Professionalism and impartiality are the key attributes that every valuer should possess. Large scale clients like banks will only partner with licensed and insured property valuers and you too should look for this level of professionalism when searching for a valuer.
Licensing
The minimum requirement for a valuer is a license that’s often issued under the LVLA (Land Valuers Licensing Act). A valuer isn’t allowed to practice without a proper license. If anyone offers you a property valuation service and isn’t certified, he or she will be violating the law. Membership of an industry-based organization like the Australian Property Institute provides ongoing training, interaction with other property experts, as well as a framework of ethics plus other valuation standards.
Other than being licensed, a good valuer like https://www.melbournevaluers.net.au should also have relevant experience, be independent, and carry appropriate insurance coverage.
Skills and Experience
The valuer you choose to work with must have appropriate skills and relevant experience. Because of the numerous property types plus locations available on today’s real estate market, valuers tend to specialize in certain field aspects. Find a valuer who practices in the area where your property is located.
Most valuers will have the capacity to value relatively straight forward residential as well as commercial properties. Nonetheless, as the properties become more intricate or are situated in districts featuring more complex economies, a valuer with specialized expertise is a definite advantage.
Plus, a good valuer will inform you when they aren’t sufficiently qualified to undertake a particular valuation. And they should be in a position to recommend another valuer who’s conversant with your needs.
Mentor Interactions
A reliable valuer will frequently interact with other property valuation experts, to get a deeper feel for a market. They also do so to share valuable information.
Valuers constantly seek to expand their skills and knowledge base. To achieve this, they’ll work closely with a mentor who will help them in the valuation process and equip them with extended skills which they need to be competent.
No Kerbside Valuations
Professional valuers don’t usually provide ‘kerbside’ valuation. A thorough inspection is the only sure way to understand the physical attributes as well as the detriments of a property. And with kerb valuations, these aspects can only be estimated.
Insurance firms won’t cover kerbside valuations and you shouldn't, therefore, accept one either.
Size of Practice
Small to medium-sized companies are likely to offer specialization in certain districts for specific property types. And bigger valuation agencies are likely to possess an extensive range of specialties.
Nonetheless, you’ll find that most valuers from different practices will exchange ideas hence boosting their skills and knowledge base.
Reporting
A comprehensive report provides detailed information that’ll help you find out if the valuer has a deep understanding of the property’s features, weaknesses, as well as strengths. Besides, it offers you a strong mental picture regarding the property.
Remember, not all clients understand everything about the property. This is particularly true for the bank manager, and the judge or magistrate handling the property settlement or division. These people ought to have complete trust in the valuer’s recommendations to make a well-balanced decision.
A good valuer will provide detailed observations about the property and also expound on the external factors which impact upon it.
Insurance
The valuation company you need is that which provides an appropriate form of Professional Indemnity Insurance. This will protect you in case things go wrong.
Independent -v- Advocate
A valuer should always act with independence and exercise absolute transparency. Never should he or she act with bias. So, avoid those valuers who aren’t ready to provide truly independent advice. Though they’ll give you exactly what you want to hear, they will eventually cost you time, money, expectations, and intense disappointment.
