Independent Property Review (ipr): An ipr report provides a grade and independent commentary on properties available for sale.
The review provides independent commentary on real estate properties available for sale. It considers the actual property and the historical data, based on property type, postcode, suburb and local government area.
Property specific: An ipr involves assigning a grade and independent information to each property. The review is property specific and considers the following property attributes:
- Estimated construction completion date
- Property type
- Listed price
- Cars spaces/garages
- Property size
- Floor plan layout
- Property location
Content: The ipr report includes eight sections with the following content.
|1. Property grade||Refer to What is graded?|
|2. Property observations||Independent information, related to each individual property. This is an individualised service. It is not system auto-generated.|
|7. Environmental issues|
|8. Supporting data||Historical property and area data|
Valid period: The ipr is valid for three months from the date of issue. You can order an ipr for almost (check with us for coverage) any Australian property. Click here to view sample
What is Graded?
Graded is a smart, new concept in the world of real estate.
The objective of this unique approach is to create a level playing field when comparing properties, and to screen out potential biased information and marketing hype that may cloud good decision-making.
The grade is built using proprietary-algorithms and been developed in collaboration with Propell National Valuers and Landlord Central. This is an individualised service not a system auto-generated product. This means years of real estate knowledge and professional experience form part of the service delivery.
Being a national-service, by design; each property across Australia is assessed via the same standard and offers buyers several benefits:
- save time;
- save money; and more so
- provides unbiased disclosure on a property.
Property attributes are assessed and scored to determine a grade, please see below for details.
A score is a number assigned to a property. It’s established by assessing a property against pre-determined attributes. The attributes include: historical growth rate; price risk; demographics; internal floor plan flow; street scape and traffic flow; parking; and, outdoor space.
Each attribute has an associated weighting. Each attribute is scored between Poor (low score) and Excellent (high score). This also determines placement of the tick. Higher scores are more favorable. The sum of the scores for all of the attributes is the total property score.
The total points scored are categorised to determine the ‘grade’ of the property.
A grade represents a range of scores. There are five grade categories: AA; A; B; C; and D. The total points scored determines into which grade the property fits.
Since the score of a property is the accumulation of seven attributes; a grade therefore does not indicate a good or bad purchase. It simply shows how the property performs against all seven attributes.
Which grade is best for me? It all depends on what YOU are looking for! One attribute could be more important to you than the others. It is recommended you look at the individual property attributes to determine which attributes contributed to the overall score.
Example 1: an ‘AA’ Grade property will have scored highly on all attributes.
Example 2: you may be predominately interested in the ‘Price Risk’ attribute. In this example, although a property may be assigned with a ‘D’ grade, this property may in fact suit your needs, as it has scored well in the ‘Price Risk’ attribute. This is shown by a tick under excellent in this attribute.
Please see image for Example 2, below
In essence a ‘D’ grade property is highly worth considering!
The grade assists when conducting a general property search. When you search for a property ALL of the attributes are displayed with a tick. This allows you to review all the attributes against your personal needs.
Posted by: Anthony Aoun, Founder