The Registered Valuer

There is a constant need to determine the value of the property for the purpose of financing, reporting to shareholders, cost accounting, mergers or takeovers… rent reviews, rates assessment, expropriations, arbitration and litigation. One of the frequent applications of the valuer’s skill is to determine values for the purpose of purchase or sale.

The valuation that professional valuers complete is undertaken by an objective person who is legally recognised by The Property Valuers Profession Act of 2000 and who, by training and experience, has passed the competency required by the International Valuation Standards and Municipal Rating Standards to determine the market value of a property.

The end-user of a valuation report that a professional valuer completes benefits from making an impartial informed decision on property value that is sound from a physical (structure and features), legal (real right), and economical (benefit). This is founded on sound research and a high degree of technical knowledge on matters relating to a property and its surrounding market. In addition, only a professional valuation is defendable in court and usable for funding purposes as specified in the Act. Other property professionals may also provide an opinion of value; however, this is merely an opinion.

The valuer does not invent value but interprets market forces which determine the value. Hence, the valuer requires a combination of several professional qualities and capabilities and needs a thorough knowledge and understanding of the interacting influences which create, maintain or diminish the value of property or rights thereto.

Valuers are qualified to undertake valuations in all classes of properties, including commercial and industrial properties, all types of residential properties, and agricultural and special-use properties.

However, most valuers tend to specialise and do not undertake the full range of valuations. It is therefore vitally important for clients to select and appoint a registered valuer with the relevant practical experience and knowledge required to undertake the specific valuation.