Are you looking for an accredited real estate valuation company? Do you want to have professional experience in the field of real estate valuation? Have you ever wondered how real estate valuation companies work? In this article, we will explain the most important accreditations that a real estate valuation company must have and information about all these entities.
How to choose a real estate valuation company?
There are many real estate valuation companies in Riyadh which makes the choice difficult, but before making a decision there are several things you need to check to get the best service:
- License and accreditation:
You should check the company’s accreditation and professional certificates, and make sure that it has the necessary licenses to practice that profession, in addition, the company’s employees must have the necessary accreditations and qualifications from the relevant recognized authorities
- Experience and competence:
The company needs to have great experience in the field of real estate valuation, as experience helps to face any challenge in valuation, enabling it to provide an accurate valuation
- Reputation and trust:
It is important to search for information about the company and read reviews and evaluations from previous customers as it contributes to the image and gives a brief overview of the quality of the service provided by the company.
- Costs:
Ask about the costs of the service provided by the company and make sure that they are commensurate with the quality of the service provided by the company. You can compare offers between companies until the most appropriate decision is made.
This is why you should be careful and research well when choosing a real estate valuation company to get the best service and price.
Accreditations that real estate valuation companies must have
To obtain a unique experience with extensive experience in valuation, there are several accreditations that real estate valuation companies must obtain, and their employees must also hold these accreditations to have the right to practice the profession. The most important of these accreditations are:
1- The Saudi Authority of Accredited Valuers:
It is the most important authority and the starting point in obtaining accreditation, as it is the one who issues the license to practice the profession, and the accreditations provided by the Saudi Authority of Saudi Valuers include the following:
1. Registration on the e-poertal:
The applicant registers in the e-portal of the Saudi Authority of Accredited Valuers, registers for training courses, applies for membership, licenses to practice a profession, manages the account of a licensed facility, etc.
2. Affiliate membership:
To obtain an affiliate membership, the applicant must hold a university degree accredited by the Authority, meet the requirements, and pass the first level of training
3. Complete the hours of experience:
After obtaining an Affiliate membership, the applicant can join one of the licensed assessment facilities to practice 3000 hours of experience, in addition to completing the training path until he reaches the fourth level
4. Fellowship certificate:
After achieving the required 3000 hours of experience, of which at least 50% must be direct professional practice, and this is recorded in the member’s account in the portal, the applicant can apply for the Fellowship Certificate.
5. Basic membership and license to work in the field:
After obtaining the fellowship certificate, the applicant can apply for the basic membership and after that, he can obtain the license to practice the profession and become an accredited real estate valuer.
6. Opening a private organization:
After completing all the previous steps, an accredited real estate valuer can open his own company after the general conditions apply to him, after that the company becomes accredited by the Saudi Authority of Accredited Valuers, and applies all its obligations towards the Authority, as all those who join that company who work in the evaluation or participate in the preparation of the report must hold a valid membership from the Authority.
The Saudi Authority of Accredited Valuers is the regulator of the valuation profession in the Kingdom of Saudi Arabia and works to develop regulations and legislation that allow valuers to practice their work by international valuation standards, and provides qualification programs to accredit practitioners of this profession and is, therefore, the first and most important accreditation that any real estate valuation company must obtain.
2- Membership of the Royal Institution of Chartered Surveyors (MRICS):
MRICS is a global professional organization for those working in the built environment, construction, land, property, and real estate, the institute provides high-quality professional standards and advanced training for its members, this accreditation is important because it is globally recognized and provides those who hold it with promising opportunities in the competition.
There is mutual accreditation between the Saudi Authority of Accredited Valuers and the Royal Institute of Chartered Surveyors (RICS), where those who obtain the basic membership from the Saudi Authority of Accredited Valuers can apply for the MRICS membership from the Royal Institute of Chartered Surveyors and vice versa after taking the training courses of each organization to obtain the membership.
3- Saudi Ministry of Commerce:
A real estate valuation company must obtain this accreditation, it is possible to apply for a real estate valuation establishment license in the registration record with the Department of Professions and Consultancy in the Ministry of Commerce, the owner of the establishment can practice the profession through the license of consulting professions and appoint those who wish from the members of the Authority to work for him in this establishment through the following steps.
- Create a request to obtain a license for the establishment and register in the Consultant Professions Department at the Ministry of Commerce and Industry by sending an email to [email protected] with the title of registering a valuation establishment ‘Real Estate Branch’ in the Ministry’s registration register, including the name and membership number in the email
- The application will be presented to the Registration Committee of the Ministry’s Temporary Registry.
- If the Ministry of Commerce and Industry’s Registration Committee approves the application, the applicant will be notified of the Committee’s approval and asked to pay the Authority’s license fee for the category of establishments and register the establishment in the Consulting Professions Department at the Ministry in the amount of six thousand riyals until the license is issued to him.
- After paying the fee, the license number is placed in the electronic file of the business owner, a copy of the license is kept with the Commission, and the original of the license is sent by the Commission by registered mail to the business owner and an electronic copy is sent to him.
The above are the most important accreditations that a real estate valuation company must obtain to work professionally and reliably while adhering to international standards.
if you are looking for real estate valuation companies in Riyadh, Aain is one of the best real estate valuation companies in the Kingdom of Saudi Arabia, as it has years of scientific and practical experience in the field of valuation according to the standards of the Saudi Authority of Saudi Valuers and a team of more than 60 certified and licensed valuers from the Saudi Authority and holders of the fellowship certificate in addition to the membership of the Royal Institute of Chartered Surveyors, do not hesitate to contact Aain for the best experience.