Real estate appraisal is the practice of developing an inference of the benefit of embodied property, commonly its Market Value. (Real estate appraisal is Site American usage; many other underdeveloped countries good the terms property valuation or land valuation.) The need for appraisals arises from the heterogenous nature of capital as an investment class: no two properties are identical, and all properties differ from each other in their location - which is the most important determinant of their value. The absence of a market-based pricing mechanism determines the need for an expert appraisal/valuation of actual estate/property.
Most Buying Agents specialise in a particular location: a bulky articulation of their expertise is derived from local knowledge, personal contacts with local estate agents, and inside-information about properties that are not yet on the open market. Buying Agents generally anatomy lasting symbiotic relationships with estate agents, ensuring estate agents have access to a steady supply of qualified, serious buyers and in return, buying agents receive access to the most desirable properties before they reach the open market. Situations can arise where Buying Agents and Estate Agents 'wrap-up' areas, dealing so regularly with each other that 'normal' buyers are excluded from the market.
