Full answer
The gap between a documented report and a page of convenience does not show on a website. It shows in the document, which is why asking for an extract is the single most useful check before choosing a firm.
What you should find in the extract:
1. Terms of engagement: who is commissioning, for what purpose, on what basis of value, under what conditions. Market value, market rent and reinstatement value answer three different questions.
2. The conflict-of-interest disclosure.
3. Identification of the asset: address, title reference, recorded coordinates, time-stamped photographs, technical description.
4. Legal and planning status: ownership regime, easements, zoning, permitted use, apparent compliance.
5. The comparables table: at least five lines, each dated and located, with area, price and the adjustments applied, quantified and explained.
6. At least two valuation methods where the asset allows, and the reconciliation explaining the final figure.
7. Limitations and assumptions: what could not be verified, and what would invalidate the conclusion.
Point 7 tells you the most. A report that never states what it cannot establish is not more reliable, only less careful.
What an extract will not contain: the client's name, the exact address, or anything identifying the asset or the parties. Confidentiality applies to past files as it will to yours.
Useful orders of magnitude: an agency opinion of value runs 1 to 2 pages on a single method, free of charge and aimed at winning the listing; a documented valuation of a standard apartment runs 30 to 45 pages including annexes; a commercial asset, an income-producing building or an atypical property runs 50 to 80 pages with sensitivity analysis.
Page count is not a criterion in itself — padding is easy. What counts is verifiable density: how many real comparables, how many quantified adjustments, how many documents annexed. When requesting an extract, state your asset type and purpose so we send the closest example rather than a generic template.
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RICS Red Book report · documented and verifiable line by line.
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