Estimating the value of your real estate is essential for a variety of reasons, including investment analysis, financing, sales listing, taxation, and property insurance. However, many people use the services of a property valuer to determine the asking and purchase price of a piece of real estate property. That said, how can you start a property valuation business in Australia:
First, you need to have a Senior Secondary Certificate, with exceptional performance in Mathematics and English. Then, you can pursue a course in Property Valuation and Real Estate.
Some of the Australian universities offering property valuation courses include:
- Deakin University
- TAFE NSW
- Bond University
- The University of Melbourne
- Curtin University
In most institutions, Bachelor of Property Valuation takes three years and prepares you to work in Australia and overseas. The course combines theoretical knowledge and practical skills, allowing you to understand the operations, regulation, legislation, and legal precedents in the industry.
Before you are declared a certified practicing valuer, you need to gain an accredited qualification and meet the Australian Property Institute's academic entry requirements. You must also have a minimum of two years’ experience in property valuation, and pass a Professional interview that is aimed at ascertaining your competence.
For example, most property valuers in Sydney start as property officers or real estate agents. While at this stage, you’ll learn all the facets of the industry, including property management, sales, and valuations. You’ll also need to earn a Certificate IV in Property Services, which sets you on the right path towards specializing in property valuation.
- Australian Property Institute
- The Australian Valuers Institute
- Auctioneers and Valuers Association of Australia
Employers in the property valuation industry are looking for a person with the following attributes;
- Good communication skills
- Excellent analytical skills and sound judgment
- Proficiency in Mathematics
- Good character
As a starter, you’ll need to work your way up like in any other business. You will need to market yourself before individuals and firms can hire you for your services. This is because reputation is a crucial aspect of success in this industry. Alternatively, you can join an established property valuation agency as it will help you in securing clients as you grow your portfolio. However, the following skills are essential to thrive in the business:
- Ms office proficiency
- Reporting skills
- Written skills
Typically, property valuation business will be a combination of office and fieldwork. You hold some auctions outdoors when conditions allow, where you’ll spend some your time traveling to meet clients and visiting sites.
It’s Time to Get Started in Property Valuation business
Being a property valuer can open your doors to great opportunities. Once you become a certified real property appraiser, after gaining enough experience and a good reputation, you can start your property valuation company. Keep in mind, though, that self-employment is an entirely different ballgame. You will be responsible for marketing your company, raising startup capital, and finding new clients.
You’ll basically assess residential, industrial, or commercial properties to determine the present worth and the future benefits of the property. But how do property valuer make money? In most cases, they are paid to do assessments by financial institutions, such as banks or individuals looking to buy a property. Sometimes they will also assess properties on behalf of the government for taxation purposes.
With more people today going online to search for properties, property valuers are now needed more than ever. The growing demand means it’s the best time to break into the property valuation business and do what you love to do best!
Aaron Campbell is the Managing Director of a national property valuation company that services all manner of clients, from private individuals to Publicly Listed companies at https://www.sydneypropertyvaluation.com.au. Aaron commenced his property valuation career at Raywhite Valuers WA (now Propell National Valuers which was subsequently acquired by Jones Lang Lasalle) as a residential valuer. Within 2 years Aaron was outperforming the senior valuers in the residential department and was promoted to the commercial department. Aaron was trained as a Commercial Property Valuer by one of the industry’s most experienced valuers, Mark Catlin.