The Property valuation is the process of estimating the right value of the property considering the market condition and other factors.
The task of the property valuer is the tough one. The work needs accuracy, precision and great knowledge. To become a successful property valuer one should be aware of market and economical condition, mental judgement, and lots and lots of exposure to for the experience.
There is a significant change in the role of the valuer can be seen. In past they were asked to find the value of the property. Now, it is changed to provide property valuation report after the detailed analysis of the property which exhibits the detailed market study, right value estimation and future prediction also. Which demands to broaden their knowledge and analytical skills.
The valuers should be aware to improve their skills and forward thinking to survive in this era.
Challenges faced by property valuers
At the initial stages the property valuer’s main concern and task is together more and more data. On the basis of the data they assess the property. But with the rapid growth in the field of the information and technology has made property valuer less concern about the data gathering. Now more data is easily available to the valuers. Previously it depends on how much data a valuer has? Is completely shifted to – what they do with the data they have?
The major threat to the valuer and their valuation practice is the use of online property valuation tools. Clients get influenced with the free online valuation tools and start using those tool. As they are easy and quick to get the estimated value of their property. But are they reliable one? No. No one tool can replace the human being. The valuer keeps eye on the every factor while evaluating the property’s value. They consider the factors first then with the analytical skills they evaluate the property’s value. Though the automated valuation process eats the business of the property valuers. But sooner or later people will understand the real important of having a property valuer.
The risks associated with property valuer professional can not be ignored. Whether it is about market analysis, new developments, and commercial property, investment funds, and insurance.
The role of the property valuer will shift to explore future property valuation rather than current valuation (i.e on the day of the sale).
It is predicted that the property valuation profession will be focussed on valuations for the present, present future and future future. The process to evaluate the current market value of the property i.e present, the present future indicates next 1-2 years and future future shows 5-10 years will require.
The future of the property valuation and valuers is save and secured. In coming years it is going to increase only. All the property valuer aspirants should keep the honesty in their soul and accuracy in work. Get in touch with the best property valuer soon to enjoy the services.