How much will my valuation cost?
The type and size of property to be valued and the reason for valuations differ and therefore we recommend you contact one of our senior valuers or fill in our online valuation fee quote form, for a free quote on the valuation or consultancy work required.
How long will the valuation report take to complete?
The type of property required to be valued will determine the time it will take to complete. Residential valuations generally take between 2 to 5 working days to complete. Commercial properties, due to the more detailed methodologies and less comparable evidence, generally take between 5 to 10 working days for smaller properties and slightly longer for larger, more complex properties.
How long will the inspection take?
Inspections times again, depend on the size of the property and if current building floor plans are available to the valuer. Residential properties generally require between 15 to 30 minutes, and commercial properties can take anywhere between 20 minutes to 1 hour to complete a thorough internal and external inspection.
What is involved in the valuation process?
The valuation process is a detailed systematic procedure a licensed valuer follows to determine the market value or rental value of a property. Steps involved in valuation process are as follows:
- Written Instructions are required from client to comply with the Land Valuers Licensing Board of WA which need to include the name of the instructing party, the property address, the purpose the valuation is required and date of valuation. Additional information such as contact details or the instructing party, contact details for the person who will provide access to the property, any building plans and leases, current rental income and tenants details if applicable and an agreement to our terms of trade.
- The Pre-inspection process involves researching relevant property information including zoning and services information, title information and comparable sales and or rental evidence.
- Our Property Inspection involves a detailed internal and external examination of the built improvements, and the physical characteristics of the land as well as an assessment of the neighborhood’s characteristics and analysis of similar properties in the locality, which may have sold or have been leased around the valuation date.
- We then Analyse the market conditions relevant to the valuation date, including the level of real estate activity, local and global economic, and financial conditions, consumer and business confidence and government and social factors which may influence values and the levels of supply and demand to determine the effect on the value of the site.
- The Market Value may be assessed on several different valuation principles and methodologies taking the market conditions and the type of property into account.
- We then compile the research, our analysis and assessment into a detailed Report explaining and justifying Market Value adopted.
All our valuations are carried out by Licensed, Certified Practising Valuers who are all members of the Australian Property Institute.
How to become a Licensed Valuer in Perth WA
Licensed valuers in Perth and Western Australia are experienced property professionals, licensed under the Land Valuers Licensing Act of 1978 and governed by the Land Valuers Licensing Board. Each Licensed Valuer is issued with a Land Valuers License which has to be renewed every 3 years.
A person who wishes to practice as a licensed property valuer in Perth and WA must undergo significant theoretical and practical training before being considered to sit for their Land Valuers License. The intending valuer must complete a 3 to 4 year Bachelor of Commerce, university degree at Curtin University of Technology, majoring in Property. B.Com (Property)
The person is then required to obtain 2 years full time work experience in the valuation industry under close supervision and guidance of an experienced Licensed Valuer. At Garmony Property Consultants we provide our trainee valuers to a broad range of property types and valuation situations, explain the methodologies that should be utilized for different property types and why they are appropriate, and encourage the trainee valuers to “Think outside the square”. With thorough one on one training, assisting and receiving guidance from senior licensed valuers, our trainee valuers develop the necessary knowledge and skills in market analysis, communication and report writing, in preparation for sitting for their Land Valuers License.
In Western Australia, the Australian Property Institute (API) undertakes the examination role on valuers wishing to obtain their Land Valuers License. The Professional Interview process (previously the Viva-Voce) is an intense written and oral interview by 3 experienced senior licensed valuer members of the API, who critic valuation reports prepared by the valuer and then determines if the valuer has suitable knowledgeable of the valuation industry and the broad property market, to represent the Australian Property Institute as an Associate member. Once admitted as an Associate member of the API, the valuer can apply to the Land Valuers Licensing Board, providing character references and Police clearances for a Land Valuers License.
This whole process generally takes between 4 and 7 years depending on the valuers experience and training. Licensed Valuers must also complete a Continuing Professional Development (CPD) program to maintain their Certified Practising Valuer status with the API. All Licensed Valuers at Garmony Property Consultants, are Certified Practising Valuers and regularly attend CPD programs to further and refresh their knowledge of the property industry.