RICS Workshop to Focus on Consistency and Transparency in Property Valuations

Poorly performed property valuations can place financial institutions, their clients, and the economic system at risk. As such, the Royal Institution of Chartered Surveyors (RICS) will be hosting a half-day workshop on “Challenges to Delivering Valuations to International Standards in Local Markets” at the Marriott Courtyard in Hastings, Christ Church on February 29, which will […]

By Royal Institution of Chartered Surveyors

February 11, 2016

Poorly performed property valuations can place financial institutions, their clients, and the economic system at risk.

As such, the Royal Institution of Chartered Surveyors (RICS) will be hosting a half-day workshop on “Challenges to Delivering Valuations to International Standards in Local Markets” at the Marriott Courtyard in Hastings, Christ Church on February 29, which will be led by Ben Elder, Global Director of Valuation from the RICS London headquarters.

“Valuations drafted using the standards of the RICS, and in accordance with the International Valuation Standards (IVS), are recognised by investors, funds and financial institutions around the world. The use of these standards is critically important in countries such as Barbados where foreign direct investment has a large role to play in property development,” said Carmel Haynes, RICS Member Services Manager for the Caribbean and Florida.

“The implementation and regulation of RICS standards and principles of good professional practice ensure globally consistent and comparable information – essential qualities for cross-border investments,” said Haynes. “We are therefore pleased to have Ben come to Barbados to deliver this workshop where he will examine the IVS requirements supported by the RICS Valuation- Professional Standards guide (the “Red Book”) and the challenges of meeting these requirements in local markets. The Red Book is issued by RICS as part of our commitment to promote and support high standards in valuation delivery worldwide. The publication details mandatory practices for RICS members undertaking valuation services. It also offers a useful reference resource for valuation users and other stakeholders.”

In commenting on the importance of this workshop post the 2008 financial crisis, Elder said: “The focus of regulators is still, on the Valuation Profession and it is imperative for Valuers to provide a competent and consistent service that is in line with IVS and International Measurement Standards. This workshop is designed to explore and address some of the practical issues and challenges Valuers face in delivering the required and expected valuation services.”

This workshop will explore market value and the approach to collecting evidence as well as reinforcing the benefits of applying the 4-step approach to undertaking a valuation. It will also focus on the International Property Measurement Standards (IPMS) for Commercial Buildings that became mandatory for RICS members on January 1, 2016.

Elder is responsible for delivery of the RICS Global Valuation Strategy which has a key role to play in securing global financial stability through participation by the RICS in the development and application of IVS. An Economist and a Chartered Surveyor, he has a particular interest in the interface of the economy and property markets.

For more information or to register for the workshop please go to this link: https://www.eventbrite.com/e/rics-barbados-valuation-standards-workshop-cpd-event-tickets-21241238115

Royal Institution of Chartered Surveyors

In the Americas, RICS brings value by harmonizing real estate, construction and valuation industries that are interdependent. The region’s membership of more than 3,400 individuals work throughout the property lifecycle from land management, through to planning, environmental impact assessment, and investment appraisal to managing the construction process and advising on the most efficient use of buildings.