Valuation desk – more proximity and flexibility

After 30 years at a large bank with up to 30,000 employees, I am now part of a smaller company with around 70 colleagues. The change was less intense than you would think. At Credit Suisse, I worked in the Swiss unit in Credit Management. In this respect, it was also a manageable area for me there, in which I felt comfortable. Nevertheless, in an SME like Ginesta it is more familiar and the distances are much shorter. But ultimately, culture is always shaped by the people who live it. I have had this experience in both worlds and found the values practiced to be positive. 

Closer to the customer

During my time at the bank, I had direct contact with customers on a situational basis. As a credit specialist, I managed a portfolio of real estate clients and investors. Within the given financing parameters and taking into account the bank’s risk appetite, I offered financing that met the client’s needs on the one hand and took the bank’s risks into account on the other. As a valuer, I prepared valuations for investment properties and owner-occupied residential property for properties financed by the bank or for financing requests. In this role, I had direct customer contact via the responsible customer advisor.

It’s different at Ginesta: as head of the valuation desk, I show clients the market value of their property. They contact me directly and I accompany them through the entire evaluation process. I really appreciate this personal closeness. It’s not necessarily more emotional, but more direct. At the end of the day, bank customers are also concerned with their needs. You don’t just discuss the value of a property from afar, but are in close contact with the people who own the property. This creates trust and ensures greater transparency.

It doesn’t matter whether I am commissioned by a large investor or a private individual: I always speak to a human being.

Helen Otto prepares meticulously before the tours.

Reviews with hand and foot

A well-founded real estate valuation requires more than just facts and figures. There are indeed very good digital valuation models that are based on transaction data – the so-called hedonic models. These can be relatively accurate for standardized properties such as condominiums or single-family homes. But you often have to go deeper. Each property in combination with the owner is unique, and only a personal inspection can reveal which details influence the value. Location is still the most important criterion for the value of a property. Basically, the building itself must be assessed. What is the quality of the building, what is the substance like? Have you chosen good, sustainable materials? How usable and flexible is the building? Can it be used across generations? After all, a building has a life expectancy of 100 to 120 years on the valuation horizon. During this time, the requirements for a property can change. Does the building fit in with the rest of the development? Or is it a foreign body? And finally: How did the owners maintain it? All these questions need to be answered. That’s why it still takes a person to question the final value and ensure that all aspects are taken into account.

A well-founded real estate valuation requires more than just facts and figures.

The challenge

In my work as a real estate appraiser, I experience time and again that clients have different ideas about the value of their property than the market provides. Some have invested in renovations and expect these investments to be reflected one-to-one in the value. Others are in an emotionally difficult situation, such as death, inheritance or divorce, and would like to have a higher or lower value for their property. It is my job to explain my assessment to customers. The aim is to take their expectations seriously on the one hand, but still provide a neutral assessment in line with the market. The responsibility for preparing the valuation independently of external influences is borne by me and Ginesta.

The value of experience

In my work, it is important to combine specialist knowledge and experience. But almost more important is my passion for real estate. The industry is complex and changeable. In my regions – Zurich, Winterthur, north-eastern and south-eastern Switzerland – I know the markets well. But even after many years, you always learn something new. Every property is different, every customer has their own ideas. This diversity is what makes the work so exciting and at the same time requires a deep understanding of architecture, market knowledge and the individual characteristics of each property. I have this understanding thanks to my background, which includes a commercial banking apprenticeship, an apprenticeship as a structural draughtswoman, a degree in architecture in Winterthur and a federal certificate as a real estate valuer. I also have many years of varied professional experience in the real estate industry and sound expertise in valuation.

Stay authentic

It is important to me that I am as authentic as possible and take customers seriously. I limit myself to my work as an evaluator and try to support them with competent professional skills. I have to communicate with customers at eye level so that they understand me. Experience has taught me to remain calm, even if an owner has a different asking price. It doesn’t matter whether I am commissioned by a large investor or a private individual: I always talk to a human being. Empathy is correspondingly important in my job.

A look into the future

The real estate market will remain very tight for those looking for a home and challenging for investors if the current set-up and the current market conditions are not changed. the framework conditions do not change. Even housing projects with family apartments and low-cost rents from the public sector are blocked by objections. We need to seriously consider what is needed to alleviate the situation. Nevertheless, it remains one of the most exciting sectors. The market will also be shaped in the coming years by increasing sustainability requirements and changing living needs, particularly as a result of trends such as working from home and demographic developments. The real estate industry continues to evolve. That’s why my passion for my job hasn’t changed.

Helen Otto
Head of Valuation Desk
otto@ginesta.ch
+41 44 910 77 33