Before understanding the importance of certifying a valuer it would be pertinent to have a closer look at the need to go in for valuer in the first place. If you are buying or selling a home, apartment or commercial property it is important for you to ensure that it is valued by a competent and qualified professional so that the fair market value of the same can be determined. When we talk about competent we talk about valuers who have a certificate to run their business in the city, the region or the country in which they are operating. Running a valuation business is illegal and customers who take their services will be put into lot of trouble for such acts which might have been done because of lack of knowledge or ignorance. Hence, the onus lies on the customers to find out whether a particular valuer has the relevant certificate under the law to carry out the business.
Certificate of a valuer is not an easy process and takes time and effort. Usually the government outsources the entire job of certifying valuers to third party service providers. These service providers are manned and run by qualified and certified valuers and other professionals. Hence, if there is a request for certifying a valuation company, these service providers get in to the act. They visit the valuation company and have a close look at the various procedures and processes that are being followed by them. They spend quite a few days analyzing each and every process in minute details. Only when they are satisfied with the entire process do they go ahead with the certification.
The certification does not have an indefinite life and is valid only for a particular period of time, usually 4 to 5 years. The onus lies on the valuation company to ensure that they have the certificate renewed before the expiry period. The renewal process again would call for a complete examination of the entire processes and remove any bottlenecks or hindrances should there be one. Hence, at the end of the day there is no denying the fact that whether you are a small valuer or a big one, the onus lies on you to have your business certified by the competent authority before moving forward.