All Topics / Help Needed! / Valuation student with few Questions

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  • Profile photo of AnnanAnnan
    Participant
    @annan
    Join Date: 2009
    Post Count: 7
    February 10, 2009 - 9:48 am

    Hello to all.

    looking for any valuers or people in the know about a few questions.

    Im currently studying bachelor of business property and and am looking to start my career in the valuation field but worried whether I will secure employment as a Grad student during these times.

    questions

    1) Is the Valuation industry experiencing redundancies and are the small to medium companies struggling ?

    2) I know many valuers are contracted what are they paid for their residential valuations is it fixed amount or percentage ( the amount paid to them from the companies that contract them) and how much does the company charge the client eg. average valuation price ) ?

    3) how many valuations would you be looking at from one of these companies within a week. Lets just say I am located in Sydney CBD and whether this would be consistent?

    4) what are insurance premiums costs eg. public liability etc.. needed in order to operate.

    I will be seeking work and understand I will need a fair few years experience first however these questions are just so I know what I can expect within the future.

    thanks to all the reply ahead of time

    cheers

    regards Annan Ranjithabalan

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,856
    February 11, 2009 - 2:28 am

    1) No – there is a shortage of valuers as it is not a 'sexy' profession
    2) Fee is dependent upon the type of work undertaken, it is generally not a % of the property being valued but more directly related to the time required and complexity of the task eg purchasing 20 leases from LTO, research of comparables to formulate an objective viewpoint and the time time required to distill the report.
    3) See 2
    4) PL is generally quite low (as it is a low risk professional business) however the costs of Professional Indemnity will vary greatly depending upon the level of coverage that you seek, the type of client that you will be dealing with, number of staff employed, risk management systems utilised and the volume of valuations that you undertake. Workers comp is a % of wages (for vals it should be less than 1%).

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