Valuation is an essential part of any property transaction. Before property can be traded or developed, a valuer needs to establish what it is worth on the market at the current time. Valuations can be requested for a number of purposes, including loan security (usually for banks who have been asked to provide loan finance) or property portfolios (for large investors who own a range of properties).
Other valuation work includes carrying out development appraisals (valuing properties that have not yet been built) and compulsory purchase valuation (where large areas of land are being purchased for redevelopment by a local authority or utility company).
What can graduates expect from a job in property valuation?
After inspecting the property and its location, valuers analyse and make comparisons across the local market to arrive at a valuation. This can be compiled into a report or used for further negotiation. Valuation is a core competence that all general practice surveyors need to do as part of their assessment of professional competence (APC) . It involves working with other disciplines such as planning and development, investment and landlord and tenant, so it’s a good place to start to understand the industry as a whole. It’s also satisfying coming up with answers and being part of a larger transaction.
Would a career in valuation suit me?
Mathematical ability is helpful but it’s just as important to have good communication skills: you will need to be able to work with colleagues from other departments and communicate effectively with clients and outside organisations.
Essential skills for graduates planning careers in valuation
- A desire to find concrete answers
- Good communication skills
- The ability to work effectively with people in other fields