Estate Agents vs. Professional Valuers: Key Differences
Estate agents and valuers have distinct roles within the real estate industry. Although you can call an estate agent to provide an opinion of value for a property, the process and methodology they follow are likely to differ from those of a professional, certified valuer. This article will assist with understanding the difference between these two roles.
How Are Professional Real Estate Valuers Defined?
A real estate valuer is a qualified professional who evaluates, advises and informs stakeholders (e.g. purchasers, sellers, owners, …) on the value of their properties and associated technical or legal issues. The role is essential as it guarantees transparency, equity and security for real estate transactions. To carry out their profession, a valuer must have extensive knowledge of the market, technical competencies relating to construction and renovation, and an understanding of the relevant regulations in place.
What Certifications Do Real Estate Valuers Possess?
Real estate valuers can be generalists or specialise in certain types of properties (e.g. residential, commercial, hospitality) or certain valuation techniques/methodologies (e.g. Market Value, commercial rents, discounted cash flows). A valuer may work independently, alongside an estate agency or financial instruction, on behalf of the state, or within a specialist valuation firm.
A professional valuer will also likely be associated with a recognised professional body such as the Royal Institute of Chartered Surveyors (RICS), L’Institut Français de l’Expertise Immobilier (IEFI) or The European Group of Valuers Association (TEGOVA). These certifications confirm that the valuer complies with the highest professional standards and applies current, recognised practices and methodologies when carrying out their valuations.
Understanding the Differences between Estate Agents & Real Estate Valuers
Estate agents and real estate valuers offer different services, have varying qualifications, and charge different fees. Estate agents facilitate property transactions, negotiate contracts and provide advice on the buying process. They are typically required to hold a license or legal authorisation and are subject to specific regulations and training requirements. French estate agents are usually paid a commission based on the sale or rental price of the property.
In contrast, real estate valuers are qualified professionals who objectively and impartially assess a real estate asset’s value, condition, or other aspects. They determine the market value of a property, evaluate its condition, and produce reports for judicial proceedings, insurance, successions, and renovations. Real estate valuers do not typically participate in transactions. Depending on local regulations, valuers may need specific licenses and certifications, they often belong to professional bodies such as RICS, IEFI, or TEGOVA. Real estate valuers usually charge a flat fee based on the complexity of the instruction and the time required to fulfil the client’s requirements.
For Expert Advice on Property Valuations
If you require the services of a professional real estate valuer in France, Berthier & Associés is comprised of a team of qualified, experienced valuers who are recognised by the courts and professional organisations. Since the firm’s inception in 1979, they have maintained a guarantee of objectivity and transparency in their valuation work. This includes IFI, divorce, inheritance, and secured lending. For more information visit Samuel Thompson’s webpage and feel free to contact him on +44 7933 239126 for an English language introduction to valuation services appropriate to your circumstances.
