What Are the Duties of Valuers?
A property valuer is an expert surveyor who instructs clients on valuations of properties including houses, factories and shops. Property valuer is a term mainly used in the United Kingdom and former British-ruled countries such as South Africa and Australia. Similar duties in the United States are undertaken by real estate appraisers. Property valuers usually require a degree in a subject such as law or property management or a professional qualification. According to the Careers Advice website, experience property valuers can earn 24,000 to 36,000 British pounds (around $37,000 to $49,500 U.S.)
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Evaluations
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Property valuers evaluate properties on site and measure land dimensions. They may be assisted with a team of surveyors or legal representatives in cases where a valuation is complex.
A valuer should have detailed knowledge of the factors that can affect property prices such as location, crime rates, economic climate and any relevant property laws in the area. If arranging the sale of a commercial property, a valuer also needs to assess the business potential of specific vicinities.
Reporting
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Property valuers research the value of clients' assets and produce detailed reports outlining their findings. When a client is satisfied with the valuation, a valuer schedules the sale of a property at auction.
A property valuer also keeps written reports outlining all activities, such as negotiations between parties involved in a sale or purchase. Keeping accurate reports is important, so any disputes between clients are detailed should a transaction result in court proceedings.
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Advice
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Valuers advise individual clients and corporate firms on effective strategies for buying properties, such as exploiting any legal and administrative loopholes that may help a purchase go through swiftly. A valuer also advises clients on likely loan repayments and likely returns for their investments based on the quality of the property and its location. Valuers also instruct clients on cost-effective methods to dispose of property that is derelict or in need of severe work.
Auctioning
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Valuers conduct marketing work to make the property attractive to potential purchasers and may conduct auctioning work personally. A valuer may also deal with the sale and auction of personal items attached to a property such as vehicles and furniture
Specialist Duties
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Some valuers specialize in resolving disputes relating to property sales. In this role, a valuer may have to appear as an expert witness in court if one or both parties begin legal proceedings. Other valuers specialize in valuing and selling off tools and machinery in cases where a business goes into liquidation, as stated on the Careers Advice website.
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References
- Photo Credit house for sale image by Nicemonkey from Fotolia.com
