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Get in touchRichard Sutton
Valuation - it's more than just the numbers
In years gone by it may have been enough to simply scan a valuation report before focusing on the final figure. In today’s climate, reports must be transparent and prepared by a valuer with local market knowledge. It is dangerous to rely on national statistics or second-hand market analysis.
Wherever possible, we try to use “perfect data” that’s transactional evidence we have created ourselves, because this way its accuracy is guaranteed. It’s one of the advantages of being around for 35 years!
But it’s not just about the numbers: the story behind the numbers is critical. Only after stringent analysis do we issue our valuation report. Our commercial property valuations are supported by our reasoning, which we present openly and clearly.
Whatever the reason, when we are asked to provide valuation advice we will say it as we see it. This enables you – our clients – to make well-judged decisions
Valuer Registration is our quality assurance mechanism: it 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 a regulated and qualified professional who adheres to the “Red Book” commercial property valuation standards, committed to openness and transparency and are experts in their fields, delivering credible, high-quality reports.
Valuers are governed by the Royal Institution of Chartered Surveyors and follow strict professional guidelines, one of which is the provision of adequate professional indemnity insurance, and they must be able to defend market evidence used in the report to reach the end valuation, should a claim be issued against them. You can be confident that the opinion of a value provided by an RICS Registered Valuer can be relied upon, subject to any qualifications in the valuation document.
The world of commercial property valuation can appear confusing and complex to the untrained eye. As a valuer, we regularly get asked three questions:
In property terms, a valuation is an assessment of any given building or site’s monetary worth at a particular point in time. The valuation is based on certain assumptions, is related to current market conditions and must take into account varied factors that have an impact upon capital or rental values.
Commercial property valuations aren’t an exact science, and a formal valuation is an evidence-based opinion formed from the comparison of relevant market data relating to the sale of a similar property in the area combined with a detailed inspection. To assess the unique characteristics that make up the property, the valuer will usually inspect internally and externally, take detailed measurements, notes and photographs which are referred to when reaching a conclusion of value within their report.
As with all matters of opinion, an element of subjectivity is expected in property valuation, but you would expect figures from multiple professionals to fall within a close range of each other.
Unrealistic estimations of the property’s worth can be generated from an agent’s asking price, and buyers are often disappointed when the formal valuation they require to secure a mortgage doesn’t meet the price they are willing to pay. When a valuation is required for secured lending purposes such as mortgages, valuers are ultimately employed to satisfy a lender that the loan requested against a property is in line with the value of the property they are lending against. This ensures that they don’t lend significantly over its value and protects against financial loss, should repossession and sale of the property be required to recover the outstanding loan should a borrower default.
Agent appraisals are not valuations.
People respect our refreshing and responsive attitude and recognise it is our commitment to every project, which makes the difference.
All NG commercial property valuations have a dual signature that is from 2 RICS Registered Valuers. This way before reports are issued they undergo vigorous internal stress testing to make sure the reports are fully fit for purpose.
We pride ourselves on the ability to provide detailed reports on both single assets and portfolios often within tight timescales.
In addition to commercial property valuations, we provide a range of other services, which you can find out more below: