So you require a property valuation service but how do you choose from the long list of companies that appear in search results. Unfortunately most people will only choose based on the cheapest quoted fee however a cheap inaccurate valuation report can cost you a lot more than the saving on a valuation fee. Here are a few questions and considerations that can help you make the right decision.
How many years of experience does the valuer have?
You can become a registered valuer after only two years of study and as a result the market is full of registered valuers but short on experienced and quality valuers. Be sure to ask how many years of continuous experience the valuer has.
Does the valuer have experience in the subject’s property class?
Some valuers are specialist in residential, industrial, commercial etc and others are generalist. Make sure the valuer you select has the appropriate experience to deliver an accurate valuation for your property.
Does the valuer have knowledge and experience in the market where the your property is located?
Every suburb and region is unique and their are sub markets within suburbs. Make sure the selected valuer has experience in the region your property is located in.
What tools does the valuer use to conduct their market research?
Do they have access to RP data and Australian property monitors? Subscription to these tools are expensive and valuers who offer cheap reports clearly do not have subscription to these tools which are paramount for market research.
Do they carry professional indemnity insurance?
Valuers professional indemnity insurance is extremely expensive due to the high litigation environment valuers operate in. Again, valuers who offer unusually cheap services are clearly not carrying the appropriate insurances.
Is the valuer registered in the state your property is located in?
Each state in Australia has different registration requirements for valuers. Legally a valuer registered in NSW alone cannot perform a valuation in Victoria or any other state of Australia.
Are they a member of the Australian property institute?
The API is the professional body of the valuation industry and set out the minimum professional quality standards for valuations. Valuers who are not members will not carry the green API logo and will provide an inferior service.
How much do they charge?
Only after considering the above you can now search for the cheapest price.
