Role of Registered Valuers, Appraisers, Estate Agents and Property Managers
Valuers
Only a registered valuer can call himself a – "Valuer", "Land Economist", "Property Consultant" or "Property Manager". He can carry out the practices of valuation, property management or property consultancy. He is educated and trained in all areas of real estate use and development, and is registered only after passing the Test of Professional Competence set by the Board.
The valuation of real estate is needed for the following purpose:
- Financing and credit facilities
- Acquisition and disposal
- Taxation or other statutory purposes
- Investment or other corporate management activities
- Securitisation and other asset valuation purposes
- Market and feasibility studies
- In the exercise of his professional practice, the registered valuer is bound by various guidelines and practice directions issued by the Board such as the Manual of Valuation Standards.
Appraisers
Appraisers are registered under Part V of the Act because of their long experience and earlier registration under the various Appraisers Acts. Appraisers can, and are allowed to, practise valuation and property management but unlike the Valuers they are restricted in practise by geographical areas and value.
Estate Agents
Only those who are registered under the Board can act as Estate Agents. They provide a service in buying, selling, leasing properties for clients so that, optimum returns can be achieved.
Property Management
Currently only a registered valuer can practice as a Property Manager. The property manager ensures that the owner gets the best returns of his property investment. He also ensures that the building is well maintained, the building services well looked after and all expenses paid. He is able to optimise usage and enhance the investment in property. He advises on lease renewals, selection of quality tenants and the appropriate tenant mix.
