need for property valuation

by samson | Oct 24, 2022 | Valuation

what is property valuation?

A property valuation is a detailed report of a property’s market value. This is defined by the International Valuation Standards Council as the estimated sale price “between a willing buyer and a willing seller in an arm’s length transaction, after proper marketing and where the parties had each acted knowledgeably, prudently and without compulsion” Read this.

Property valuation is the process of ascribing a particular economic value to a piece of real estate. Learn to dentify the pillars of property evaluation, including demand, utility, scarcity, transferability, or DUST, as well as the two key principles of property and the lifecycle of real estate

The need for property valuation and consultancy can be diversified and our licensed valuers have expertise in preparing valuation reports for the following purposes:

• Pre-Purchase and Pre-Sale.
  

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• Mortgage Purpose – residential, commercial and industrial.
• Rental Assessment Valuations.
• Balance Sheet Asset Valuation.
• Insurance Valuations.
• Compensation for compulsory acquisition by the National Land Commission
• Rating for Counties
• Portfolio valuations.
• Way leaves and easements.
• Litigation and Court Expert Witness.

Property and Estate Agency

We have vast experience in selling and leasing all kinds of property i.e., commercial, industrial, residential and agricultural property. The Directors are registered and licensed by the Estate Agents Registration Board to practice professional estate agency. This experience has made us resourceful for clients who require necessary statutory approvals to develop leased or purchased property. Our highly trained and experienced staffs also provide facilities management services to ensure proper maintenance and functionality building systems, equipment and fittings.

As Managing and Estate Agents we offer the following services: –

Property Letting

Marketing

We execute a marketing campaign and identify potential tenants to premises under our instructions through a vetting process that will guarantee only reliable persons are offered a lease.

Lease Negotiations

Negotiation on behalf of property owners, with potential tenants and achieve rental terms that are suitable and beneficial to our clients’ requirements.  Thereafter we shall execute Letters of Offer on their behalf. Upon signing of Letters of Offer we ensure that the tenants execute formal Leases.  This is done in consultation with the clients’ Advocates.  In so doing we peruse the Leases to further ensure that the documents place our clients in the best contractual position.

Handover/ Takeover of Premises

We prepare accurate Inventory Schedules for purposes of handing/ taking over of premises upon execution or determination of tenancy with the tenants.  In so doing we ensure that the conditions of the premises remain tenantable prior to occupation.  Should there be need for any fit – outs we also liaise with the Landlord together with the appointed Architects or Engineers to approve the same.

Rent Reviews, Lease Renewals and Re-Lettings

Rent reviews, lease renewals and re-lettings as they fall due by maintaining renewal diaries and appropriate tenancy schedules.  Prior to carrying out the reviews or re -lettings, advise you on the obtaining letting terms and conditions during the review by way of valuation or rental assessments or in simple market reports that will enable you to be updated on the performance of your property.

Property Management

As property managers can provide the following services: –

Rent Collection

Effectively collection of rent through direct deposits to client’s collection account in the bank. With the M-pesa pay bill number, our clients have another flexible option to pay rent from any location using their phone. From experience, it is able to remit the current month’s rent on or before the 10^th day of the month.

Repairs and Maintenance

Inspection of properties and source for quotations from artisans. The same are forwarded to landlords for approval and thereafter procure materials and supervise repairs on their behalf. Receipts and repairs records/documents are kept in the landlord’s file to be used in preparation of annual accounts and tax returns by the clients. contact

Utility bills (Water and Electricity).

Monitoring payment of utility bills by tenants through online checks of electricity accounts and bi-monthly check of accounts status with the water utility company.

Ground Rent and Rates

This is done on behalf of the clients, from their rent account as directed.

Insurance

Property Valuation enables carrying out insurance assessment and organize for the property to be adequately insured in consultations with the Landlord as well as advise on the covers that deem necessary such as Fire and Peril, Earthquake, Loss of Rent, and Public Liability.

Landlord and Tenant Relations

Professional valuer can adequately attend to issues raised by the tenants and keep the Landlord updated on the same.  We act as a bridge between the Landlord and the tenant.  Any loss or damage suffered by the property as a result of the tenant’s negligence is be captured and the tenant is compelled to have the same replaced at his/her cost.

Rental Assessment

A valuer undertakes rental assessment to establish rents that are feasible and cannot be a subject of contention in rent tribunals due to well researched and documented rent valuation Reports. It also helps a client charge optimum rents and safeguard good returns.

Quarterly & Annual Reports

These are prepared summarizing the rent collection performance, Market performance and prospects for rent review, report on periodic and routine maintenance, among other relevant information.

Sale of Property

Should you wish to dispose of or acquire property, look for property valuer to provide you with the following, subject to agreement: –

• Advise on the market value for sale purposes.
• Propose a suitable marketing strategy.
• Execute the marketing by way of advertising, showing of property to potential buyers, receiving offers and communicating these to the seller.
• Once an acceptable offer has been agreed upon, we prepare the letter of offer and collect the initial deposit.
• On the basis of deposit received and the signed letter of offer, we communicate with your Advocates for the preparation of the sale agreement to be executed by the vendor and purchaser.