Property Valuer

What is a property valuer?

A property valuer is someone who estimates the value of properties for various purposes, such as buying, selling, taxation, or insurance. They use their knowledge of the property market and relevant factors to determine the fair market value of properties.

What does a property valuer do?

Usually, a property valuer does the following:

• Conducts research and analysis to gather information about the property, such as its location, size, condition, and market trends.
• Inspects the property, taking note of any renovations, damages, or unique features.
• Uses different valuation methodologies, such as the sales comparison approach or the income capitalization approach, to determine the property's value.
• Prepares detailed reports providing an accurate assessment of the property's value.
• Communicates with clients or stakeholders to explain the valuation process and the factors influencing the property's value.
• Stays updated on changes in the property market and regulations related to property valuation.

What does the day-to-day life of a property valuer look like?

A property valuer usually works between 9am and 5pm, although there might be some variations depending on the company or if you work independently. A typical day for a property valuer includes:

• Gathering property information and researching recent sales and market trends.
• Scheduling property inspections and conducting on-site evaluations.
• Analysing data and using valuation methods to determine property values.
• Preparing reports documenting the findings and recommendations.
• Attending meetings with clients or stakeholders to discuss valuation results and answer any questions.

Where does a property valuer work?

Property valuers can work in various settings, including:

• Real estate agencies: Many property valuers are employed by real estate agencies, where they provide valuation services to clients looking to buy or sell properties.
• Property valuation firms: These firms specialize in property valuation and employ valuers to provide independent and objective assessments of property values.
• Government organizations: Valuers may work for government departments or agencies involved in taxation, land assessment, or urban planning.
• Financial institutions: Banks, mortgage lenders, or insurance companies often hire property valuers to assess the value of properties involved in loan applications, mortgages, or insurance coverage.
• Self-employment: Some property valuers choose to work independently and offer their services to clients directly.

What tools/software/hardware does a property valuer use?

A property valuer uses various tools and software, including:

• Valuation software: Valuers use specialized software to aid in analyzing property data, performing calculations, and generating valuation reports. Examples of valuation software used in the UK include E-Surv, Lender Exchange, and Homebuyers.
• Data sources: They rely on databases and online resources to access property information, comparable sales data, and market trends.
• Measuring tools: Valuers may use tape measures or laser measuring devices to accurately measure the dimensions of properties during inspections.
• Digital cameras: Taking photos of the property and any unique features is essential to include in valuation reports.

What do I need to become a property valuer?

There are a few paths you can take to become a property valuer, including:

• Bachelor's degree: Consider pursuing a degree in a relevant field such as real estate, property surveying, or property economics. This route provides a solid foundation in property valuation principles and techniques.

• Professional qualifications: Completing professional qualifications from industry-recognized bodies, such as the Royal Institution of Chartered Surveyors (RICS), can enhance your credibility as a property valuer. RICS offers specific qualifications in valuation, such as the RICS Registered Valuer status.

• Apprenticeship: Some individuals choose to enter the industry through apprenticeship programs, where they gain practical experience while studying towards relevant qualifications.

What career paths are available?

There are several career paths available to property valuers, including:

• Senior property valuer: With experience and expertise, you can progress to a senior role where you handle more complex and high-value properties and mentor junior valuers.

• Specialization: Property valuers may choose to specialize in specific types of properties, such as commercial properties, residential properties, or agricultural land.

• Property consultant: Some valuers transition into consultancy roles, providing advice and guidance to clients on property investment, development, or portfolio management.

What jobs are similar to a property valuer?

• Real estate agent: Real estate agents assist clients in buying or selling properties and often work closely with valuers to determine property prices.

• Property surveyor: Property surveyors conduct detailed inspections of properties to assess their condition, identify any defects or issues, and provide professional advice.

• Quantitative analyst: Quantitative analysts use mathematical and statistical models to evaluate investment opportunities, including property investments.

• Property developer: Property developers identify, acquire, and develop properties for various purposes such as residential or commercial projects. Valuation knowledge helps make informed investment decisions.

Are you a property valuer? We want you to share your experiences with those looking to start or change their careers to property valuation. If you're interested, contact us at mail@calumchilds.com.