TelferYoung Limited
Superior Service
1 June 2006
A constant factor throughout client relationships is a discussion over fees or fee levels.
TelferYoung deals with many clients on a daily basis; these include corporate clients, local authorities and individuals. A constant factor throughout all these relationships is at some time or another a discussion over fees or fee levels will be experienced.
The dictionary defines a fee as 'being a reward or compensation for services rendered or to be rendered, especially payment for professional services of optional amount'.
It is the phrase 'optional amount' that may trigger some concern in any relationship.
There is an old adage which is bandied about from time to time; that being 'you pay peanuts you get monkeys'. I can assure you that whilst there are a wide variety of individuals practising valuation within the TelferYoung Group I have yet to spot any monkeys.
The nature of our profession demands a minimum level of experience and expertise and this minimum level of expertise is deemed to be met when one gains registration as a Valuer. Bear in mind that not only has the recently Registered Valuer experienced a three year degree at university but has also completed a minimum of three years practical experience.
It is interesting to note with an average age of 44 the majority of Valuers within the TelferYoung Group have at least 15 years experience since registration with many having in excess of 20 years. It is this level of expertise that is required to provide the answers that clients expect. This ranges from pre sale advice for residential property owners through to consultative advice on commercial, industrial and specific property portfolio developments.
TelferYoung believes that their advice given to any client adds value to their transaction. It is this added value which is the key to any relationship and one that TelferYoung certainly subscribes to.
A recent example springs to mind and was probably the reason for this article.
This involved the sale of a superior lifestyle property which because of its appointments and scale of development would certainly test the local market. The client arranged a valuation to ascertain the current market value of the property. The advice was given and the client accepted the valuation and consultancy advice provided. Subsequently the property was placed to the market although not typically displayed for sale.
Within a short period of time a sale was achieved slightly in excess of the valuation. Presumably the real estate agent was paid his commission although did little in the way of introducing the eventual buyer to the property with the client effecting the sale and sale level. Suffice to say the client had no reservations in accepting the fee level as the valuation advice proved invaluable in the sale of the property.
One wonders the level of fee charged in numerous valuation exercises where the sale price is effectively determined by the Registered Valuer.
I am not here to beat up real estate agents in performing their duties but experience and professionalism are certainly worthwhile traits in their profession. Clients expect to pay a full fee to receive premium advice and service.
'Added value' therefore is certainly a corner stone of TelferYoung's philosophy and this may translate into fees that appear toward the upper level when compared to other Registered Valuers fees. TelferYoung makes no excuses for this as we believe we provide superior advice and add significant value for our clients. Ultimately our clients will judge TelferYoung on its results.
It is often noted where superior service and added value is recognised by our clients, the fee charged is of little concern. This is noted throughout all property classes.
Our advice therefore to any one reading this particular article is to contact a Director of TelferYoung in any of our eight locations to see how best we can provide added value to your real estate decisions. However if fee level is your prime consideration in obtaining valuation advice TelferYoung may not be able to meet your expectations.
J C Tappenden
This monthly paper reflects the views of the writer and may not represent the views of all TelferYoung staff.