Real Estate Valuers are involved in establishing the value of all types of land, property and many subsidiary interests which may be held in real estate.
Valuation is a process of observation and measurements of the characteristics of property, location and economic activity, whereby the data is collected, evaluated and analysed to produce an accurate and objective estimate of the value of the property. That is, the most likely price a property would fetch if placed for sale in any market climate.
Much of the professional Valuer’s time is spent in the field, inspecting properties, interviewing people involved in real estate transactions and identifying other market trends and characteristics.
Valuers tend to be employed fairly evenly between public and private sectors. In the private sector most Valuers are employed by major real estate agents and financial institutions, such as banks, insurance companies and building societies. The types of valuations carried out include those for determining mortgage security value, for determining the feasibility of a development proposal and for checking various statutory valuations. In the public sector, Valuers are required to provide values used as a base for collecting rates and taxes, to check the value of assets for income tax purposes and to determine the compensation which should be offered to a person whose property is to be either partly or wholly acquired for public projects such as schools, highways, railway extensions etc.
Good research techniques and basic numeracy skills. An ability to communicate with people and understand the workings of the public sector, an analytical mind, and good organisational ability.
To become a licensed Residential Property Valuer you must have completed one of the approved valuation courses, be able to provide documentary evidence of your valuations experience and provide character references. You must also be over 21 years of age.
To become a licensed Valuer Without Limitation you must have completed one of the approved valuation courses, provide evidence of having completed 440 working days experience, provide 6 Valuation reports other than residential valuations, provide field notes and calculations for all valuations submitted and also provide a statement from a supervising Valuer confirming your experience. You must also be over 21 years of age.