market has moved quite a bit. You can\u2019t just put a blanket growth percentage on an old sale.<br \/>\nThen you have a few other things that you might look at doing. Obviously, if you\u2019re not feeling up to doing the analysis yourself, you can speak to a buyer\u2019s advocate or you can speak to a certified valuer who will give you a proper valuation report. But there are other avenues that you can go down to get a good idea of where the property value really sits without necessarily having to pay a professional.<br \/>\n<b>Kevin<\/b>:\u00a0 Are there any cost-effective ways that we can get a handle on that price, Cate?<br \/>\n<b>Cate<\/b>:\u00a0 Yes, absolutely. Aside from doing your own analysis, there are professionals out there who you can tap in to, and you don\u2019t necessarily have to pay for their advice; you just have to be nice to them.<br \/>\nOne method that I\u2019ll sometimes utilize myself is chatting to other agents in the area \u2013 obviously, agents who are in competition with the agency that is listing the property. They may or may not have been through that property and had an opportunity to list it themselves, so not only have they met the vendors and they\u2019ve assessed the property, but they will have conducted their own research, as well. Obviously, a local agent with local knowledge is a highly valued person to have on your team when you\u2019re trying to assess what price tag a property could go for.<br \/>\nThe other person I find really valuable in this circumstance is a rental manager \u2013 not necessarily one from the same agency who is selling the property, but a rental manager who is dominant in the area. If you can get an idea of what sort of rental appraisal they would assess the property with, you can then look at the going yields in the area. Knowing your rental yields calculates what price tag that could deliver you.<br \/>\nObviously, assessing these methods in tandem is really helpful because that can give you a range of prices, but it also gives you some data to overlay.<br \/>\n<b>Kevin<\/b>:\u00a0 I remember talking to you a couple of weeks ago, Cate, about putting a value on a property. I think we talked at the time about a property that you\u2019re going to buy and live in is probably one that you may end up paying a slight premium for because of your requirements. But certainly, if it\u2019s an investment property, it\u2019s more of a business decision. Is that the way you look at it?<br \/>\n<b>Cate<\/b>:\u00a0 Every day, absolutely. Any investor who\u2019s looking at an investment property with even an element of emotional criteria can really get themselves off track. Whether it be something that they could put their children in or something that they could one day live in themselves, it will muddy the waters, and it will take away their ability to be pragmatic.<br \/>\nIt\u2019s vital to get the numbers right and to remain focused on the numbers and your reasons for selecting the property. Obviously, you have growth, yield, and vacancy rate targets that you\u2019re looking to achieve. Try and keep the emotional hat off and put the business hat on only.<br \/>\n<b>Kevin<\/b>:\u00a0 Great stuff. Cate Bakos from Cate Bakos Property. Thank you so much for your time. I look forward to catching you again soon.<br \/>\n<b>Cate<\/b>:\u00a0 Thanks for calling, Kevin.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; In today&#8217;s show\u00a0Cate Bakos, a buyer\u2019s agent, has some great advice about how you can determine the true market value of a property without having to rely on your own judgment and the advice is FREE. &nbsp; Transcript:\u00a0 Kevin:\u00a0 It\u2019s so difficult when you\u2019re&#8230;<\/p>\n","protected":false},"author":176692471,"featured_media":5275,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[10,13,22,23,25,27],"tags":[101],"class_list":["post-5827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-kevin-turner-sponsored-channels","category-latest-story","category-research-topic","category-selling-a-property-topic","category-sponsored-channels","category-trends-topic","tag-podcast"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How you can determine the true market value of a property - Cate Bakos - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/how-you-can-determine-the-true-market-value-of-a-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How you can determine the true market value of a property - Cate Bakos - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"&nbsp; In today&#8217;s show\u00a0Cate Bakos, a buyer\u2019s agent, has some great advice about how you can determine the true market value of a property without having to rely on your own judgment and the advice is FREE. &nbsp; Transcript:\u00a0 Kevin:\u00a0 It\u2019s so difficult when you\u2019re...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/channels.realty.com.au\/realtytalk\/how-you-can-determine-the-true-market-value-of-a-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Realty Talk\" \/>\n<meta property=\"article:published_time\" content=\"2015-09-19T15:00:16+00:00\" \/>\n<meta name=\"author\" content=\"rolanrush\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"rolanrush\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-you-can-determine-the-true-market-value-of-a-property\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/how-you-can-determine-the-true-market-value-of-a-property\\\/\"},\"author\":{\"name\":\"rolanrush\",\"@id\":\"https:\\\/\\\/channels.realty.com.au\\\/realtytalk\\\/#\\\/schema\\\/person\\\/384a57ac9e52cb9bf19896cb15eaa52d\"},\"headline\":\"How you can determine the true market value of a property &#8211; 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