Property Valuations - What To Ask When Trying To Pick A Good Appraiser
Keywords: Valuation , house valuation, valuer, appraisal, property appraisal, automated method valuation, prop
Valuers (or appraisers as referred to in certain countries around the world) form an important part of the general economy, not just the property industry.
Types of Property Valuations
Property valuers generally specialize in a sector of the property market or in a specific sub sector of the property market. There is also plant and equipment valuers but in this article I will focus on the larger market of valuers, property or real estate valuers or appraisers.
The different types of property reports that can be conducted are:
Commercial
Retail
Industrial
Mixed use
Rental review
Litigation
Property development feasibility studies, analysis and valuations
The most common valuation type is in the residential valuations field and the sub sectors are:
Acreage
Alpine
Apartment
Bed-sitter
Coastal property
Duplex
Executive property
Flat
Government
House
Land
Leased property
Luxury property
Property investing
Property investment portfolio evaluation
Retirement living
Rural
Semi-rural
Semi-detached
Serviced apartment
Studio
Student apartment
Terrace
Townhouse
Unit & unit block
Villa
More specialized valuations include the following (it is advisable to ask the valuation firm that you are considering if they have had previous experience before commissioning to perform a valuation):
Townhouse development
Villa development
Unit block
Single tenant office
Retail strip shop
Combined office retail
Owner occupied
Leased property
Multi-tenant
Mid rise office
Small shopping centre
Warehouse
Vacant land
Special use property
Golf course
Ski resort
Unique property
Hospitality-related property (hotels, resorts, inn valuations, motels, conference center valuations)
Regardless of property size, type, or construction material (from brick to steel to weatherboard homes), a property valuer can service all your property valuation needs as long as they are qualified to do so in that field.
I would suggest checking that the Valuer is registered with the local government or regulatory body of property Valuers / appraisers before asking for any work to be conducted.
It is also advisable to see if the valuation / appraisal reports are covered by a well known professional indemnity insurance provider such as Lloyds. Valuers insurance policies vary so see what the valuers professional indemnity (PI) advantages and disadvantages are as well as its limitations.
Another mindful check method is to contact your local or country governing property body or government organization to see if the individual appraiser or property expert is adequately qualified and whether they have current qualifications that is recognized by that body. This is always a good sign to separate the professional or registered valuers from those that are not.
May your property valuer search be a merry one.
Pino Tedesco is a Director of AusWide Valuations & performs appraisals for major finance companies, solicitors & private clients. Pino has a Major in Property Economics & is also on the Board of the Australian Valuers Institute. For more information www.auswidevaluations.com.au
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