Who can value a commercial property? This question often arises when property owners, investors, or lenders need an accurate assessment of a commercial asset’s worth.
Let’s cover the world of commercial property valuation and the professionals qualified to perform this important task.
Who Can Value A Commercial Property?
Commercial property valuation requires specific expertise and qualifications. Here’s an overview of the professionals who can provide this service:
Chartered Surveyors
Chartered Surveyors are the most widely recognised professionals for commercial property valuation. They are:
- Qualified members of the Royal Institution of Chartered Surveyors (RICS)
- Trained in various aspects of property valuation
- Bound by strict professional standards and ethics
RICS Registered Valuers
RICS Registered Valuers are a subset of Chartered Surveyors who:
- Have additional qualifications in property valuation
- Must comply with the RICS Valuation – Global Standards (Red Book)
- Are required to undergo regular training and assessments
Commercial Estate Agents
Some commercial estate agents may offer valuation services. However:
- Their valuations may be less formal than those of Chartered Surveyors
- They often specialise in specific property types or locations
- Their expertise can be valuable for market appraisals
Property Consultants
Property consultants with relevant qualifications and experience can also value commercial properties. They often:
- Work for large property consultancy firms
- Have specialised knowledge in specific property sectors
- Offer additional services beyond valuation
Bank Valuers
Banks and financial institutions may have in-house valuers who:
- Assess properties for lending purposes
- May not provide valuations for other purposes
- Often work alongside external valuers for larger or more complex properties
Comparison of Commercial Property Valuers
| Valuer Type | Qualifications | Typical Uses | Advantages |
|---|---|---|---|
| Chartered Surveyor | RICS membership | All purposes | Widely recognised, comprehensive |
| RICS Registered Valuer | RICS membership + additional qualifications | Formal valuations | Highest level of expertise, Red Book compliant |
| Commercial Estate Agent | Varies | Market appraisals | Local market knowledge |
| Property Consultant | Varies | Sector-specific valuations | Specialised expertise |
| Bank Valuer | Internal qualifications | Lending purposes | Understanding of bank requirements |
How to Choose a Commercial Property Valuer?
When selecting a valuer for your commercial property, consider:
- Their qualifications and professional memberships
- Experience in your specific property type and location
- The purpose of the valuation (e.g., sale, lending, tax purposes)
- Their reputation and track record
- The comprehensiveness of their valuation report
What qualifications should a commercial property valuer have?
A commercial property valuer should ideally be a Chartered Surveyor and a RICS Registered Valuer. These qualifications ensure the valuer has the necessary skills, knowledge, and ethical standards to provide accurate and reliable valuations.
How much does a commercial property valuation cost?
The cost of a commercial property valuation varies depending on the property’s size, complexity, and location. Fees can range from £500 to £5,000 or more for large or complex properties. It’s best to get quotes from several valuers to compare prices.
How long does a commercial property valuation take?
A commercial property valuation typically takes 2-4 weeks from instruction to report delivery. This includes time for property inspection, market research, and report writing. More complex properties may take longer to value.
Can I value my own commercial property?
While you can estimate your property’s value, a professional valuation is recommended for accuracy and credibility. Self-valuations may not be accepted by lenders, tax authorities, or potential buyers.
What factors affect commercial property value?
Key factors affecting commercial property value include:
- Location and accessibility
- Property size and condition
- Rental income and lease terms
- Local market conditions
- Planning permissions and potential for development
- Economic factors and interest rates.
How often should I get my commercial property valued?
It’s advisable to have your commercial property valued every 1-3 years, depending on market conditions and your specific needs. Regular valuations help you stay informed about your property’s worth and make timely decisions.
Bypass Traditional Hurdles: Sell Your Commercial Asset Directly
If you’re looking to sell your commercial property fast and with minimal hassle, selling to Property Saviour could be a great option. Property Saviour is a UK based company that specialises in fast property purchases, offering a number of benefits over the traditional route of selling through a commercial estate agent.
If you’re considering selling your commercial property, Property Saviour offers a hassle-free solution. We buy any type of commercial property, regardless of its condition or location. Our process is quick and straightforward, with no fees or hidden costs.
By selling to Property Saviour, you can avoid the lengthy and uncertain process of marketing your property through traditional channels. We can complete the purchase within 10 days or at a timescale that suits you.Get in touch with Property Saviour today to discuss your commercial property and receive a no-obligation offer. Our team of experts is ready to help you achieve a swift and stress-free sale.
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Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
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- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
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