The valuation industry has been experiencing a skills shortage, particularly in the area of residential property, where there is the highest demand. So what is being done about it? There has been a push for change within the industry for some time but now it seems to finally be on the horizon.
We’re hearing on the grapevine that the Australian Property Institute is moving towards a full “Certified Practising Valuer” qualification for pure Residential Valuers.
How it stands
Traditionally, graduates who are training to be valuers will build up 12 months post-grad work experience to qualify as a Residential Property Valuer (RPV). The RPV is the entry-level certification to becoming a Property Valuer and there is a threshold of around $1.5 million.
After that 12 months, some valuers don’t even get RPV and just push towards Certified Practising Valuer (CPV) accreditation.
Usually, acquiring a CPV requires two years’ work experience. Then they have to produce three reports including a commercial report. There is also an interview where they will be quizzed on their reports and knowledge.
In a nutshell, a new CPV- Residential qualification is being proposed which will NOT require the commercial report nor the additional training that is needed to pass the commercial part of the test.
The Australian Property Institute governing body has many members with valuation practices who give valuable insight and are supportive of the changes.
How this will help the industry
There is a shortage of qualified Valuers and the current requirement for all CPV candidates to submit a commercial report in order to qualify can be seen as unnecessary and onerous. Especially for firms that separate their commercial and residential teams or don’t have a commercial capability at all.
These changes would remove a hurdle for valuers who are seeking a career purely in the residential sector.
It’s a measure that supports and recognises specialised residential valuers. These changes could potentially reduce fallaway trainees in the sector and reduce the time it takes for residential valuers to become fully certified.