The smarter way of buying and selling real estate

The Proppy Mantra

Proppy – "Your property marketplace”

Imagine if everyone was open and honest in the marketplace. It might seem idealistic, but not at Proppy. We have invested thousands of hours developing a transparent online platform for buyers and sellers to interact and transact property purchases. All information is provided upfront; there is no hidden agenda, no auction room theatrics, what you see is what you get. And the best bit, the commission is just 1.5% + GST!

With Proppy, both buyers and sellers have the most up to date information to make informed decisions on the expected price of a property. Unlike a traditional real estate agency, our online marketplace creates an even playing field, and the beauty of this is that it creates a larger pool of active participants in both buying and selling. Boom, SOLD!

What makes Proppy different?

Proppy makes you get a valuation for your residential property

We encourage our properties listed on Proppy to receive an independent professional valuation as part of their marketing package. Why? Because we want to give the vendor the very best independent advice on the value of their property. It helps them set their property price with confidence and then lets the market do its thing!

As an owner you may think your residential property is worth more than the valuer, (by the way we think that’s fine). The report gives you an independent view (not a real estate agent’s opinion), and you can decide to take the value into your decision making or not. It is a good idea to review the valuation in conjunction with the Comparative Market Appraisal and even the CV. At Proppy, we are all about giving you the information for you to make an informed decision.

While a valuation might not be a mandatory requirement with more traditional real estate agencies, we think it is a really smart move, and we are all about smart marketing. Plus - banks and similar lending companies often require it before a buyer can obtain a mortgage*.

(*Note: Banks may not accept a valuation from a buyer addressed to a vendor, but Proppy is currently working on this with the banks and Corelogic). The important fact is Proppy is using the same panel of valuers that a bank uses which gives a significant edge on getting banks to start accepting our reports.

So why does Proppy allow a vendor not to show their valuation report?

We thought long and hard about this question. We encourage vendors to share their valuation as it is part of our philosophy of being open and transparent. By sharing the report, you can build greater interest in your property and open up the pool of potential buyers.

If someone really doesn’t want to disclose the property valuation – that is their prerogative.

It is important to note that there is nothing stopping a potential buyer to get their own independent valuation done, and in some cases, their bank may insist on it.

At the end of the day, it’s the market which dictates the value of your property, not the valuation on the report.

What is the process? 

Our valuations are undertaken by bank-approved valuers from Corelogic, a leading property information, analytics and services provider. We will arrange for a qualified valuer to come to your property at a time convenient to you to complete the appraisal. The valuer will complete a thorough objective inspection of the interior and exterior of the home or building, as well as drive through the surrounding neighbourhood.

When the valuer visits, they will spend a couple of hours measuring and noting details on the building structure and its condition. Notes will be taken on any structural faults, the layout of the rooms and their presentations, the fitouts, fixtures and fittings. You should point out any features, amenities or improvements of your home that are not readily discernable. 

Once back in the office, the valuer analyses and compares the available market data for your area and the surrounding neighbourhood, including current and historical comparable sales, current offers for comparable homes, and proposed improvements in relation to your property. They will also look at planning restrictions and council zoning and its relative location. Armed with this information, as well as their own expert knowledge of the local market, the valuer will come up with a licensed approved appraisal value.

What is the difference between a licensed valuer’s and a real estate agent’s appraisal?

Typically a real estate agent will give an appraisal on a property when trying to gain a listing. They base their appraisals on other sales in the area and their experience. This is different from a valuation carried out by a licensed valuer, who bases their qualified report and appraisal value on facts and data.

All properties are sold with a builder’s maintenance report for residential listings 

We want you to fully understand the current condition of your property so you have the confidence to be completely transparent with your buyers about its current state.  We work with the best surveyors in your area to complete this essential home assessment. We endeavour to always use Accredited Building Surveyors who are members of the Building Officials Institute of New Zealand (BOINZ). You don’t have to lift a finger; we will arrange for them to come to your property to complete the review. Their reports comply with the New Zealand Residential Property Inspection Standard 4306:2005 and will list any areas that require attention. A current list of Accredited Building Surveyors can be found on the BOINZ ABS web page, click here.

You can choose to make the improvements or disclose the remedial work to potential buyers. The choice is yours.  By being upfront about the condition of your property, you might just open the pool of potential buyers up, as many buyers are put off by being unsure as to the underlying condition of a property. 

What if problems are found?

No house is perfect. If problems are identified, it doesn’t mean you should or shouldn’t sell the house, it just gives you the ability to take action and fix things up before you list, if you want to.  If you want to fix things up before you sell, you can do it yourself or get an expert in. Once you have made the repairs, you can use our simple comments form and add a comment about the identified issue. For example, you may want to add “Since this report was completed I have had a landscaper fix the crack in the concrete path”. Proppy prides itself in disclosure and remember if we all have this in mind it will help you as a seller when it comes to your next purchase.

If you are on a budget and do not want to complete any repairs you can disclose the work required to your potential buyers so they are fully informed of the repairs required. Some people like to buy houses that need work done to them – there is a market for everyone. 

What if no problems are found – have I wasted my money?

No, not at all. An A+ builders report is very valuable. With this tucked under your arm, you can confidently share the exact condition of the property giving potential buyers real peace of mind that they are buying a top notch pad. It is important to note that a LIM report DOES NOT tell you what condition the house is in!

I’m a qualified builder, can I do my own report on the house I am selling?

Yes of course, you are welcome to complete your own report, however our independent unbiased report needs to be completed as well. This is part of our transparent way of doing business and it creates an even playing field for everyone. 

Potential buyers are also welcome to conduct their own report if they so wish. It is important to note that a Builder’s Maintenance Report is by no means a guarantee the building is safe and defect free. Buyers need to complete their own due diligence.