VALUERS COMPETENCY STANDARDS

The Property Services Industry Training Advisory Body (PSITAB) has implemented "Valuing" competency standards. These are a worthwhile analysis of the valuation process and the necessary skills and competencies to complete real estate valuations. The first core valuation unit describes the initial competencies to obtain and interpret instructions.
The competency standards cover the valuation process in logical order. The elements in the valuation process are as follows:

STEPS IN THE VALUATION PROCESS - ELEMENTS

OBTAIN AND INTERPRET INSTRUCTIONS

• discuss and clarify instruction requirements with client
• confirm sufficiency of instructions
• determine assignment plan
• determine and negotiate fee
• confirm assignment with client
• prepare and provide instructions to valuers and other professionals.

RESEARCH VALUATION INFORMATION

• establish information requirements and available sources.
• access sources to obtain required information.
• check authenticity of collected information.
• resolve apparent conflicts or ambiguities in collected information.
• determine approach to be taken where insufficient information is available.

INSPECT SUBJECT PROPERTY

• plan and organise the physical inspection of the property
• conduct inspection of the property
• record and file observations and other information obtained through inspection.

ANALYSE MARKET INFORMATION

• investigate comparable sales/rental properties.
• select suitable analytical approach.
• apply selected analysis techniques to market evidence.
• analyse market trends and other factors.

DETERMINE VALUATION

• interpret outcomes of analysis
• analyse data on subject property
• determine value
• record value, analytical approaches used and qualifications required.

PREPARE AND DELIVER VALUATION REPORT

• prepare and edit draft report
• print and collate report
• audit assignment
• deliver report
• respond to queries on report.