"A good valuer will not only help you to deliver excellent service to your clients, it was also help to ensure that the valuation process is smooth, accurate, and as timely as possible."
For brokers helping their clients to buy or sell a home, choosing and instructing a valuation firm is a crucial part of the mortgage process. Selecting the right valuer is important because the accuracy and reliability of a valuation can influence the success of your client's transaction.
It is also important because property valuations can differ greatly with each transaction. In some cases, the valuation may be carried out directly through the lender, while in others, it may be sourced through an external provider.
Policies on obtaining property valuations can also vary widely between different lenders and are often determined by who has been instructed to carry them out, the costs involved and the stance held on accepting pre-issued valuations from a non-approved firm.
In some cases, there may even be a question relating to whether a property valuation is even actually required.
Whatever the approach, it is important to remember that a good valuer will not only help you to deliver excellent service to your clients, it was also help to ensure that the valuation process is smooth, accurate, and as timely as possible.
As a specialist business dealing with property valuation firms, Pure Panel Management has extensive experience of the valuations market and can help to provide brokers with insight in how the process works and the key things to look out for.
Firstly, when instructing a valuer, it is important, in all cases, that the valuer is appropriately qualified and accredited by the Royal Institution of Chartered Surveyors (RICS).
Choosing a valuer with these accreditations will ensure they are adhering to professional standards and ethical practices, and that they have up-to-date knowledge of market trends and valuation methodologies.
Local area knowledge is also important as a valuer’s expertise in a specific local area means they will be well-versed in local property price trends, comparable sales, and local demand factors. This reduces the risk of overvaluation or undervaluation, which can affect financing options or sales negotiations.
Choosing a valuer with experience in the type of property being purchased is another aspect of the valuation process that needs to be considered. Different types of properties require different valuation approaches, so choosing a valuer with the right credentials is vital as a valuer specialising in commercial properties would not be the best choice for a residential property valuation.
Similarly, it is also important to consider the type of property being valued. Not all valuers deal in all areas, so determining whether their expertise lies in industrial, residential, retail, or another category before instructing their services will ensure the process goes more smoothly.
Once the right valuer has been chosen, providing them with comprehensive instructions is the next critical step as that can help to avoid misunderstandings and ensure the valuer has all the necessary information to produce an accurate report.
Details such as size, condition, age, and layout of the property are vital, as well as any information related to renovations or extensions. Details such as any unique property features, high-quality fixtures, or recent upgrades can significantly influence the valuation, so providing these details upfront will also ensure that nothing gets missed.
Outlining whether the valuation is being conducted for mortgage purposes, tax purposes or even for probate, is also important as different purposes may require different levels of detail.
Brokers should also ensure they clarify the client’s needs and expectations, including any concerns they may have. This will enable the valuer to align their approach accordingly and help them gain insight into the client’s perspective.
As are often time-sensitive transactions, brokers should also highlight any deadlines or time constraints surrounding the valuation as this will help to manage expectations on all sides and reduces the likelihood of delays.
Choosing and instructing a valuer is an important step in the property purchasing process and it is important that brokers understand the broad range of things to consider when dealing with a valuation firm.
For those seeking further reassurance, referring the client to Pure Panel Management to act as a central liaison point between the broker and their client, the lender and the valuer will help to provide clarity and support.
It will also help to ensure the client receives an accurate, swift and reliable valuation and achieve the outcomes they desire.
