The hallmarks of experienced and ethical property valuers

Ms Clark advised that “one size doesn’t always fit all” in relation to property valuers, especially those who “perform best when they have acute knowledge of their geographical market”. 

She listed actions experienced valuers will take, which include:

• Taking the time to inspect every room while noting key features of the residence or detracting issues
• Communicating with the owner to identify important features that can easily be missed
• Understand the current market preference based on industry trends, construction costs and external challengers
• Conduct their own external measurement of the dwelling and improvements instead of relying on potentially inaccurate market plans
• Provide an opinion on value by applying the fundamentals core principles of property valuation

Moreover, she identified the traits of experienced valuers, such as possessing an in-depth understanding of the current market, a strong local knowledge of the area they are valuing in, the ability to produce detailed, quality reports and a record of professionalism and experience, among others. 

“Disputes, divorce, or family law cases can involve conflicting parties and vested interests. The motivation between these opposing parties will often see them pushing for higher or lower valuations to maximise their own benefit from an asset distribution,” Ms Clark said. 

“This is why honesty, transparency and professionalism are paramount in all family law property valuation cases. A fair property valuation instils trust and confidence on all sides — regardless of the outcome.” 

She added, “a lack of transparency tends to give the perception that a valuer isn’t capable or reliable enough to carry out the highly sensitive task, adding even more stress to clients”.

When it comes to verifying a valuer’s credentials before contracting their services, she outlined that clients or their lawyers “can directly request a valuer’s credentials and associated certificates”.

“Family lawyers acting on behalf of clients are legally obligated to propose three property valuers before one is chosen based on suitability. Clients also have the authority to refuse a property valuer proposed by the family lawyer,” she said.

Ms Clark concluded that “valuers are obligated to declare instances where they have worked with any of the individual parties in the past” in order to avoid conflicts of interest, which can “potentially implicate a fair property valuation.”

Tags:

• Latest

Share