Valuation of properties is extremely important when there is a decision to buy or sell the same. However, it would be an understatement to say that the process is complicated and complex. Hence, it is but natural for almost all customers, however big or small they might be to outsource the entire job of valuation to experienced and competent professionals. But how does one find out whether a valuer is experienced, competent and skilled? There should be some yardsticks and methods by which this can be found out. It is therefore compulsory for all valuers to have a certificate issued from the competent authorities. The certificate certainly ensures that the valuers have gone through the various due diligence process before setting up shop. Certification also ensure that the valuers abide by the rules and regulations and are transparent in their dealings with customers and other stakeholders. It goes a long way in ensuring that the follow the generally accepted standards and practices when valuing a property.
Accurate valuation of the property is very important because it goes a long way in ensuring that the buyers and sellers take an objective decision based on the inputs. Apart from the quantitative figure available in the valuation reports, there are also a number of other areas too where the report is found to be very useful. For example, professional valuation reports also contain mention about quality of neighborhood, infrastructure development, availability of amenities and facilities and other such important information. Hence, it is important to ensure that all these information are made available in each and every valuation report that is generated by valuers. This is possible only when certification of valuers takes these facts into account.
Now coming to specifics of certification, this is usually done by the government appointed authorities who have the mandate to offer such certification. It is not done by default but is done only when the valuers go through the various due diligence processes as mentioned above. The process of certification may require the authorities to spend some time with the valuers and understand the process flow and the various steps that they are taking to ensure smooth and error free valuation. Once they are satisfied they issue the certificate which entitles the valuer to carry on business in the city.Read More