The average person engages a Property Valuer once, maybe twice in their lifetime. So it is not something you can easily ask a friend to recommend. Choose a Valuer who is transparent, honest, and puts your interests first. With a bit of research, you can find a trustworthy valuer to help you make informed decisions. Below are some basic steps on how to choose a Property Valuer.
1 - What will you be using the property valuation for? Whether for Building Insurance Purposes, to determine your Capital Gains Tax (CGT), Estate Planning or Legal Matters. Knowing what the Valuers specialise in will save you a lot of time, money and headaches down the road.
2 - Check their qualifications: Only choose qualified property valuers. There are two main types, the first of which is called Certified Practicing Valuer (CPV), where they are fully qualified and theoretically should know what they are doing in most situations. The other is the Residential Property Valuers (RPV); these guys are valuers on their way to CPV status. However, it depends on experience, enthusiasm and dedication to their craft; an RPV is more effective than a CPV that is under the pump. You can check a valuer's official credentials at the Australian Property Institutes.
And what about Chartered Members (MRICS)? Yep, RICS is internationally recognised and highly regarded. There is mutual respect between the API and RICS as their core values and professional standards are very similar. In fact, in some circles, they are preferred.
3 - You may Google the valuation firm and check their profiles, reviews, Linkedin, etc. After which, you can call them and gauge their experience and eagerness to help. Pick those who communicate well, are professional and willing to impart at least some knowledge of the steps and processes to you. If they are too busy to talk, they will likely not want to speak to you after the job is done.
4 - Experience and local market knowledge. This goes hand in hand. However, just because a Valuer resides locally, they may not be the best fit, as they may lack experience with certain types of property, whether it be residential, commercial or rural. A good valuer will leave no stone unturned.
5 - Contents of their report. Are they providing a desktop or kerbside valuation? These cheap, restricted valuation methods are thwarted with danger, as it relies on too many assumptions and artificial intelligence. Desktop assessments should be relied on as a guide only. Conversely, a full market valuation is the only way to provide you with a quality Market Valuation Report. However, we understand that a Full Market Valuation is not always possible, perhaps due to financial constraints or timing. Whatever the reason, if you are seeking a desktop or restricted assessment, ask if they are willing to provide recent comparable sales and a basic analysis of their findings.
6 - Terms and conditions of the task. Avoid any headaches later on. It's preferable to have everything written after the initial phone call, and this can be via email or an online form. The purpose and scope of the valuation, fees, and turnaround are some things to look out for.
By following the above steps, you are on your way to choosing the right Property Valuer. Remember, if it is good to be true, it probably is.
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