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From assessing the value of a home for a mortgage to understanding the economic viability of new property developments , valuation surveyors play a fundamental role in the smooth running of the UK’s real estate market.
But what is a valuation surveyor and what exactly does a property valuation surveyor do? In this guide we’ll explain everything you need to know about the profession, including how to become a valuation surveyor and what you can expect to earn as a chartered valuation surveyor.
A valuation is defined as the process of determining the present value of an asset, such as a property or company. Valuation surveyors carry out valuations on assets and liabilities, organise their sale or rent and advise on investment, development and management. This is done by interpreting the market and understanding the dynamics of issues relating to choice.
So, why are accurate valuations important? Valuations are used to allocate the scarce resources of this world, so professional valuations play a vital role in creating a viable property market and a functioning economy.
Valuation surveyors specialise in valuations of residential, commercial and rural properties, as well as plant machinery, businesses, arts and antiques, livestock, crops and intangible assets (e.g. music). If you choose a career as a valuation surveyor, you’ll be tasked with producing high-quality valuations based on robust practice standards.
With a standard working week of 37 - 40 hours, most valuation surveyors are office based, but will be required to visit properties and developments to:
So, what does a valuation surveyor do on a property valuation? A valuation surveyor will need to have a critical eye when viewing a property. You will need to inspect every room in the property as well as any outdoor space, considering factors like the number of rooms and any existing fixtures and fittings. You may be required to physically measure the rooms, as well as take note of the age of the property, the quality of vehicular access and parking.
Considerations must also be given to the outside space including topography, location and the size of the plot. You will also need to consider any opportunity for future development. Many of the same factors will again need to be evaluated when valuing commercial property.
Following the inspection process, valuation surveyors will typically make detailed inquiries into the local property market, researching and analysing comparable transactions, utilising valuation methodologies to arrive at an opinion of valuation, and ultimately preparing a valuation report for the client in accordance with RICS’s Valuation Global Standards (the so-called Red Book).
As you develop your career and become a chartered valuation surveyor you will likely operate across a wide range of asset types, working in both the public and private sector. The most common asset classes include commercial, residential and rural property.
Some valuers practice exclusively in one of these areas, while others deal with a wider variety of property and asset types. At RICS, we broadly group these as three different specialisms:
Starting at the entrant level, RICS is fully committed to taking steps to tackling barriers to entry, and promoting diversity, equity and inclusion within the valuation profession, with a particular emphasis on attracting a diverse group of new entrants to its membership.
If a career in valuation surveying sounds like the job for you, you’ll find a range of different ways you can become a valuation surveyor. They include:
For the university route to becoming a valuation surveyor, you’ll need an RICS-accredited university degree. There are 500 different degree courses related to surveying in the UK. Good options to begin your valuation surveying career include:
Qualifications required:
2 – 3 A Levels (or equivalent)
For graduates that already have a degree, you can take an RICS-accredited postgraduate conversion course. Options including studying for a year as a full-time student or two years as a part-time student.
If you have GCSEs but have decided not to study for your A-levels or university, you have the opportunity to begin your valuation surveyor career through a surveying apprenticeship. You’ll be trained to a recognised industry standard whilst also gaining a foothold in the world of work to secure long-term earning potential and progress your career.
Apprenticeships are open to anyone aged over 16. They require a minimum of 30 hours a week split between on-the-job learning and a college or training provider.
Qualifications required:
5 GCSEs (or equivalent) at grades 9 to 4 (A* to C) – this must include English and maths
To qualify as a valuation surveyor through RICS, you’ll need to embark on your RICS valuation surveyor pathway. This will teach you a variety of technical competencies to aid you in your career and will provide you with a world-renowned qualification in your chosen area of specialism.
Technical competencies include:
The pathway for valuation surveyors includes both RICS associate (AssocRICS) level and full chartered status (MRICS). To qualify as an associate or chartered member, you will have to pass a series of assessments.
This is the entry-level RICS qualification. It offers you the chance to progress your career and gain full chartered status. In order to be eligible, you will need either:
Most people already have surveying-related qualifications and work experience, meaning an RICS chartered qualification is the most common way to qualify. To be eligible you will need either:
For RICS members, there is the opportunity to apply for Valuer Registration: a risk monitoring and quality assurance programme that ensures all valuation surveyors meet the Global Standards outlined in the Red Book. Find out more about Valuer Registration and how to apply here.
Personal skills are also essential for a career as a valuation surveyor. You may already have some of these skills whilst you’ll also have the opportunity to develop them as your career progresses. The following are key skills required of valuation surveyors:
How much you can earn as a valuation surveyor varies widely and will depend on several factors, including your choice of employer, specialism and location. Your qualifications, skills and experience will also play a big factor in your potential earnings.
The average salary for a valuation surveyor is between £45,000 and £48,0001, while graduate and entry-level positions will offer a salary of around £23,000 to £30,000. Securing chartered status can take your earnings to over £70,000 per annum, while those that qualify as RICS Fellows can earn more depending on their experience and seniority. This is before performance-related bonuses and a car allowance, pension, private healthcare and life insurance.
The valuation surveyor role is flexible enough to allow different modes of employment including part time, but extends to the very highly paid investment valuation arenas of key commercial markets like London, New York, Hong Kong and Frankfurt.
For up-to-date surveyor salary information, please visit RICS Recruit.
1 https://uk.talent.com/salary?job=valuation+surveyor
Are you ready to learn more about becoming a valuation surveyor and take the next step in your career? Discover more about RICS and what our qualifications can mean for your future prospects as a chartered valuation surveyor.
