A property valuer is a professional who carries out inspections and provides a market valuation of property. They can either be a member of an estate agency or a qualified surveyor. In either case, they act on the instruction of the seller or lending institution. The valuer takes into account many factors to arrive at an accurate market valuation. To determine the correct price of a property, the valuer must first decide why the property is being valued. If the owner has no specific needs, then the valuer can use a general approach. Do you want to learn more? Visit Sydney Property Valuers Metro valuation of property.
A property valuer will use a Comparable Method to determine a property’s relative worth. They will then look for sales evidence of similar properties in the area. This process is important because it determines the property’s Open Market Value. However, a property in a poor area may not be valued as highly as other properties in the area. For this reason, a property valuer will also consider the location of the property when determining a value.
The profession of property valuation emerged in the Soviet Union in the 1990s. It represented a clean break from the previous practice of statutory price-setting authorities and industry-specific pricing specialists. The profession operates in a self-regulatory mode, with self-governing professional organisations, similar to trade unions. The Russian Society of Appraisers, for example, oversees half of the valuation profession. It also provides training to its members.
While real estate agents and valuers have many common duties in the property valuation industry, their roles are slightly different. Real estate agents and conveyancers are regulated by different laws than property valuers. Therefore, the role of a real estate agent may be more suitable for someone who has a background in property valuation. While real estate agents work as agents, they are required to be impartial in their judgments and valuations. The resulting valuation can impact property sales directly.
The role of property valuer is set to change. New technologies will speed up the valuation process, but the human element will still be central. This means that specialists will be needed to evaluate data, communicate findings, and act as trusted advisors to clients. In the future, the complexity of commercial real estate and the vastness of their markets will continue to require human judgment. Ultimately, technology can never replace human-to-human communication.
To become a land valuer, you can either complete a university degree, apprenticeship or on-the-job training. For the latter option, you may have to complete a postgraduate surveying degree. As a general rule, you will need to hold at least four GCSEs at grades nine to four or A levels. You can also choose to complete an undergraduate degree, although it is not necessary. However, if you are passionate about the industry, you may want to look for a job that requires a higher level of qualification.