The instruction of a valuation report will introduce you to a range of industry terminology and to ensure that you obtain the right report for your requirements, this is what you need to know.
The Royal Institution of Chartered Surveyors (RICS) is the professional body promoting and enforcing the highest international standards in the valuation, management and development of land, real estate, construction and infrastructure.
Renshaw Chartered Surveyors are ‘Regulated by RICS’ – the Royal Institute of Chartered Surveyors (RICS). The purpose of regulation is to give clients confidence and security that, in a rapidly changing marketplace, we practise to globally recognised ethical and professional standards. By registering for Regulation by RICS, we have made a commitment to work to RICS standards in our business and to allow RICS to verify this commitment through monitoring and support of best practice.
Renshaw Chartered Surveyors are ‘Registered Valuers’. The Royal Institute of Chartered Surveyors (RICS) valuer registration programme is recognised globally as one of the most rigorous sets of standards for valuation.
The RICS operate a quality assurance mechanism to monitor all registered members that carry out valuation work to ensure consistency with standards.
RICS Registered Valuers adhere to detailed and mandatory practices for valuation work that is set out in the RICS International Valuation Standards, commonly referred to as ‘the Red Book’.
The Red Book is issued by RICS as part of their commitment to promote and support high standards in the delivery of valuation reports. As well as detailing mandatory practices for RICS members undertaking valuation services, it provides guidance to valuers on their practice and approach.
Only RICS Registered Valuers can provide a ‘Red Book valuation report’. A Red Book valuation ensures that you receive a reasoned and evidenced based opinion of market value or market rent, considering all the pertinent information available to the valuer. Simply put, you can rely on such a report.