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What do valuations have in common with surveys?

What do valuations have in common with surveys?

It is not because they do not need the information. Perhaps it is because there is a choice of finding the solution – either a qualified bona ide builder, or an independent surveyor without the high overhead cost of a Chartered Surveyor. So is the RICS pricing its members out of their work? I hope the same does not happen with valuations. Members and now some of the professionals we work with (Solicitors and Accountants) often talk about a “Red Book” valuations, as if it is some essential tool that a client cannot do without. But, in fact it is only the colour of the RICS instruction manual. Yes, it ensures good practice, thoroughness and accuracy. But so does a survey carried out by a Chartered Surveyor. The public want the answer to their valuation questions - and valuations (like surveys) are needed for a whole host of reasons. But they also want value for their money. A “Red Book” valuation is full of quality, but any Chartered Surveyor with the reputation of his firm at stake, is going to deliver the same – whatever the colour. And it cannot just be a matter of P.I. or, if it is, why isn’t insurance cheaper rather than more expensive to be a member of the RICS. And, why the extra tier of a “Regulated Valuer”, when there is the prestigious qualification of the Institution to start with, plus the ongoing CPD requirements and value of experience? As Chartered Surveyors – earning our living within the UK, not in the global market, we have to deliver a commodity that the public want to buy. I hope we do not lose that standard or the demand by expecting a price that is not durable in the public arena. Otherwise, we may suffer the same repercussions as surveys and our profile will diminish as a result.

 

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