As Germany becomes the latest country in Europe to make valuer registration mandatory, we look at how the programme is raising the profile of valuers and the profession.
From 1 January 2018, RICS Valuer Registration will become mandatory for all RICS qualified professionals carrying out valuations that fall within the scope of RICS Valuation Standards in Germany.
Why valuer registration?
In an increasingly global business environment, valuations are key to ensuring market confidence and liquidity. RICS Valuer Registration (VR) is a programme of quality assurance to monitor compliance with RICS Valuation Standards (“The Red Book”). The Red Book applies International Valuation Standards (IVS), which are now recognised and adopted in most parts of the world, to all RICS members and regulated firms worldwide on a mandatory basis.
Strengthening your position
Making VR mandatory sends a clear message to clients that RICS qualified professionals and regulated firms are held to account when it comes to meeting international standards. We believe this will strengthen your position as a valuer, by giving your clients confidence that they are receiving valuations which meet international best practice standards.
VR across Europe
Valuer Registration is currently mandatory in 10 countries across Europe with major end users of valuation services such as lenders, investors and occupiers increasingly requiring RICS Registered Valuers when instructing valuations.
The 198 registered valuers in the Netherlands are responsible for the majority of investor valuations in the Dutch real estate market and represent the top level of commercial property valuers in the new national register of real estate valuers (Nederlands Register Vastgoed Taxateurs).
VR has been mandatory for valuers in France since January 2015 and 135 valuers have registered to date. The Autorités des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) recognise the Registered Valuer qualification and use of the Red Book for valuations.
Spain now has 112 registered valuers and this certification is often seen as a requirement in tenders, proving that the market appreciates the security that RICS regulation brings.
Collaboration with HypZert
In coordination with mandatory VR in Germany, RICS has extended the existing Memorandum of Understanding (MoU) with HypZert to avoid duplicate regulation for RICS professionals whose professional activities fall within the scope of HypZert’s certification process and monitoring programme. The MoU now also means that RICS offers those who hold CIS HypZert (F) status a simplified route to qualifying with RICS as a registered valuer.
Become a registered valuer
RICS qualified members can register individually or through their company. Individual members can start the application process through the members' portal. A video tutorial is available online. Regulated Firms can sponsor their RICS qualified valuers for Valuer Registration on the firms’ portal.
Please visit rics.org/registervr
For assistance please contact the RICS EMEA Regulation Helpline on +32 2 289 2535 or email email@example.com
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