What is a property valuer?
A property valuer is a real estate professional who helps determine the value of a piece of land or building. A property valuer works with clients who want to refinance their property to reduce their mortgage rates. They typically provide pre-sale advice to land or property owners who want to determine the selling value of their property before they decide to sell. They can also help clients determine the value of a property they are looking to buy and what areas of their property need insurance.
Property valuer roles and responsibilities
Here are some examples of roles and responsibilities a property valuer may have:
- Take pictures of the exterior and interior of a property for later review and to include in their report.
- Measure the exterior and interior of the property.
- Look around the exterior of the property and take notes of any potential damages or structural issues like a damaged roof, broken window, chipping paint or termite damage.
- Look around the exterior of the property and take notes on any significant improvements that could increase the value of the property like a new roof, fresh paint, well-kept lawn or add-ons to the existing structure.
- Survey the interior of the property to identify the number of rooms, bathrooms and amenities like updated kitchen appliances, fireplace, modern light fixtures and wood floors.
- Survey the interior of the property to identify potential structural issues or damages like chipping paint, slanted floors or ceilings, holes in the floor or wall, outdated or stained flooring, lack of natural light or signs of mold damage.
- Review local zoning codes.
- Compare the property’s selling value to other buildings in the area.
- Draft a report using the notes and photos taken at the property.
Required education and qualifications to become a property valuer
According to Fit Small Business, here’s the typical education and qualifications required for a property valuer:
1. Earn a bachelor’s degree
Most states require that property valuers earn a four-year bachelor’s degree from a college or university. Usually, those looking to pursue a career as a property valuer or real estate agent will major in finance, economics, business or marketing. The education requirements can vary per state, however. For example, New York only requires property valuers to have an associate’s degree.
2. Complete requirements for national coursework
After completing a college-level degree program, those who want to pursue a career as a property valuer have to complete coursework to achieve a trainee appraiser certification. To earn the certification, applicants need to complete a minimum of 75 hours of coursework.
3. Research and complete specific state requirements
Prospective property valuers also need to look into potential requirements for the state they want to practice in. They usually need to take additional courses offered by their state’s licensing board to move further through the process to becoming a certified property valuer.
4. Log 1,000 hours as a real estate agent
While prospective property valuers complete the necessary requirements for their certification, they typically begin work as a real estate agent in their area to gain experience and qualify to take their property valuer exam.
5. Take the Residential Real Property Appraiser Exam
Once a candidate has completed all the necessary requirements, they have to take the Residential Real Property Appraiser Exam. These exams are usually issued by the state licensing board and consist of several topics like legal considerations and real estate mathematics.
6. Submit license application to the state’s real estate appraisers board
Once a candidate passes their exam, they need to submit an application to the state’s appraisers board in order to obtain their license and begin work as a property valuer.
Property valuer FAQs
What is a property valuation?
A property valuation is a type of report that outlines the assets a property has and potential elements that could affect the value of the property. Assets include things like the square footage, bedrooms, bathrooms, kitchen amenities, backyard amenities and proximity to well-known locations. Factors that could negatively impact a property include things like limited space, structural damage or being next to a highway or construction zone. The goal of a property valuation is to determine the price range to sell that property on the market.
How do I find a good real estate agent?
To find a good real estate agent, consider the following factors:
- Your budget:Talk with a lender to determine what you can afford to pay an agent.
- Your property needs:Think about whether you want to look at commercial suites within office parks or commercial buildings or find a vacant office building.
- Locally-approved real estate agents:Read reviews about real estate agents in your area to gauge their professionalism.
If you are looking for a commercial property, you may want to look for real estate agents who specialize in commercial real estate.
How do you interview a real estate agent?
Here are some tips to help interview a real estate agent:
- Prepare interview questions before the interview. Consider asking how long the agent has worked in the area, the types of commercial properties they’ve sold and which local companies they’ve worked with.
- Review their resume and cover letter beforehand and develop questions based on their experience.
- During the interview, make sure to ask about their rates and identify how quickly they could help you find and negotiate a price for a commercial property.
