Whenever there is a need to change ownership of a property from one entity to another, there are quite a few important points that should be taken into account. Many legal and property documents have to be prepared and executed. Additionally there are some statutory and compliance related issues that should also be taken into account. Since the entire process is complicated, it is important to take professional help to get a move on. Amongst the many professionals, the role of property valuers is very important. While there is no denying this fact one should have some basic information and understanding about the roles and responsibilities of a property valuer. Only when these basic facts are known would it be possible for us to find out why it is necessary to regulate their functions.
The main role of property valuers is to give an accurate figure about the fair market value of the property in question. This is done using various methods and taking inputs from various sources. Based on these valuation reports buying and selling decisions are taken. Further it would also be pertinent to point out there are quite bit of subjective information in professional valuation reports that are also very useful. For example a good valuers’ report talks about the quality of the construction, the development or otherwise of various infrastructure and also the availability or absence of basic amenities and facilities. Hence, there is not doubt that there are a number of benefits accruing to the various stakeholders as far as these valuation reports are concerned.
However at the same time there is also the need to ensure that the valuers are regulated at all points in time. Regulation of property appraisers and valuers is as important as regulation of banks, insurance companies, telecom companies just to name a few. The main objective of these regulators is to ensure that they are following the stipulated rules and regulations and are acting with the customers’ best interests in mind. Further when you have a regulator inspecting the way valuers works it goes a long way in setting their house in order. Valuers would be able to better define the various processes and also ensure that it is working on the ground. Further it would also be pertinent to mention here that these changes will also bring in more productivity by removing all the unwanted wastage of time and human resources. Hence, there is no doubt that regulating valuers will be to everybody’s interest.