Valuer / Auctioneer: Land & Property
The Work
Land and property valuers estimate the value of land, buildings and commercial property (real estate) for clients, with a view to maximising profit from any sale. Valuers are normally qualified surveyors who specialise in this particular field.
Part of the work involves compiling detailed reports for clients on the land or property concerned. Once details are agreed, the agent will organise the auction, market it to attract relevant potential bidders, and manage the auction process itself until a successful conclusion is reached.
Other aspects of the work include business valuations, compensation assessment, investment appraisal and performance measurement, rating and taxation, funding and financing and the measurement of property for agency and valuation purposes. Valuers need to have an appreciation of elements that can influence price such as site, business potential, and legal, social and economic factors.
Valuers can also specialise in valuing and auctioneering plant and machinery.
Hours and Conditions
Valuers normally work 37 to 40 hours a week, however, for viewing property and holding auctions, some weekend or evening work may be necessary. Many auctions are held at weekends to attract the maximum number of potential bidders.
Outdoor work is common for land and property valuers. Auctions may also be held out of doors, when conditions permit. Valuers should be willing to travel and will usually need a driving licence.
Skills and Interests
To be a valuer and auctioneer you should:
Training
The Assessment of Professional Competence (APC), is the structured training period carried out by candidates who have graduated with an RICS-approved degree and have commenced employment. Candidates have to record a minimum of two years' experience followed by an interview in front of a panel of assessors. If they are successful at this interview they gain professional status.
The Assessment of Technical Competence (ATC) mirrors the format of the Assessment of Professional Competence (APC). It consists of a minimum training period of two years, after the appropriate level of qualification, with an interim assessment after one year. During this period candidates must accumulate and document, in a structured fashion, experience and competence relating to their route.
Successful completion of the ATC is the minimum standard for entry as a Technical Surveyor (TechRICS) - a qualification in its own right. Further details of both training schemes can be obtained from the RICS.
For graduates in other disciplines, a postgraduate qualification of the Royal Institute of Chartered Surveyors is available.
For qualified surveyors, auctioneering training would normally be given on the job.
To qualify as a chartered surveyor specialising in plant and machinery, you need to take a postgraduate conversion course. The syllabus is a combination of theory with a strong emphasis on practical application. For details on the Diploma, contact RICS.
The Institute of Revenues, Rating and Valuation (IRRV) offer a qualification that covers the valuation, legal and tax aspects of this job. The qualification can be studied via distance learning. Contact IRRV for details.
Opportunities
Opportunities exist in private practices such as estate agencies, auctioneers and surveying firms. Financial institutions, the Civil Service and local government, the Valuation Office Agency are other possibilities.
Many opportunities depend upon building up relevant experience, as well as possessing appropriate academic qualifications. Some valuers become consultants and work on a freelance basis.
Salary
The figures below are intended as a guideline only.
Salaries vary depending on age, qualifications and experience; also demand for particular specialisms can affect salary levels.
Trainee valuers earn between £8,000 to £13,000 or more a year.
Experienced valuers earn between £15,000 to £23,000 or more a year.
Freelance valuers charge according to their experience and contracts.
Further Information
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Royal Institute of Chartered Surveyors
Tel: 0870 333 1600
www.rics.org.uk
Institute of Revenues, Rating and Valuation
Tel: 020 7691 8980
www.irrv.org.uk
