Here's how valuers and appraisers establish the monetary worth of property and assets
In recent years the term ‘valuer’ has been used to describe a person who determines the value of immovable property, while the term ‘appraiser’ is used to describe a person who determines the value of any property, merchandise, goods and assets for purposes of managing deceased estates.
Valuers and appraisers use the most readily available comparable facts and examine goods for condition and authenticity. They provide information for the parties concerned with the sale or expropriation of property. They may also be called upon to establish the value of security offered for a loan or mortgage. They assess the value of properties to enable local authorities to raise rates and taxes.
They ascertain the value of company assets and shares. They evaluate the amount of cover and claims for insurance and estimate the value of plant and machinery. It is obvious that in every instance the good judgement of valuers is of cardinal importance to the parties concerned, because vast sums of money are at stake.
The exact nature of valuers’ work depends upon the employing organisation, such as building societies, banks, insurance companies, government departments, provincial administrations, local authorities or private practices. Their working conditions can vary widely from day to day, depending on the type of valuation required to be done.
Valuers may find themselves in a very large office environment, whereas other colleagues may spend much of their time out-of-doors, inspecting properties. However, valuers can never be entirely office bound, because no valuation can be made without a physical inspection of the property and other comparable properties. Whatever field valuers may decide upon, they can expect to travel to some extent.
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- Good communication skills
- Honest and objective
- Good judgement
- Able to keep matters confidential
- Have unquestionable integrity
- Able to think logically and clearly
- Able to gather and coordinate information
- Familiar with sources of public information
- Able to analyse facts and figures correctly and impartially
- Able to read blueprints and mechanical drawings
- Knowledge of building construction
How to enter
Schooling & school subjects
- National Senior Certificate meeting degree requirements for a degree course
- National Senior Certificate meeting diploma requirements for a diploma course
What to study
Degree: Various university degrees are recognised - for example, a BCom degree with Business Economics, specialising in Real Estate - UNISA
Diploma: N.Dip: Real Estate (Property Valuation) - UNISA, TUT all valuers and appraisers must be registered with the South African Council for Valuers.
To accommodate all persons concerned, there are three categories of registration: valuer, associated valuer and valuer-in-training. In addition to obtaining one of the above-mentioned qualifications, they should apply to the Council for registration as a valuer-in-training, because the Council recognises only practical experience gained as such.
It is highly advisable that valuers-in-training also become student members of the South African Institute of Valuers, which presents seminars and workshops with Valuation as a subject.
- Financial institutions
- Provincial administrations
- Local authorities
- Property development companies
- Self-employment, in private practice as a consultant
- Useful experience includes: work as an auction room attendant, insurance work, work selling or servicing the items that may need to be valued
- Make an appointment to speak to assessors, appraisers or valuers about this type of career and ask permission to observe them at work
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