FAQs

Our aim is to provide you with as much information as possible so you can make an informed decision
If we have not answered your question below, please call us on 1300 302 581 or email and we will be more than happy to assist.

Q. Why should I order a Valuation?

1. Pre-purchase valuation – Buying a property and not sure what to offer? Feeling pressure to meet the vendor’s conditions and timeframes?

2. Pre-sale valuation – Uncertain of what price to sell at? Need help setting a reserve price? Had enough of people traipsing through the house for open inspections?

3. Before you renovate – Keen to renovate, but don’t want to over-capitalise? Worried about financing and having enough money to complete the reno?

4. On completion valuation – Building a house and afraid the cost of land plus build is more than what the market will pay? An on completion valuation will tell you what the property would be worth on the market if completed today.

5. Separating and can’t agree on the value of the house? Obtain neutral advice with an independent valuation.

6. Transferring a property into a family member’s name? The Office of State Revenue will want their cut. You will need a valuation for the calculation of stamp duty payable when selling between related parties.

7. Ever lived in your investment property before renting it out? You’ll need a valuation for working out the Capital Gains Tax applicable.

8. Transferring a property into your super? Check with your accountant if a valuation is required. The laws are complex.

9. Applying for a temporary or permanent visa? You may require a valuation on property you own to satisfy the requirements of the Department of Immigration and Citizenship.

Why should I use WBP Property Consulting and Valuations?

Accurate valuation advice – Our clients regularly give us feedback after the sale or purchase have concluded, that our valuation reports have been spot on. We are often told by our clients, who receive valuation reports from numerous valuation firms, that our reports are of the highest standards. We have a QA team who check every report (in addition to the valuer) to ensure accurate reporting which adheres to the requirements of each of our clients.

We communicate – Our policy ensures that the valuers call the clients to talk through every report prior to sending. Being able to talk to the valuer is an important part of our valuation service. Our team members are selected for being approachable and easy to talk to.

Exemplary customer service – We regularly receive comments from our clients that they have been impressed with the service from the WBP admin and valuation teams. We get great satisfaction from seeing our clients confident they have made the best decision in their property transaction.

We are responsive – While WBP Property Group is a medium sized firm, we are still small enough to be responsive to our clients’ needs. We tailor our reports to ensure we are answering your questions and meeting your requirements.

We are accessible and accountable – Jonathan and Sacha Millar, the owners of the business, are involved in the day to day running of the business. This hands on approach means that they are accessible and accountable for everything that happens within the business. WBP Property Consulting and Valuations provides the personal service and competitive fees that larger, national firms cannot. We provide our clients with an independent, well researched and accurate report. Our clients feel confident that they are buying and selling well.

But how are we different? At WBP Property, a phone consultation with every valuation report is an important part of our service. Many large firms are too busy with thousands of bank valuations to provide the personalised service required to get the most from a valuation. Our service doesn’t stop with a valuation report. Our follow up advice is an important part of our service. It’s what sets us apart. At WBP Property Group, we do not buy or sell property. We provide independent property valuations and advice for an agreed fee. Our advice is impartial and unbiased. We ensure total confidentiality. All valuers at WBP Property are registered with the Valuers Registration Board of Queensland and Members of the Australian Property Institute.

Q. How much does a property valuation cost?
At WBP we regularly monitor the fees being paid in the industry and ensure that our prices remain competitive. The cost of the valuation will depend on:

1. the type of valuation
2. the type of property
3. the estimate of value
4. the location of the property.

Please call our office on 1300 302 581 for a quote over the phone or complete our Request a Quote form.

Q. How long does it take to complete a valuation?
A valuation is usually completed within three working days of the day of inspection. An electronic copy of the report is emailed three business days from the date of inspection.  A bound original report can be forwarded on request at an additional fee. Our team will keep you up to date with the progress of the valuation. If the property is rented, the Rental Tenancies Authority requires that tenants are given 24 hours written notice (via a form 9 Entry Notice arranged by the managing agent or owner) of intention to enter the property. This can sometimes delay the process.  We are happy to offer a 24 hour express service at an additional fee.  Please call our office for more details.
Q. What questions should I ask before choosing a valuer?

1. Does the quoted fee provide follow up service if I have questions and require further information? – Some firms are just so big and so busy with thousands of bank valuations that their valuers just don’t have time for follow up calls and conversations. In addition, often it’s not required of them by their employer. Engage a valuation firm that has your best interests at heart and who acknowledges the importance of a phone consultation with every report.

2. What quality assurance procedures are in place? – Is your valuer a one man show? What checks are in place to ensure you are getting the best research and advice. Check that your report will undergo a thorough quality assurance process, by someone other than the originating valuer.

3. Qualifications? – Check the valuer is registered with the Qld Valuers Registration Board and is a Member of the Australian Property Institute.

4. Can the valuer provide you with testimonials from clients who have benefitted from their services and provide case studies of situations where their clients have been successful in buying for less and selling for more?

5. Is the valuer familiar with the geographical area in which he is valuing?  Some valuers are required to cover a wide geographical area.  At WBP Property Valuations each of our valuers are specialists in their chosen suburbs. 

Q. Why does the Real Estate Institute of QLD recommend ‘Independent Valuation Advice’?

When purchasing a property in Brisbane’s distorted market it is easy to lose sight of the property’s true market value. Many parties involved in the sale of a property have a vested interest in that property being sold. Agents represent the seller’s interests and actively try to get the best price for the seller (at the purchaser’s expense). Financial planners, brokers and other advisers often work on a commission basis.

The government has intervened to address two tiered marketing, which aims to exploit non-local purchasers. However some marketers continue to practise this form of marketing to interstate and overseas buyers. A property valuer provides an independent valuation report which is well researched, unbiased, factual and based on comparative sales analysis. A valuer has no vested interest in the property being bought or sold.

For the cost of a valuation, consumers can save thousands of dollars.

Q. What does the valuer take into consideration when completing a valuation?

The valuer is required to physically inspect the interior of the property, taking into consideration the construction, fixtures and fittings, and the condition of the property. The valuer takes into consideration the floor area and is required to measure the improvements (home/unit etc) if plans are not available. Ancillary improvements are also important including fencing, landscaping, swimming pools and car parking facilities. The valuer also takes into consideration the size, shape and access of the allotment as well as it’s topography. The location of the property, current sales of similar properties in the area and the state of the market also affect the value of a property.

Q. Does the report cover building defects?
Valuers are not qualified builders or engineers. A valuation report will not provide an assessment of a property’s structural soundness. It is recommended a building and pest inspection be conducted for the purchase of every property regardless of how new it is.
Q. Why does the bank require a valuation?
Banks need to protect their interests and they need to ensure the person lending the money is capable of paying it back. The bank conducts a valuation to ensure that if the customer cannot repay the loan and the property needs to be sold, then the sale price will cover the loan. If there is a low LVR (Loan to Value Ratio), eg. the customer is lending 80% of the purchase price or less, then the bank may 1) not conduct a valuation 2) may conduct a driveby/kerbside valuation or 3) may order a desktop valuation. These types of valuations do not provide an accurate value of the subject property. Also, the bank is protecting it’s own interest and is not working to ensure the client is buying a good property in a good location at a good price. This is why it’s prudent to order a valuation by an independent valuer working for your best interest, prior to signing a contract of sale.
Q. Why can’t the valuer give me a figure when doing the inspection for a valuation?

The final figure of the valuation is usually decided after significant research and comparison with sales data of similar properties in the locality. Often, the valuer is not in a position to discuss the value of the property until after inspection of the subject property and sales evidence in the area.  In addition to this, if the valuation is being conducted for the bank, the valuer is obligated to provide information to the instructing party only.  The valuer is not permitted to provide information to any third party, including the owner.

Q. If I am paying for the bank’s valuation, why can’t I receive the figure?
Valuers are legally bound by privacy laws to provide the information requested directly to the instructing party (which is the lender). Each financial institution has a differing policy on providing the valuation figure to the borrower. Please speak to your bank directly if you wish to receive the valuation figure. Unfortunately we are unable to reproduce the report provided to the lending institution. However, if you would like us to conduct a separate valuation of your property for your own purposes we would be happy to do so at a discounted rate. You can contact us directly on 1300 302 581 if you would like WBP Property Group to provide you with a valuation report at your own cost.
Q. What is a Kerbside/Restricted Access valuation?
A kerbside valuation is where a valuer is not required to enter the property but instead makes an assessment of value based on an external inspection and information derived from a number of databases. This type of valuation is sometimes used by lending institutions for low risk loans. This type of valuation returns a range of values, not a single figure and is considerably less accurate than a full valuation. Unfortunately we are unable to reproduce the report provided to the lending institution. However, if you would like us to conduct a separate valuation of your property for your own purposes we would be happy to do so at a discounted rate. You can contact us directly on 1300 302 581 if you would like WBP to provide you with a valuation report at your own cost.
Q. What can I do to prepare for a valuation?
Have the property in a good condition and reasonably tidy. However valuers are well aware this is not always possible, particularly with tenanted properties. The valuer takes into consideration the total living area and is required to measure the dwelling or unit. If a copy of the building plans with measurements is available please have a copy available for the valuer to take. These can be posted back to you if a spare copy is not available.
Q. How can I assist the valuer?
The valuer needs to conduct considerable research prior to the valuation eg. finding properties sold in the area in the same price range. In order to search for comparable sales in your area, the valuer will ask if you have a reasonable idea as to the value of the property. The details of properties recently sold in an area, are often not available on the various databases until a few months after the sale. If you are aware of any recent sales in your area of a comparable nature, please have a copy of these for the valuer to investigate further. The valuer takes into consideration the total living area and is required to measure the dwelling or unit. If a copy of the building plans with measurements is available please have a copy available for the valuer to take. These can be posted back to you if a spare copy is not available.

 

WBP Valuers provide independent property valuations and advice to help our clients make wise property decisions when buying, selling or renovating residential real estate in Brisbane.

 

Brisbane. Ipswich. Gold Coast. Sunshine Coast.