A major property valuation firm says that valuer shortage and inexperience needs to be addressed to avoid placing further strain on catering to a growing industry.
WBP Property group COO Brendan Smith told Australian Broker
that the last five years have seen the valuation industry change, bringing new opportunities to the profession but challenges as well.
“As a career path, being a property valuer can be very rewarding, however, a greater number of barriers to entering the industry have had a dampening effect on the profession, with implications for the availability of valuers at a time when lending on property is at such highs,” he said.
Smith said the the new year has brought even more stringent barriers in entering the profession than five years ago. Valuers must complete a three to four year degree plus 12 months of practical work experience, all before being able to sit their exam for Residential Practising Valuer (RPV) status.
“In order to obtain ones Certified Practising Valuer (CPV) license, a further two years of experience in both residential and commercial property are required,” Smith said.
“While it’s advantageous for valuers to hold CPV for prospective employment purposes, it’s another milestone for valuers to meet in the profession.”
WBP says it is committed to working with brokers to ensure there is understanding on both sides, particularly when brokers query a valuation.
“WBP Property Group engages with groups such as the MFAA on a regular basis to provide information about market performance and the valuation process,” he said.
“We believe that education and understanding from both parties is the key to a better relationship – and encourages valuers to be open to reviewing a valuation, should a well-researched and justified query warrant such.”
Smith said an amendment can take anywhere between 5 minutes and 24 hours to resolve, depending upon the nature of the query, but that WBP has received queries on less than 1% of their valuations.
“WBP’s minimal amendment rate is a testament to our processes, technology and the experience of our personnel.”
WBP’s employees are active members of many organisations including the API and MFAA, and actively promote the profession to encourage and support the next generation of valuers.
The firm launched its Cadet Programme four years ago to hone the skills of the industry’s latest graduates and new talent.
“The advantages of this programme are we can nurture both professional and cultural development utilising best-practice training and valuation methodology,” Smith told Australian Broker