Coinciding with the launch of their new-look website, South African property web portal www.privateproperty.co.za has also launched a new property valuation tool, dubbed ‘EstiMate’.
EstiMate is a free electronic valuation service being offered to any owners of residential property in South Africa who wish to obtain an estimate of the worth of their property. The service is being provided in partnership with Lightstone, SA’s leader of automated valuation data and technology.
“What’s so great about EstiMate is that you don’t even need to be a regular user of the site to obtain a report. You don’t need to be in the market to buy, sell or rent your property. If you own a property, and you’re interested in knowing its approximate value, then you can obtain an EstiMate report free of charge,” states CEO Justinus Adriaanse. “And best of all, a new report will be generated every 3 months, free of charge, should you wish to download an update for your records.”
According to Adriaanse, the reports take into account the area and current trends in the market. In addition, each report has a confidence index, which is affected by the amount of activity in the market in that particular area. If the confidence score is not high enough because there is insufficient information available on the area, then EstiMate won’t provide a property value.
As per Private Property, property owners need only provide a couple of details proving they’re the owners of the property, as well as some basic information on the actual property, and they’ll be able to download their property estimate.
“The EstiMate service has so many potential uses, apart from the obvious. It can be used to debate the value of your property with your municipality when challenging the rates bill levied according to the new rates system, and could also assist you in accessing additional finance from your bond should the property value have increased sufficiently. We’re extremely proud to be able to offer this facility to the public, with no strings attached,” concludes Adriaanse.
Note: The EstiMate is based on publicly available information, and therefore may differ from the actual value of the property
For more information, visit www.privateproperty.co.za