A property valuer is a real estate professional who helps determine the value of a piece of land or building. A property valuer works with clients who want to refinance their property to reduce their mortgage rates.
What is the role of a property valuer?
Property Valuers are responsible for assessing the value of residential, industrial or commercial properties. Assessors often value an entire neighborhood or land area at once by using mass appraisal techniques and computer-assisted appraisal systems.
What is a property valuer called?
A valuer is a professional who carries out inspections in order to help determine the current market value of property and/or land. The role of valuer can be undertaken by an estate agent or by an independent professional (often a qualified surveyor).
What will a valuer do?
The valuer will examine the size of the building, condition, fittings, age, fixtures, layout and design. Ease of vehicle access, garages and out buildings are considered and pictures are taken of the property highlighting important features.
How to Become A Property Valuer In South Africa
HOW TO BECOME A REGISTERED PROPERTY VALUER:
There are many courses on the market which will help you understand the functions of a Property Valuer, but they do not automatically qualify you as a Registered Professional Property Valuer. To register as a valuer with a financial institution, as an example, you must be a member of SACPVP – South African Council for the Property Valuers Profession.
SACPVP regulates their members education, requires that the applicant passes their set examination, adheres to their code of ethics and keeps up with property legislation through obtaining annual Continual Professional Development (CPD) points.
Members must pay an application fee, registration fee and then an annual renewal fee. There are different types of registrations:
Candidate Valuer: Your application requires that you are registered with the relevant tertiary institution for an accredited Valuation programme.
Professional Associated Valuer: You must supply a record of experience in the valuation field for the admission examination. You must also supply proof of qualifications and attendance to the Practical Work-school.
Professional Valuer: A Professional Associated Valuer can apply to become a Professional Valuer and to write the admission examination for Professional Valuers long as he/she has:
sufficient experience;
been a registered member of SACPVP for at least 3 years and
has a recognised four year degree
To qualify as a professional, the following is also required
One of the Examinations/ Qualifications mentioned below
Practical Work-school (offered by various service providers recognised by SACPVP)
Admission Examination for Professional Valuers or Admission Examination for Professional Associated Valuers.
ACCREDITED EDUCATIONAL PROGRAMMES
ACCREDITED EDUCATIONAL PROGRAMMES, PRESCRIBED OR RECOGNISED EXAMINATIONS: [SECTION 20(2)(a)(ii)]
The following educational programmes have been accredited to offer examinations recognised by Council:
(a) University of Cape Town (Department of Construction Economics & Management), any one of the following · BSc together with BSc (Hons) Property Studies (4 year degree), · Post Graduate Diploma Property Studies, or · MSc Property Studies Full Accreditation
(b) University of the Witwatersrand (Wits University) · BSc Property Studies (4 year degree) · Post Graduate Diploma in Property Development and Management · MSc in Property Development and Management Full Accreditation
(c) University of Free State Master of Land and Property Development Management M.L.P.M. (M Prop): Property Valuation-Conditional Accreditation
(d) University of Pretoria (Department of Construction Economics) · MSc: Real Estate, or · BSc (Hons) Property Studies together with BSc Real Estate Full Accreditation
(e) University of Johannesburg B Com Hons (Property Valuation & Management) together with one of the following: · B Com Finance; · Advanced Diploma in Property Valuation & Management; or · Bridging Course in Property Valuation & Management (Refer to the University) Full Accreditation
(f) University of South Africa- (UNISA) National Diploma Real Estate (Property Valuation) Qualification discontinued end of academic year 2011
(g) Cape Peninsula University of Technology · National Diploma Real Estate (Property Valuation)– new enrolment until 2017- Full Accreditation · Diploma Real Estate from 2018 Academic year—Offered as both contact and distance learning (Accreditation visit pending until 2021)
Disclaimer: To ensure that your information is current we suggest that you access the SACPVP website highlight “Registration”, click “How to Register” and read through the processes.
1. BACKGROUND
A valuer is a skilled professional person who determines the value of immovable property for various purposes. A great many decisions involving immovable property are made daily by individuals, companies, banks, central, provincial and local government, statutory institutions, etc. and in making these decisions the skilled valuer’s expertise is indispensable.
Valuations are required for: decision making when buying, selling or expropriating immovable property; deceased estates, mortgage bonds; levying of rates; insurance and investments purposes; rental determinations; leases; servitudes and for many other purposes.
In an ever changing economy, property values are never static and therefore a valuer has to continuously research economic trends, because they often have to predict future trends to make a valuation.
In summary, a valuer conducts valuations on residential, commercial, business, industrial and agricultural properties for a variety of purposes including sale, purchase, letting and mortgage.
2. EMPLOYMENT OPPORTUNITIES AS A VALUER
Private sector
Department of Public Works
Department of Land Affairs
Local authorities
Estate agents
Property developers
Financial institutions
3. HOW TO BECOME A PROFESSIONAL VALUER
In order to pursue this profession legally, a valuer must be registered with the South African Council for the Property Valuers Profession (SACPVP), a statutory body established in terms of the Property Valuers Profession Act, 2000 (Act Nr 23 of 2000).
In terms of the South African Council for the Property Valuers Profession, Act 47 of 2000, a person who wishes to qualify for registration as either a Professional Associated valuer or Professional valuer must:
Receive an academic qualification in Property Valuation as per Point 4 of this document and simultaneously register at the South African Council for the Property Valuers Profession (SACPVP) as a Candidate Valuer.
Attend a Practical Workschool
Accumulate sufficient practical experience in property valuation as specified by the SACPVP, to register as a Professional or Professional Associated Valuer, depending on the experience obtained.
Work under supervision of a qualified valuer (Professional Valuer/Associated Valuer).
Pass the SACPVP Admission Examination for Professional Valuers or Admission Examination for Professional Associated Valuers.
During the period of registration as a Professional Valuer or Professional Associated Valuer, such a person must adhere to the CET hour requirements as laid down by the SACPVP.
It is recommended that Candidate valuers apply for Membership with the SA Institute of Valuers (SAIV) as Student members.
4. ACADEMIC QUALIFICATION
As indicated above an academic qualification as recognised by the SACPVP is required. The following institution’s courses are accredited by the SACPVP:
University of Cape Town (Department of Construction Economics & Management)
Contact Betsie on 021 650 3443 (www.cons.uct.ac.za)
BSc (Hons) Property Studies together with BSc (4 year degree) – Full Accreditation
Post Graduate Diploma Property Studies – Full Accreditation
MSc Property Studies– Full Accreditation
Cape Peninsula University of Technology
Contact Beryl Liebertrau on 021 460 3185
National Diploma Real Estate (Property Valuation) – Full Accreditation
University of the Witwatersrand (Wits University)
Contact David Root on 011 717 7669 or david.root@wits.ac.za
BSc Property Studies (4 year degree) – Not yet accredited (Accreditation visit pending)
University of Johannesburg
Contact Andre Kruger on 011 559 2260
National Diploma Real Estate (Property Valuation) – Qualification discontinued end 2012. This diploma is accredited but no longer offered to new applicants meaning if you already have the qualification then the SACPVP will recognise it.
BCom (Hons) in Property Valuation & Management together with BCom Finance (4 year degree) or together with Advanced Diploma in Property Valuation & Management or bridging course – Full Accreditation.
University of Free State
Contact Benita Zulch on 051 401 3849
Master of Land and Property Development Management M.L.P.M. (M Prop): Property Valuation – Conditional Accreditation.
University of Pretoria (Department of Construction Economics)
Contact Chris Cloete or Douw Boshoff on 012 420 2554
MSc Real Estate – Full Accreditation.
BSc (Hons) Property Studies together with BSc (4 year degree) – Pending Accreditation.
These courses are as of April 2016, obtained from the SACPVP. The onus, however, rests on the prospective student to verify accreditation with the SACPVP prior to the commencement of studies. The Institute cannot be held responsible for any omissions or errors therein.
5. BURSARIES OFFERED BY THE SAIV
Bursaries are available from the SAIV’s National Bursary Fund. The following main selection criteria are stipulated:
The student must at least have successfully completed the first year and be entering the second year, or third year of study.
The student must be in need of financial assistance.
The recipient must be registered as a candidate with the SACPVP and be a Student member of the SAIV.
6. ROLE OF THE SACPVP
The SACPVP is the statutory body which controls and protects the valuation profession by means of the Valuers’ Act. In order to undertake valuations in South Africa, the valuer must be registered with the SACPVP.
7. ROLE OF THE SAIV AS A VOLUNTARY ORGANIZATION
To promote the common interests of persons carrying on the valuers’ profession;
To establish uniform methods of valuing property;
To provide a forum for exchanges of views, to preserve and maintain its integrity and status and with all matters affecting the professional interest of its Members;
To establish a code of professional conduct;
Consults with the SACPVP to determine professional fees in accordance with relevant legislation.
8. BENEFITS OF MEMBERSHIP WITH THE SAIV
Seminars for Continued Education and Training Hours (CET) at discounted prices;
THE SOUTH AFRICAN VALUER, a quarterly publication which is issued to all members of the SAIV;
Access to the International Valuation Standards (IVSs 2017)
Representation on government level when required;
A comprehensive website which provides members with a wealth of useful practical information;
An opportunity to network with other members at seminars and workshops;
Online membership list for access by the public when searching for a valuer;
Benefit from discounts on various profession-related products and services.
9. FURTHER ENQUIRIES
Contact the SACPVP on (012) 348 8643 should you have any further enquiries regarding academic qualifications or registration as a professional.
How much do property valuers earn in South Africa?
R292,321 (ZAR)/yr.
Where can I study my property valuation in South Africa?
University of the Witwatersrand (Wits University)
Contact David Root on 011 717 7669 or david.root@wits.ac.za.
BSc Property Studies (4 year degree) – Not yet accredited (Accreditation visit pending)
How much does a property valuation cost in South Africa?
2. The fee per rental determination should not be less than R1 600.
Price of Property Valuations.
| Value of Property | Basic Tariff | Additional to Basic Tariff |
|---|---|---|
| Up to R10 000 | R385.00 | |
| From R10 000 to R20 000 | R440.00 | |
| From R20 000 to R300 000 | R440.00 | R6,10 per R1 000 over R20 000 |
| From R300 000 to R800 000 | R2,145.00 | R4,10 per R1 000 over R300 000 |
How do you value a property in South Africa?
Pass two subjects covering South African property law; Attend the practical work school presented annually by SACPVP and pass the examination set at the end thereof; Pass the Council’s examination for professional values or professional associated values, as the case may be.
What does a property evaluator do in South Africa ?
Land and property values give professional advice to individuals and businesses who buy, sell, and rent land and property. They estimate the market value of land, buildings, and real estate, to help their clients maximize their profit from a sale or rental agreement.
Is property valuation a good career in South Africa ?
“Property valuation is a great industry to get into and about 80 per cent of graduates are working in the industry by the time they finish the degree. The industry has an ageing workforce, so there’s never been a better time for people to study at TAFE NSW to get the skills they need for a job as a property value
What happens during a property valuation in South Africa ?
When conducting a property valuation, the valuator behaves much like a prospective buyer. They will make an assessment of the land that the property stands on, based on factors such as topography, location and size of the plot of land, as well as the zoning and future development potential of the property.
What do surveyors look for when valuing a house in South Africa ?
They will focus primarily on the structural integrity of the property and look for maintenance issues such as subsidence, unstable walls, a leaking roof or unsafe chimney chute. They will also provide details on the type of materials and glazing used, which is helpful when it comes to ensuring your property.
What makes a good property valuer in South Africa ?
What to look for in an estate agent who will be doing your valuation: Someone friendly that you can easily communicate with (look for a listener, rather than just a talker) Someone capable and punctual who makes a good, professional impression. Someone with detailed knowledge of the local area.