Value relates to the assessment of the benefits brought by something in relation to the resources needed to achieve it. The term ‘value added’ refers to the increase in value created by goods or services. The term ‘value added’ is also used to express the differentiation of a commodity compared to its competitors by the additional features it offers that cannot be measured by its price. Focussing exclusively on price can be at the expense of value added features, or ‘value for money’. Value added features can increase the worth or benefit of a product or service. However, value added features are often subjective, meaning they are dependent on the perception of the additional worth or benefit.
Value Added Services (VAS) is what make a firm unique and differentiate such firm from other real estate firms. These services could be internet marketing, special designations, creative marketing with innovation and technology, or just being a specialist for the neighborhood or community where the firm’s office is located. Regardless of what a firm may choose to offer as VAS it must be ‘over the top’ and different from the next real estate firm. Maybe the firm has special programs that can be offered to the firm’s clients; that is well and good.
The Valuer, who has performed the required valuation exercise or other specific brief of his/her client, offers to perform additional services akin to his/her clients’ briefs, then these additional, unsolicited services become VAS. This simply means that a Valuer, because of the expertise that he/she possesses, opted to offer further service directly linked to his valuation expertise / exercise. Examples of valuation related VAS is as follows:
In immovable (real estate) property segment § Total transparency coupled with trust beyond confidence § Determination of fair value in transaction § Selective underwriting fair value in real estate transaction. § Selective finance for completing transactions on schedule. § Diligent screening of proposal, prospects and documents. § Complete documentation service. § Representation in property transactions. § Vetting of documents as well as properties in transaction. | In plant, machinery and equipment segment § Wide ranging information on used machine markets through comptuerised networking. § Permanent Exhibition Centre for parking and displaying clients used machines which are in good working condition. § Professional video service for promotion of plant / machines which is necessarily to be viewed in a factory.
| Auctioneering § Determining fair reserve price of auctionable material. § Underwriting the fair reserve price. § Organising of auctions – including documentation, drafting of terms, deciding venues / dates, arranging bidders’ examinations of materials / machines etc. Preparation of lots, marking of lots. Preparation of slides for auction hall, collection of bids, earnest money deposits, collection of payments, billing on clients’ behalf. Announcing, publishing and general promotion of clients’ auction sale. |
Furthermore, VAS can be created by identifying and understand the needs and desires of the market, rather than focusing exclusively on price. Some techniques for creating a value added approach include:
- Providing technical support to clients.
- Providing maintenanceservice such as inspections over a period of time.
- Being active on the social media platforms most relevant to the target audience, providing answers to queries, promoting discussions, updating customers, demonstrating brand values, and so on.
- Providing specific blog content that can help to establish an authoritative ‘voice’ in the relevant field.
- Preparing email newsletters that include helpful and informative guides and news items.
- Offering specificationtools and apps for the client or end-user. These might include online calculation tools, product selectors and comparisons, e-learning and CPD, media libraries, colour and texture selectors, and so on.
- Offering pre-construction and project managementservices such as; obtaining project approvals, preparing project budgets, sourcing investors, and so on.
- Offering audits and undertaking repairs.
References
Bowler, M. (2011). Realtors providing speed, knowledge, and value added service makes them unique. PRETEC. http://www.mikebowler.net/2011/10/realtors-providing-speed-knowledge-and-value-added-service-makes-them-unique/
Designingbuildings.co.uk (2017). value added. https://www.designingbuildings.co.uk/wiki/ Value_added
