What is the Valuer Registration Scheme?

  • The Valuer Registration Scheme (VRS) is a mandatory regulatory scheme for RICS members undertaking most valuation services. It includes a risk monitoring and quality assurance programme which checks compliance with the RICS Red Book and other applicable standards and rules.

Who is it for?

  • If you are an RICS member and doing valuations, you must comply with the Red Book and join VRS unless you are solely undertaking valuations that fall under exceptions. More details on exceptions can be found in PS5 in the Red Book. You must be appropriately qualified as a valuer. If you work in a regulated firm, they may provide sponsorship - you should ask your employer for more details.

How does it work?

  • As a member of VRS, you agree to be audited by RICS Regulation – this is a risk-based auditing programme. Our team will check that you are complying with all stated mandatory professional standards and following best practice guidelines, and that you have robust processes and procedures in place.
  • Every year you will need to renew your membership, paying a fee and submitting your regulatory return.
  • As a Registered Valuer, you can use the RICS Registered Valuer designation. You can also use the scheme logo.

Joining as an individual or sponsored member

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Check your qualification

To be eligible, chartered surveyors must have demonstrated one of two key valuation competencies to Level 3 at final assessment: ‘Valuation’ or ‘Valuation of Businesses and Intangible Assets’. Associate members must have demonstrated the ‘Valuation’ competency at their assessment.

If you qualified via a Recognition of Professional Qualification (RPQ) route you may also be eligible. Contact RICS to confirm eligible RPQ routes.

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Complete an assessment if required

If you have not completed the relevant entry requirements on RICS qualification you can complete the Valuer Registration Assessment.

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Send in your application

Apply to join the scheme through your account. You must do this even if you are being sponsored by your firm. In this case your firm should provide you with a code you can include, otherwise you will need to pay on application.

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Follow compliance and best practice requirements

Follow best practice as a valuer ensuring you are always compliant with the Red Book and renew your membership annually. Submit your yearly return through your account and pay the fee.

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Understand firm support if you are sponsored

Valuers who are sponsored by their firm must provide the code renewal. Some of your regulatory information will be shared by your firm instead of by you in this case, however it is your responsibility to ensure RICS gets everything needed.

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Deregister if you stop practising

If you are no longer practising as a valuer, you must deregister your membership.

Information for firms looking to sponsor your employees doing valuation work

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Register your firm

Sponsoring firms must be regulated by RICS or registered as a non-regulated sponsoring firm. You can find out more about Firm Regulation or registering as a non-regulated sponsoring firm among the available resources below.

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Register as a sponsoring firm and purchase codes

You must register as a sponsoring firm before you can start sponsoring your employees. You should apply for the number of codes you need – one for each employee. The code price depends on the number of valuers your sponsor.

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Share the code with your employees

They will need to input the code when they apply for Valuer Registration, as long as you have seats left in your registration they will be added to your organisation.

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Provide regulatory information and renew annually

As a sponsoring firm you are obligated to complete a regulatory return for all your sponsored employees annually, as well as renewing your codes. Make sure to do this in time to prevent memberships expiring as you will be issued with a new code each year.

Why use an RICS Registered Valuer?

Valuation is one of the key RICS member practices. Valuer registration is our quality assurance mechanism that monitors all registered RICS members who carry out Red Book valuations and ensures consistent standards. By appointing an RICS registered valuer, you can be confident that you are working with regulated and qualified professionals.

Any questions? Check our FAQs page or contact the regulation team on regulation@rics.org.

The regulatory functions of RICS are led and overseen by the Standards and Regulation Board (SRB).