becoming a valuer
As New Zealand’s largest employer of property valuers we receive a great deal of enquiries about how to become a valuer. Detailed here are some answers to the most common questions we receive. For more detailed information contact the Property Institute of New Zealand.
What is a property valuer and what do they do? >
What it takes to be a valuer >
Getting Registered >
WHAT IS A PROPERTY VALUER AND WHAT DO THEY DO?
Property valuation is a professional occupation like law or accountancy. The registration of property valuers is governed by the Valuers Act 1948 and the Valuers Registration Board oversees the registration of Valuers. Property Valuers belong to the Property Institute of New Zealand which is the professional body responsible for the development of the profession.
A property valuer advises on residential, commercial, rural and industrial real estate. Typical duties may involve inspecting properties, checking planning regulations to see if changes to property are allowed, researching sales of properties, writing reports, and examining current property prices. Property Valuers make judgments about the value of properties to enable others to make informed decisions about lending, investments and pricing amongst other things.
Valuers enjoy the variation that the occupation brings. In particular they are not stuck behind a desk - the job requires valuers to leave the workplace and visit various sites, (e.g. farms, factories and office blocks). In addition they have the opportunity to communicate with a wide range of people - clients, lawyers, accountants, engineers, and land surveyors.
WHAT IT TAKES TO BE A VALUER
To find out what it takes to be a valuer you can view this job summary. Otherwise the basics include having excellent communication skills (written and oral) and good listening skills.
At secondary school level, the best subjects to take to prepare you for a career in property (in no particular order) are mathematics, English, accounting and economics. For more information talk to your school careers advisor.
Three universities in New Zealand (Massey, Lincoln and Auckland) offer a property qualification – a three-year degree in business with a major in valuation and property management. Graduates from these degrees are able to become registered valuers and members of the Property Institute of New Zealand. Find out about the courses the three universities offer.
The Valuers' Registration Board (VRB) is set up to provide for the registration and discipline of valuers for the protection of the public.
Having completed an appropriate degree, graduates must complete at least three years' practical work experience before submitting 20 valuation reports to the VRB, to apply for an annual practising license and apply to become a registered valuer.
The application must include:
- Completed application form.
- References from three people.
- Full, original copy of the applicant’s academic record and, where appropriate for reciprocity applicants, evidence of good standing in an overseas organisation.
- Workbook. You must submit for examination twenty valuation reports and the appropriate fee.
When considering applications, the Board looks at several things.
- Character and reputation – through submission of three referees, two of which have to be registered valuers.
- Professional competence – by examining a variety of the applicant’s work.
- Whether the applicant holds a recognised certificate – must have completed a course of study in valuation and passed all subjects.
- Good academic training.
- Practical experience - three years full-time practical experience (within the ten years immediately preceding the making of the application).
- Reasonableness and professional attitude.
Once the application for registration is accepted, all applicants for registration undertake an oral examination with the board at some stage during the year. In the first part of the exam, applicants are given various papers with valuation scenarios to consider. In the second part, the board examines the applicant with reference to the material they have supplied.
Registered property valuers also become members of the Property Institute of New Zealand and must undergo 20 hours per year of professional development.
The board has reciprocity agreements with other countries where the other countries’ educational and standards are equal to those required by the New Zealand Board for requiring registration. In addition, overseas qualifications not eligible under the reciprocity provisions may still be considered.
Reciprocity agreements have been entered into with the following organisations:
- Great Britain - Royal Institute of Chartered Surveyors
- Canada - The Appraisal Institute of Canada
- Australia - Registration Boards (where these continue to exist) and the Australian Property Institute
Valuers’ Registration Manual
The manual provides information to those intending to apply to the Valuers' Registration Board (VRB) for registration as a valuer, and their supervisors/employers. View the full manual.