How to get a Job in Valuation Engineering?

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14th of January, 2023

Who is Valuation Engineer?

A valuation is a process of evaluating anything for the current value at any particular point in time. It is even done for vehicles, machinery, etc.

In Civil Engineering valuation is mainly done for buildings for the purpose of Taxation, getting loans, even at the time of selling and buying property. The Engineer who performs this work is called a Valuation Engineer.

What is the main purpose of the valuation?

1. Buying or Selling Property

2. When it is required to buy or sell a property, its valuation is required.

Taxation

To assess the tax of a property, its valuation is required. Taxes may be municipal tax, wealth tax, Property tax, etc., and all the taxes are fixed on the valuation of the property.

Rent Function

In order to determine the rent of a property, valuation is required. Rent is usually fixed on a certain percentage of the amount of valuation which is 6% to 10% of the valuation.

Security of loans or Mortgage

When loans are taken against the security of the property, its valuation is required.

Compulsory acquisition

Whenever a property is acquired by law; compensation is paid to the owner. To determine the amount of compensation, a valuation of the property is required.

Valuation of a property is also required for Insurance, Betterment charges, speculations, etc.

How to do Registration for Valuation Engineer?

The following steps must be taken in order to register to become a valuation engineer in India.

Education and Certifications: The Institution of Valuers (IOV) registers valuation engineers in India. A post-graduate diploma or degree in valuation from a recognized institute, as well as a degree in engineering or architecture from a recognized university, are requirements for becoming a registered valuation engineer. For a list of institutions that have been approved, visit the IOV website.

Obtain Professional Experience: After completing your education, you must acquire Professional Experience in Valuation Engineering. IOV requires at least three years of relevant experience in the valuation industry or a closely related field, which can be attained through employment with a registered valuation firm, a government agency, or a public sector organization.

Fill out the membership application form on the IOV website after demonstrating that you have the necessary education and work experience to join. Your degree certificates, post-graduate diplomas or degree certificates, and documentation of your work experience must be submitted with the application form.

Pass the IOV Valuation Exam: The IOV valuation exam, which assesses your knowledge and comprehension of valuation principles, methods, and practices, is a requirement for registration. In June and December of each year, the exam is given.

Pay the Registration Fees: You must pay the registration fees in order to register as a valuation engineer after passing the IOV valuation exam. Depending on the type of membership you're applying for, the fees change.

When you've finished all of these steps, you'll be registered with IOV as a valuation engineer and be able to use that designation in India.

What are the Compulsory Education & Technical Skills Required for a Valuation Engineer?

Anyone with basic knowledge of civil engineering and a good hold in mathematics can do valuation. One of my friends who is basically an electrical engineer is now doing building valuation along with his cousin. This field doesn't require much civil engineering knowledge. But in order to get a certificate as a valuation engineer you must possess a degree.

A civil engineer is preparing a preliminary design for the construction of the object and makes technical documentation. Based on this solution, the Investor makes an assessment of the required location area and the value of the land. This procedure is iterative until the final decision is made by which the Investor performs the expropriation (purchase) of all parcels (or parts of parcels) on the required land. During the execution of works, there may be unforeseen conditions on the ground, whose resolution requires additional expropriation, and additional costs for the Investor. Like all unforeseen conditions, these require a detailed explanation. Consequently, construction engineers, with their solutions, provide frameworks for the quantitative assessment of the necessary resources in the land.

Upon completion of the construction, by the as-built documentation developed by the Engineer, the Investor registers its ownership of the object and its associated parcels. At that moment Investor has a real property value. The engineer can make a chart with an assessment of the property value thru time if maintenance of the object is regularly done.

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What are the Roles & Responsibilities of a Valuation Engineer?

Work on and manage engagements on real estate advisory, valuation, and due diligence, spread across property types.

Engagements include financial analyses, cash flow modeling, analytical model reviews, property/portfolio modeling, loan portfolio underwriting, market due diligence, asset valuations, real estate appraisals and appraisal reviews, and other general real estate advisory services.

Specific engagement responsibilities will include financial and cash flow modeling, market information research, real estate document analysis (including site/building plans, leases, appraisals, and mortgage underwriting/lending documents), market studies, and report writing.

Maintain and develop positive, productive, and professional relationships with EY offices globally.

Who is Valuation Surveyor?

The valuation surveyor carries out valuations on residential, commercial, or industrial property, organizes its sale or rent, and advises on investment, development, and management of properties. Also called commercial or residential surveyors.

What are the Roles & Responsibilities of a Valuation Surveyor?

•Inspecting property, for example, a building, a piece of land, or items of agricultural machinery.

•Producing documents for mortgage valuations, tenancy contracts, and other legal matters.

•Assessing its likely value, taking into account size, condition, location, and market trends.

•Organizing and perhaps carrying out the sale of property by auction, open tender, or private sale advising on a suitable rent for property to let, and managing portfolios for landlords.

•Assessing properties and negotiating business rates, capital taxation, acquisitions, and disposals.

•Value real estate assets with in-depth feedback from the real estate brokers available in the vicinity of the property being valued.

• Prepare valuation reports for financial institutions and other clients.

• Analyze the properties in terms of transaction value, and technical building deviations (far area, extensions, multiple units, etc.) And other legal issues.

• Coordination with valuation engineers and data operators.

• Answer queries of clients (technical managers) on the valuations done for them in terms of values and technical issues in the properties.

• Prepare/maintain the retail valuations database for the past projects done by the company.

What are the Compulsory Education & Technical Skills Required for a Valuation Surveyor?

One who has completed his graduation for any field or diploma in civil engineering can be able to apply for this post but requires the following skill sets :

Enthusiasm and commitment to the surveying profession
Good oral and written communication
Excellent interpersonal skills
Negotiation skills
Strong numeracy skills
Readiness to take responsibility and act on your own initiative
The ability to work as part of a team
The ability to remain calm under pressure
Confidence in your own judgment
The ability to develop and maintain a network of professional contacts
Good physical mobility in order to survey a site, a building under construction, or an inaccessible part of a residential property
A driving skill with the license - this is usually essential unless you are working in a defined urban area, such as a city local authority.

Scopes of Valuation Engineer & Valuation Surveyor.

Civil engineers have a good career as Property Valuation or real estate valuation engineers. Good banking companies like ICICI, and HDFC visit and hire many candidates (including civil engineers) from NICMAR, Pune. All the banking sectors require Valuation Engineer & Valuation Surveyor.

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