Expert insights for the Gold Coast and Tweed regions
If you’re unsure what’s involved or where to head, read on! As a seasoned Gold Coast and Tweed property valuer, I understand the importance of selecting the right professional to meet your valuation needs. Whether you’re experienced in property or quite new to it, choosing from the multitudes presented to you by the likes of Google can be daunting. Allow me to provide some valuable insights to help guide you through this process.
Understanding the valuation landscape
Before delving into the specifics of choosing a valuer, knowing some background about the role of valuation in the Australian market is helpful.
The vast majority of private sector valuations cater to the requirements of banks and other financial institutions, that is, for mortgage security purposes. Whether you are buying property, refinancing to another bank, or ‘topping up’ your mortgage to leverage the equity in your property to buy that boat you always dreamed of – if you need to borrow funds then the mortgage security valuation aspect comes into play. Depending on your Loan-to-value ratio, your bank will request a valuation.
The banks typically use what is known as a “panel of valuers”, being valuation firms that have service contracts with banks, and they distribute their valuation requests to such firms. These firms are mostly large national firms. Smaller firms that competed in the mortgage security space have by and large been ‘swallowed up’ by the large firms with consolidation in the market over the last decade or so.
The limitations of large national firms
These large national firms exist first and foremost to service their number one client, namely the banks. As such, whilst they might be able to provide ‘non-bank’ valuation services to you, and may even advertise this as a service, it is not a high priority to them. Furthermore, their valuers are employees who are typically rushing around under pressure to complete large volumes of bank work in very short time frames, and a ‘private job’ is just another job on their log for the day (no offence to them!). So, if you were to call or otherwise contact them, you are most likely to engage with a secretary or assistant who will take your details and pass it on, and so it rolls…
The advantage of trustworthy small firms
In contrast, if you engage with a quality small firm that specialises in non-bank work (such as Gold Coast Valuers) you will be able to engage directly with the person making the decisions, and that will be helping you with your valuation need. And for this valuer, your work is the only priority.
Key considerations when choosing a small firm/valuer
When evaluating your options for choosing a non-bank valuer, consider the following:
- Transparency and Credentials: Look for firms that transparently showcase who they are, their qualifications, accreditations, and industry experience. I, AJ Smit, am the principal of Gold Coast Valuers, and I look after the bulk of our work, with ad hoc professional senior valuer help depending on workload. My qualifications include a Master of Business with Property specialisation. I am an Associate of the Australian Property Institute, with Certified Practising Valuer accreditation (AAPI, CPV). I am a Queensland Registered Valuer, as required in this state.
- Established Reputation: Consider the firm’s longevity and track record. My firm has been operating since 2008, with a solid reputation built on integrity and professionalism.
- Direct Access to Decision-Makers: Ensure that you can communicate directly with the valuer responsible for your assessment. At Gold Coast Valuers, you’ll have direct access to me, the principal valuer, ensuring personalised attention to your needs.
Some key points in this article by CBRE apply whether you choose a small or large firm.
For Gold Coast and Tweed valuations, get in touch with Gold Coast Valuers today!
