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potential structural issues or damages like chipping paint, slanted floors or ceilings, holes in the floor or wall, outdated or stained flooring, lack of natural light or signs of mold damage.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.
