When asked how long a valuation will take, many companies will reply, “How long is a piece of string?”

The valuation of a property or an asset requires a great deal of careful research. And some are quicker and easier than others.

At the Property Partnership, we aim to get back to you within a day, in order to find out what your needs are. Our quote will then set out – among other things – when the report will be complete. We would caution you to be careful of a valuer who says he will give you a written answer in a day or two. That answer may not be worth the paper it is written on.

The valuation process is made up of three stages:

  • Site inspection
  • Research
  • Valuation report

It is crucial that we visit the site and do a thorough inspection. For both residential and commercial properties, this process is very much the same. We would note the size of the building, the size of the land, details of the construction, and the general state of the building. We would also look at the number of rooms, the overall design, and the fixtures and fittings. We also consider other factors, such as the rates, property access, and the condition of the immediate properties.

The next part of the valuation process is the research. Here we clarify further details. These include comparative sales in the area, zoning, planning conditions, and plans for the local area. If the property being valued is vacant land, this research process may take a little longer. The valuer has to broaden his search to include information that may not be readily available. We can’t make any assumptions: the final report must be based on real data.

When conducting a valuation on a commercial property, many of the key details are hidden in the books. The valuation often needs to include the value of the business, and not just the building. These vital pieces of information take the form of tangible and intangible assets, liabilities, income and outgoings, and plant and machinery values – taking into account depreciation. Very often, when a business is liquidating, we have to look at everything as having a cash value – which can take a great deal of research.

The valuation report itself can take time. Obviously, with a more complex valuation comes a more detailed report. Our professional team don’t cut corners. We stick to the current regulations when putting our reports together. Our reports show our clients exactly what was found, what considerations were taken into account, and what assumptions (if any) were made. The final figure then makes sense, and our workings are transparent.

It would be fair to say that, from start to finish, a residential valuation report can be completed within 5 working days. Commercial and industrial valuations are more complex and require 5-10 working days. These are a guide, though. Your valuator will be able to give you a time frame after your initial review.

Our team at the Property Partnership are ready to help you with all aspects of your valuation process.

Give us a call on 0860 999 440 or visit www.property-partnership.co.za for all your property valuation requirements.