Land and property valuers estimate the market value of land, buildings and commercial property (real estate) for clients, with a view to maximising profit from sale or rental income. Their valuations are also used as a basis for property taxation and rating levels set by local authorities. Valuers are normally qualified surveyors who specialise in this particular field. They work for private companies, local, regional and national government.

Part of the work involves compiling detailed reports for clients on the land or property concerned. Once details are agreed, the agent will organise the auction, market it to attract potential bidders, and manage the auction process itself until a successful conclusion is reached.

Other aspects of the work include business and insurance valuations, compensation assessment, investment appraisal and performance measurement, rating and taxation, funding, financing and the measurement of property for agency and valuation purposes. Valuers need to have an appreciation of elements that can influence price such as site, business potential, and legal, social and economic factors.

Some valuation surveyors specialise in dispute resolution, which may include appearing as an expert witness if the parties start formal legal proceedings. Valuers can also specialise in valuing and auctioneering plant and machinery.

Hours and Environment

Valuers normally work 37 to 40 hours a week, however, some property viewings and auctions occur during evenings and weekends to attract the maximum number of potential bidders.

Outdoor work is common for land and property valuers. Auctions may also be held out of doors when conditions permit. Valuers should be willing to travel and usually need a driving licence.

Skills and Interests

To be a valuer and auctioneer you should:

• have excellent communication and numeracy skills
• have good presentation and IT skills
• have good negotiation skills and be able to demonstrate tact and diplomacy at all times
• be well organised and able to work under pressure
• have up-to-date knowledge of relevant legislation
• be willing to undergo continual professional development
• be able to prepare documentary evidence in connection with disputes over valuations.

Language skills will be extremely useful if you want to work for companies involved in valuing assets in Europe and further afield.

Entry

Entry into the profession usually requires a degree or professional qualification which is approved by the Royal Institution for Chartered Surveyors (RICS), a standards and membership organisation for professionals involved in land, valuation, real estate, construction and environmental issues.

A range of degree subjects are appropriate, including surveying, building quantity surveying and real estate management (valuation and management). Entry requirements are usually five GCSEs (A-C)/S grades (1-3), including English and maths, and at least two A levels/H grades. Vocational A levels/GSVQs Level 3 in subjects such as land management or construction are useful. Related BTEC HNC/HND or equivalent qualifications might also be acceptable.

An Access to Higher Education qualification may also be accepted for entry to certain courses. Please check with colleges or universities for exact entry requirements.

Holders of a BTEC HNC/HND or foundation degree in surveying may be able to start work as a surveying technician whilst undertaking further study to fully qualify. See profile for Surveyor: Technical.

The Royal Institution of Chartered Surveyors (RICS) has details about careers in this field and training course providers. See their contact details in Further Information.

Training

Within surveying and valuation, it is accepted that gaining chartered status is a highly recommended way of enhancing career prospects. This can be achieved through the Royal Institution of Chartered Surveyors' Assessment of Professional Competence (APC) scheme. It is the structured training period undertaken by candidates who have graduated with an RICS-approved degree and have commenced employment.

Candidates have to record a minimum of two years' experience followed by an interview in front of a panel of assessors. If they are successful at this interview they gain professional status.

For qualified surveyors, auctioneering training would normally be given on the job. The RICS website below has information guides on the auctioneering process.

The Institute of Revenues, Rating and Valuation (IRRV) offers training that covers the valuation, legal and taxation aspects of this job. For more details, see the IRRV website in Further Information.

The Awarding Body for the Built Environment has details about the NVQ/SVQ in Valuation at Level 4. This award can be used for entry to Technician membership grade with the IRRV. For details about the Valuation qualification and assessment centres, see the ABBE website below.

Asset Skills, the Sector Skills Council, covering property and housing, are developing occupational standards for certain qualifications in this field. For more information, see their website in Further Information.

Opportunities

Opportunities exist in private practices such as estate agencies, auctioneers and surveying firms. Financial institutions, the Civil Service and local government, the Valuation Office Agency also employ valuers.

Many opportunities depend upon building up relevant experience, as well as possessing appropriate academic qualifications. Some valuers become consultants and work on a freelance basis. There may be opportunities to work with firms offering European cross-border valuation services, as land and property markets open up. The development of international valuation standards due to increased globalisation in the market place will also lead to opportunities for those with the right experience and technical skills.

Annual Income

Figures are intended as a guideline only.

Starting salaries for newly qualified staff are between £20,000 and £23,000.
Experienced valuers earn between £24,000 and £36,000.
Senior staff with chartered status can earn around £40,000.

Freelance valuers charge according to their experience and type of contract they are dealing with.

Further information

Surveyor Court
Westwood Way
Coventry
CV4 8JE
Tel: 0870 333 1600 41 Doughty Street
London
WC1N 2LF
Tel: 020 7831 3505 2 The Courtyard
48 New North Road
Exeter
Devon
EX4 4EP
Helpline: 08000 567160