As a property valuer, your roles will be myriad. The roles are so extensive that adequate training and qualification is mandatory. You will not only be expected to assist property owners in maximizing profits while selling property; you will also carry out compensation assessments. This is in addition to insurance and other business valuations and resolving property disputes.
You are also required to estimate various properties’ market value, keep up with the property market trends, participate in investment appraisals, research, and provide detailed reports. You also have a great role as a valuer through reliable property evaluation to help minimize investment risk whether you are engaging a lender or a borrower. With such industry demands, you require undisputable qualifications to command authority in the property valuation industry. Most property owners also demand to get a certified property valuation after the valuation process. How do you then qualify as a property valuer?
Some individuals prefer a professional property services certificate. The certificate gives a general introduction to the property industry. However, to venture into the larger property market that entails commercial and industrial property, a bachelor’s degree in property and real estate would suffice. This academic qualification enables you to meet the Australian Property Institute’s (API) requirement for membership as a certified practicing valuer (CPV).
Various courses can facilitate you to qualify as a property valuer. All these are listed on the APIs website. Ensure a thorough consultation before enrolling for college. This helps you settle for the right course. If you have qualifications from a different field such as law, economics, and other fields, there is no cause for worry. You can still acquire a professional or postgraduate qualification. This will enable you to adjust to the industry. Continuous professional development is encouraged as this puts you ahead of your peers in the industry.
Besides academic qualifications, certification as a property valuer is vital as it’s the document that customers will be asking for. No one will ever ask you to produce your degree certificate. Sometimes, the academic qualification can be more theoretical. That is why certification equips you with the practical knowledge and skills needed in the field. You can have as many certifications as possible as these enable you to venture into new areas in the industry. Some of the certificates include:
- The resident property valuer (RPV): enables one to undertake residential property valuation. One is required to have twelve months of experience acquired within the past 24 months.
- Certified practicing valuer (CPV): this certifies you to become a fully certified professional property valuer. Certification requires you to have the necessary education, industry-specific training, and experience. The CPV certificate is necessary as a prerequisite to access property valuation opportunities. The good news is that all major financial institutions recognize CPV.
Practical training helps you acquire practical skills for the job market. According to API, practical valuation training (PVT) aids in transitioning from a student to a professional. This is a comprehensive program for individuals seeking the certified property valuer qualification. The training equips those aspiring to practice valuation by offering improved educational support.
Always aim at getting work experience at the slightest opportunity. You may consider a short internship or apprenticeship, which is long-term. Request your professors’ recommendations as they may have contacts of their former students already in the job market. Work experience enhances your qualifications and gives you an added advantage over those with no experience.
Membership to a Professional Body
Most clients will enquire whether you are a member of a professional body such as API. Such membership quantifies your qualification due to the rigorous processes required for one to become a member. It also creates trust.
Additional Skills/ People Skills
As a property valuer, you will be engaging customers directly. This is not a back-office career where you handle paperwork with minimal contact with people. Communication and Interpersonal skills are very vital as you engage property owners. You will be required to visit the customers’ premises for evaluation exercise in person. You, therefore, need to acquire excellent customer service skills. Besides, you will also need numeracy, literacy, and organization skills to produce comprehensive reports.
Besides the above qualification, having an interest in the property industry is an added advantage. Being a regulated industry, you will be required to follow stipulated practices and observe industry ethics. Having the qualifications and a positive attitude towards the industry is a good recipe for success in the property industry.