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RICS SBE
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March 29, 2021

Career in  Property Valuation - An opportunity for Architects and Civil Engineers

Civil engineers and architects play a crucial role in finding opportunistic values in the built environment sector. Here’s what skills need to be acquired to become a professional valuer!

As per Chen, 2020, valuation refers to the quantitative process of assessing any asset’s credibility or worth. It demands a proper technique to determine the fair value. While measuring a company's worth or value tests the capital structure, an analyst is expected to consider potential profits, assets' market value, and management.

PROPERTY VALUATION 1Why property valuations are important in the built environment?

Here’s why property valuations play a crucial role in the built environment sector:

1. To mortgage a property: When anyone applies for a loan regarding any property construction, explicit security is calculated, evaluated, and valued. Hence, for the mortgage purpose, valuation is a must before sanctioning a loan to the buyer.
mortgage a property
 
For taxation 2
2. For taxation: For the computation of wealth tax, property tax, vacant land tax, municipal tax etc., valuation is necessary.
 

3. For optimum selling and buying of property: To accurately determine the property’s worth when buying, selling, or renting, the valuation process becomes extremely crucial as over, and under-valuation can cause heavy losses.

For optimum selling and buying of property
 
For stamp duty

4.For stamp duty: To analyze the stamp duty while transferring any property by an organization, individual, or company, valuation becomes a must to do step for finding the worth of the property.

 

5.For acquisition purpose: Valuation plays a significant role at the time of auctioning off any company or organization as it helps in deciding the actual worth of property.

For acquisition purpose
 

Valuation profession as an opportunity:

The initial step in the valuation process is to understand the individual, company, or organization’s business interests to accurately perform the financial analysis calculations, such as growth percentage, P/E ratio, dividends, capital structure, equity, future earnings, etc.

Multiple methodologies and techniques, such as the asset approach, the income approach, or the market approach, are used to estimate the value and prepare the report.

Do you know that in the past 45 years, land and building valuation has been increased by 496%? This figure clearly implies the huge career progressions of engineers and architects into valuation roles.

A must-have skillset for a valuer:

Before jumping into the valuation profession, a valuer must obtain specific skills to excel in the field, which are:

  1. Communication: One of the prime responsibility of a valuer is to meet different clients and sources and conduct interviews to get a clear picture of the situation. Hence, excellent communication skills come in handy and having a solid grasp of the local language gives an added advantage. Also, the valuer must be good in both verbal and non-verbal communication to work well with numerical and explain it to the clients with justifications.
  1. Organisation: As a valuer, one needs to handle many projects from different fields; thus, organizational skills will benefit in terms of saving time and efficient management of schedules.
  1. Professional scepticism: Professional Scepticism means having an aware and open mind with inquisitive curiosity. In the valuation industry, being curious about sources’ information is an optimum way of understanding details. Hence, it becomes crucial for valuers to make scepticism a habit in everyday life.
  1. Intellectual curiosity: It means asking as many questions as to acquire complete knowledge of the matter. No curiosity may lead to a career downfall if the valuer does not keep up with all information, be it new or existing.
  1. Entrepreneurial spirit: In the valuation business, working with the same client, again and again, is pretty rare. Hence, it is a prerequisite to have an innovative and entrepreneurial spirit if there are very few clients. It becomes significant to find creative avenues to develop leads.

About RICS SBE:

RICS School of Built Environment (RICS SBE), Amity University is an industry led academic institution which delivers specialized undergraduate and postgraduate programs to students ambitious to work in real estate, construction and infrastructure sector. It also aids as a hub for research and development of technical proficiency in built environment.

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