RICS Chartered Surveyors The Significance of Engaging Accredited and Licensed Valuers
The importance of appointing accredited, licensed, or professional valuers cannot be overstated, as robust, reliable, and transparent valuations play a pivotal role in various business and investment decisions. They are crucial not only for financial markets but also for the stability of the global financial system.
While local real estate agents can provide estimates of your property value based on current market trends and their knowledge of the local area, it’s vital to understand that these estimates serve as guide pricing. The opinions offered by agents are subjective and lack the definitive, authentic, and legal standing that accredited valuers bring to the table.
Accredited valuers, being formally qualified in market valuation techniques, follow a structured process to deliver comprehensive valuation reports. These reports compile a wealth of evidence and data that justify their conclusions, setting them apart from the more limited insights provided by real estate agents.
Valuation, being a complex task, requires a nuanced understanding of variables that under-qualified industry professionals may overlook. Real estate exhibits heterogeneity, with each property possessing unique features such as location, lot size, floor plan, legal attributes, and amenities. These distinctive characteristics make the valuation process challenging but are thoroughly considered by qualified valuers.
Professional valuers go beyond mere estimates; they provide formal, accurate, accountable, unbiased, objective, informative, and legally defensible valuations. These valuations are relied upon by various entities, including financial institutions, lenders, private individuals, property companies, and the public sector.
The role of a real estate agent, while valuable for estimating property values based on market trends and local knowledge, remains limited to providing subjective opinions without legal standing. In contrast, accredited valuers bring a higher level of expertise, ensuring that their reports offer a more comprehensive and legally sound basis for making informed decisions.
In conclusion, the unreliability in valuation, which may arise from underqualified assessments, can lead to increased costs, wasted time, heightened risk levels, mistrust, and disputes. Engaging accredited, licensed, or professional valuers is, therefore, an essential step toward ensuring sustainable development in the realm of property transactions.
The Benefits of Choosing an RICS Valuer
Selecting an RICS valuer comes with a multitude of advantages due to the organization’s status as one of the world’s largest bodies for Chartered professionals specializing in valuation, property, land, construction, and infrastructure.
RICS, as a regulatory authority, holds a significant role in promoting and regulating the surveying profession. This is achieved through a strict code of ethics, and RICS standards documents outline ethical, conduct, sector-specific, and competence-related standards for its professionals. What sets RICS apart is its unique regulation of members, ensuring strict adherence to the Rules of Conduct.
Members of RICS are subject to meticulous regulation by the Royal Institution of Chartered Surveyors, compelling each surveyor to follow stringent codes of conduct. The RICS Valuer Registration scheme, globally recognized for its rigorous standards, outlines mandatory practices for professionals engaged in valuation services. RICS members undergo external audits to ensure compliance with these regulations.
By appointing an RICS registered valuer, clients can rest assured that they are collaborating with regulated and qualified professionals who:
- Adhere to the IVS & Red Book valuation standards,
- Are committed to openness and transparency,
- Possess expertise in their field, delivering credible and high-quality reports,
- Continuously update their skills and knowledge throughout their careers,
- Exercise independence and objectivity in all instructions, identifying any threats to independence or objectivity, including conflicts of interest,
- Uphold a duty to treat client-related information as confidential.
In summary, choosing an RICS valuer guarantees a partnership with professionals dedicated to the highest standards, ethical practices, and ongoing professional development in the interest of their clients.