The Property Foundation Annual Scholarship...
The Property Foundation Annual $5000 Scholarship closing date is fast approaching
PUBLISHED 26 JUN 2019
I would like to know what a typical day is like for a property valuer. I know they are not always stuck in an office, they also get to go out and about to properties which really appeals to me, but what else does the job involve? What sort of qualifications are necessary? I know you need to be licenced but how do you go about that? is it part of the property valuation major at Massey University or is it something that would need to be done after / outside of uni? Are there apprentice type things that can be done to gain experience? Is there a lot of maths, reporting, analysis, statistics etc. involved in the actual job? Which of these areas or other areas are particularly relevant to property valuation?
The papers required are all available at Massey and there is a process to become a registered valuer (you show examples of your work and an interview - usually after 3 years of working). You need to be registered under the Act, in order to for your valuations to be used (by banks for example), so until then your work is signed out by a registered valuer. This can be seen as a type of apprenticeship - you join a firm as an unregistered valuer, work under someone who signs off your work then get registered.
The nature of the day-to-day work depends on the type of valuations that you do - commercial, residential, rural etc. Commercial tends to be a little more desk based (doing spreadsheets and reading leases) but all valuations require inspections of the subject property and inspection / analysis of comparable sales (in detail and also looking at macro trends) which also involves keeping up to date with trends - for example a farm valuer will need to know the ins and outs of the market, prices for milk etc.
From there of course comes the art/science of determining a value based on that comparable evidence - these are the methods that you are taught at Massey. There is report writing to finish the process off, but in today's world there are apps and templates that are usually used to break the back of it. Most firms will have their own formats and templates (and bigger ones may have staff to do this).
Most valuers will specialise. However, in a smaller firm in a smaller area you may well be a generalist doing a range of sectors.
Some valuers also get involved in dispute resolution, such as arbitrations and Court determinations, which brings in another dimension of the job which can be very interesting if you are inclined towards this.
Take a look at www.propertyinstitute.nz