As we all prepare for the closing days of 2023, it is worth acknowledging that it has been a huge year for all across our API eco-system and our team is very much looking forward to the upcoming rest and recharge period.
We have been fortunate to have had a highly experienced API Board steering our strategic direction focusing on our purpose for the benefit of our highly diverse group of more than 8100 members. I am very grateful for their combined high level of sector experience and expertise and the continued support of our API team. This advice guides the many initiatives we have in train at any point in time as we implement the important strategic pillars outlined in our future focussed Strategic Plan. We have appointed two independent non-executive Directors this year to support the delivery of our Strategic Plan and our current list of Directors can be found on our website.
Our Strategic Pillars drive and shape our Initiatives in any given year. This year our initiatives, projects, consultations and product & service offerings have supported them, within the context of an accelerating data, technology, regulatory and customer demand external environment.
We very much value the members of our Committees encompassing all States & Territories, Standards Steering, Education, APREF, RVI, PRRES, along with University Roundtables, Specialist Technical Working Groups and all regional Discussion Groups. I extend my thanks to the wonderful members of our extensive Volunteer Committees and Working Groups for their support, industry insights and feedback that enable us to deliver value across the sector. Thank you again and on behalf of our members we appreciate the work you have delivered for our collective success and the profession.
I have been privileged to work with many of our members and firms to support their corporate Diversity and Inclusion, Leadership and Professional Development agendas. We have worked closely with our Women in Property Valuation community at a range of events nationally.
Thank you to all our Valuers General for your important contribution to our profession and our API community. We have very much appreciated the close engagement of the new 2023 wave of VG’s and will continue to work closely with you and your departments in 2024. Congratulations on your appointments.
A huge shout out also to our almost 500 speakers and contributors across almost 140 events, webinars, podcasts and learning modules in 2023. Without you, these activities do not happen, and we appreciate your time and support.
We appreciate the work that has been undertaken this year with our strategic partners and sponsors in the insurance, data and technology sectors as we support our members across a range of initiatives.
Following an extensive global consultation programme, we delivered this year an important strategic document that not only provides feedback on the challenges and opportunities that face our sector, but outlines the strategic initiatives to support our membership that we will continue to build on and implement through 2024. If you have not yet downloaded a copy, our Future of the Profession Report will provide an excellent reading opportunity on the beach or in the snow in coming weeks.
This year, with leading the future for our profession front of mind and with Board support, we embarked upon a strong international agenda, positioning the API as a leading global Valuation Professional Organisation (VPO). We have led the conversation globally this year with the International Valuation Standards Council (IVSC), the World Association of Valuation Organisations (WAVO) and a large list of equivalent professional bodies across the globe delivering our vision for the future, the Futures Report findings and action plan and agenda to lead the development of frameworks across standards, data and technology to support the future of our profession.
In October, the API joined the coalition of G20 countries meeting in India to commit to our foundational membership of the inaugural V20 Group. This Group of International industry bodies has been formed to champion the agenda of our combined membership in underpinning standards, ethics and collective intelligence as a profession to advance principles that support the economic, governance, investment and sustainable development decision making across the G20 group of countries. This work is being undertaken with the vision to place our profession, its expertise and advice, at the forefront of global economic decisioning amongst the participating countries.
Advocacy is undertaken in many sectors and all levels of government. In 2023, we delivered 20 written responses to 20 legislative consultations nationally and met with 45 key government and regulators.
To address the need in our regions for property professionals, we launched a multi year Regional Engagement Programme with attendances at regional events, schools, Councils, local MP’s and business chambers. Our extensive FY24 regional programme planning is underway.
Our members will note the consultation, pilot project and delivery within our Standards setting function, being:
- Wholesale Review of the API Code of Ethics and API Rules of Professional Conduct
- CPV (Residential) certification pilot
- International Property Measurement Standards consultation
- Response to IVS Exposure Draft for Consultation 2023
- Response to IVSC Perspectives Paper: AVMs and Residential Valuations
- IVSC TAB Panel Discussion: Future of the Valuation Products and Services
- Upgraded Guidance Paper releases – Native Title Matters, Disclaimer Clauses & Qualifications and Rental Valuations & Advice and Rent Determinations
- The new Module – Residential Valuation Standing Instructions V4
- A series of Hot Topic Alerts & Reminders
In 2023, we have consulted and provided New Asset Class Guidance in the areas of Specialist Disability Accommodation and Carbon Farming Projects Guidance Paper, in conjunction with Carbon Market Institute
Our APIV Scheme Professional Standards Committee (PSC) Additional Risk Reporting was approved by the PSC and we continue to work closely with this important stakeholder on the management of our Scheme.
Strong and Sustainable Association
We will finish the year in a strong financial position as is to be expected, with sound financial, investment and risk governance being at its foundation.
To meet the Strategic Plan vision, we continue to review and consolidate our organisational structure, functions and skillsets. The necessary changes we have made in 2023 are intended to meet the future focussed need for our organisation. No doubt our members have met some of our new team members and will continue to support the onboarding of our new 2024 recruits. Thank you for your patience as we transform our team to match the necessary transformation being undertaken in yours.
This year we have established a Programme Management Office to lead the design and delivery of the myriad of strategic initiatives we will continue to roll out in 2024. This has added much value internally to the work we do for you.
We are very excited to release early in Q1, in response to member feedback following the last system upgrade, our investment in systems change projects where you will start to see tangible value. These will support you to engage with us in an easier way across our CRM, LMS, E-Commerce Platforms. Thank you for your patience and guidance as we work with you to improve our member experience.
2023 has focussed our attention to this Strategic Pillar and grown our offerings to drive the Learning and Development agenda for our profession. In 2024, we will again invest for growth in this important opportunity for our members.
In 2023, we:
- Upgraded our Professional Capability Framework (in consultation)
- Led the Pacific Rim Real Society (PRRES) Conference with our Future Focus Consultation stream
- Conducted 3 University Roundtable Forums
- Accredited 5 University over 13 degrees
- Attended University visits (with YPP’s) to connect students with API student membership
- Held Career Expos across 4 States
- Delivered 3 new Certifications: Certified Asset Manager; Certified Funds Manager; Certified Property Data Analyst
- Delivered a range of Non Valuer certifications
- Rental Determinations and Rental Assessments workshops
- RVSI version 4 module launched in March 2023
- Bespoke Specialist offerings ongoing – RMM, Ethics, Leadership and Rural
- Leadership skills module launched June 2023
- Emerging Asset Classes – Build to Rent
- Insights into Valuation Module for non valuers
- Insights into Valuation (Rural module)
- Insights into Valuation (Industrial module)
Our APREF Offering awarded 2 Research Grants & 3 Scholarships in addition to managing prior years’ awards.
Finally, words cannot express the deep thanks and appreciation I have for our API team. It has been a year of challenges for many businesses and, I am sure you will admit, our crew have worked tirelessly to listen to member feedback and design and deliver their purpose and passion in member engagement, offerings, products and services.
Thank you to all of you for your ongoing support, patience, humour and the laughs we share every day to work together to deliver our Board and stakeholder remit.
To all of our members, stakeholder, colleagues and your families, I wish you the very best for the season and also thank you for your support throughout 2023. It has certainly been interesting, and I have learned so much. See you in 2024.
As always, please reach out to me at any time to provide feedback, raise areas for focus and opportunities to pursue, with the view to building together the platform leading the future for property professionals.
Amelia Hodge – CEO, Australian Property Institute
Posted on December 13, 2023