Property valuation whilst not widely understood occurs in the background across all major industries. It occurs to inform all businesses what the true value of their property assets are. It occurs annually to inform our rating and taxation system.
Almost every transaction of property – industrial, commercial, retail, office, machinery and residential, requires a valuation to be conducted. Property valuers are the unbiased source of truth when it comes to determining how much a property and its assets are actually worth. Unlike a market appraisal, a property valuer follows a specific methodology, holds relevant certifications, and importantly is protected with sufficient professional indemnity insurance.
It is because of these reasons that API valuer Members are called upon to provide expert advice to lenders, courts and insurers when asked “What is the value of my property?”
Whilst often these processes occur silently behind the scenes, it is almost exclusively thanks to the professional expertise and specialist knowledge of API Certified Members.
Did you know?
Almost every transaction of property requires a valuation by a certified property valuer. This protects consumers and ensures that lenders are not supplying more money than the property is worth, which ensures that consumers are not lending unrealistic amounts above the value of the property.
Why do we certify our members?
In order to become a Certified Practicing Valuer (CPV), our Members must have completed one of our API accredited degrees which is delivered in partnership with a range of Australian universities. Following the completion of their degree, Members must complete at least two (2) years of on-the-job training as well as completing a required number of compulsory education topics covering ethics and risk management.
Following the successful completion of all educational requirements and on-the-job training, Members apply to API to become certified. The certification process is rigorous and requires applicants to provide three (3) work samples, reviewed by a panel of industry experts, and followed by a professional panel interview to ascertain their knowledge and proficiency. Once these steps have been completed the Member is awarded Certified Property Valuer certification and entitled to apply post-nominals CPV following their name.
To retain their certification, Members must maintain 20 hours of professional development annually including required compulsory education on current risk management and ethical practices.
Do you need to be certified in order to be a valuer?
Whilst there is no law requiring people to hold API valuer certification, some states do require registration. Regulated industries such as banks and insurers, who are the primary drivers of valuation work, do require valuers to be API certified. This speaks to the high esteem in which the industry holds API members and their adherence to international and local professional standards of practice.
Can you be certified without being a member?
In order to hold an API certification you must be a current member. We are the only Australian provider of this certification that is recognized by government and industry alike. The benefit of choosing an API certification is that our members knowledge is current, local and informed, particularly in Australian macro economics that can impact a properties’ value. Some recent examples of this are the Royal Banking Commission, as well as the recent enquiry into PI insurance for small business.
Do I need a valuer?
You may wish to arrange a valuation of your property if you are thinking of buying or selling property, refinancing or if you are wondering how much insurance you need to protect your property. You may also wish to find a valuer when considering how to divide your estate. Whilst usually the banks or insurers will arrange the valuation on your behalf, you may wish for a second opinion. Should you find yourself in need of a valuer, you can find one using our member directory here.