March 13, 2018
Tips for Selecting a Property Valuer
The following list details 8 helpful tips for selecting a property valuer.
- Conduct reference checks with other Lenders/Mortgage Insurers.
- Check the valuation firm has adequate Professional Indemnity Insurance (and there are no unusual or restrictive conditions that could void the policy).
- Review the company profile information (number of valuers and experience, background of directors/company, quality assurance processes, valuation systems used etc).
- Ensure the property valuer is local to the area or has sufficient staff to cover designated areas.
- Ensure all property valuers are qualified and registered (where required) and are members of an industry body (such as the Australian Property Institute).
- Request a sample property valuation report to ensure it satisfies your requirements and provides adequate information. Ensure the report format is easy to read, highlights issues clearly and complies with industry standards.
- Do not select a property valuer based on cost alone. Be prepared to strike a balance between cost and quality to ensure you get a detailed valuation report that satisfies your requirements.
- Maintain regular contact with your valuers so you can provide feedback on valuations and they can provide information relating to market conditions.
Contact Major Valuations to see how we can assist with your property valuation, phone 9355 3411. Major Valuations are Licensed Property Valuers and Real Estate Consultants based in West Perth, Western Australia. We offer independent residential and property valuation, commercial and industrial services, specialised property and land valuation, property consultancy and general real estate advice.