Valuer or Property Economist - Career Advice - Banking, Finance and Insurance

Land Economists and Valuers provide advice on the administration and use of land and property, and assess the value of land, property and other items such as commercial equipment and objects of art. FutureGrowthModerate

Valuations are made for many different purposes, such as rating and taxing, finance, financial reporting, investment, insurance, rental, sale and purchase. Valuers generally specialise in a particular type of valuation according to their knowledge and experience, such as real estate or art. Valuers have a lot of contact with the public and may be required to spend a lot of time travelling.

ANZSCO ID: 2245

Alternative names: Property Economist, Land Economist

Specialisations:

Real Estate Valuer - works in the valuation of city, suburban or country real estate and with different types of properties, such as commercial, industrial, residential or retail and other business properties. They may also analyse property investment returns, consult with other industry professionals, act as expert witnesses, work out appropriate rentals and provide market valuation reports.

Knowledge, skills and attributes

Personal requirements of a Property Economist

good communication and presentation skills
leadership qualities
aptitude for mathematics and computers
sound judgment and analytical skills
active listening
negotiation skills
persuasion capabilities
reading comprehension
use of logic, reasoning, and critical thinking

(Source: Good Universities Guide)

Duties and Tasks

providing advice on land and property financing and valuation matters
researching and advising on the administration and use of land and property
developing and implementing sales and leasing proposals for commercial land and property
providing asset management services for the administration and use of land and property
analysing land and property investments
managing land and property portfolios and commercial property developments
calculating values by considering market demand, condition of items, future trends and other factors (location, size, topography, zoning legislation, and the availability of services, such as transport, community facilities and parking, in the case of real estate, for example)
examining property, selecting methods of valuation, and submitting written assessments
giving evidence in legal proceedings, mediating on valuation matters and providing rental determinations for arbitration purposes
submit written assessments of value
provide consultancy advice about valuation matters
advising governmental officials, private businesses, and other clients on appropriate and beneficial uses of land
determining the value of a particular plot of land or piece of property by studying financial documents and information about the surrounding community
helping clients to manage assets
predicting future trends in land use and demand by studying market data and using this information to advise clients and developers
researching information about land and the nearby areas to best determine an accurate value for land
working with commercial property developers to maintain up-to-date files on current land and property values
working with the legal system as needed to provide evidence, act as official witnesses, or to help in mediation and arbitration

Property valuers may also be assessors, who value properties for government tax purposes. Assessors often value an entire neighbourhood or land area at once by using mass appraisal techniques and computer-assisted appraisal systems.

Property value
(Source: API Magazine)

Working conditions

Valuations are made for many different purposes, such as rating and taxing, finance, financial reporting, investment, insurance, rental, sale and purchase. A significant proportion of a valuer's time is also spent writing reports. A valuer's competence is largely judged on the quality and thoroughness of a report.

You would usually be based in an office but travel extensively to valuation sites. You would require a current drivers' licence.

Employment Opportunities

Valuers are employed by government departments or in the private sector. New or trainee valuers may spend part of their time on other tasks such as real estate sales or property management. In the private sector, most valuers are employed by valuation firms, auction houses, real estate agencies and various financial institutions such as banks, insurance companies and building societies. There are also opportunities for self-employment.

Opportunities for transfer and promotion are available between companies, or into management of property or real estate. Movement into related areas of employment such as property development and investment management is also possible. Prospects can fluctuate with the level of activity in the industry of your specialisation.

Education and training/entrance requirements

To become a valuer you usually have to complete a VET qualification. As subjects and prerequisites can vary between institutions, you should contact your chosen institution for further information. You can also become a valuer by studying property, property economics or valuation at university. To get into these courses you usually need to gain your Senior Secondary Certificate of more of English and mathematics are normally required.

A skill level equal to Bachelor Degree or higher is needed to work in this job, although only half of workers have a university degree. Sometimes relevant experience or on-the-job training is also needed. Registration or licensing may be required, depending on which state or territory you live in.

Valuers specialising in other fields, such as machinery, art, collectibles or antiques, usually have qualifications or extensive experience in their area of specialisation. Additional training is usually provided on the job.

Valuers who have completed an approved course can apply for membership of the Australian Valuers Institute (AVI) or the Australian Property Institute (API) and, with further experience, become a Certified Practising Valuer (CPV). Non-real estate valuers have the opportunity to become members of The Auctioneers and Valuers Association of Australia.

Did You Know?

What type of property valuation can be conducted?
The two main types of residential property valuations are an ‘Automated Valuation Model’ or a ‘Full Valuation’.

An Automated Valuation Model (or AVM) relies on a purpose built valuation system to generate an assessment of a property’s value. The result takes into account property data, comparable sales figures and information specific to the property being valued (i.e. block size, number of bedrooms/ bathrooms, garage etc).

Alternatively, a Full Valuation includes a physical inspection of your property as part of the assessment. In addition to analysing comparable sales and market data, an individual valuer will take photos and internal measurements of rooms, as well as make notes on the quality and condition of the property.
(Source: MMO)