VALUATION: LEARN, UNLEARN & RELEARN

VALUATION: LEARN, UNLEARN & RELEARN

Either due to catastrophes or man-made decisions, changes and transformations, leading to corrections, are bound to disrupt the prevalent working conditions and systems. In order to counteract, understanding the need to achieve sustainability in the systems, by contemplating for finding renewed ways of thinking and working, is required. With an attitude of acceptance and adaptability of changes in thinking and working is key to growth with better sustainable systems. Objectivity in approach to undertake assignments, being in pace with the contemporary developments and ethical way of doing things is needed to mitigate such challenges due to these disruptions.

To be able to deliver quality services, a Professional is supposed to acquire the required proficiency in the opted Profession. With growing demand for dependable and authenticated Valuation services, while being on a threshold of becoming regulated, Valuation is set to become a much sought-after Profession. Thus, owing to recent sequence of events coupled with rising demands for Valuation services, an impact on the ways of working bringing in innovations and more usage of tools and technological support to the forefront.

Much depends upon keeping oneself upskilled and updated by continuously participating in specific educational, training, capacity building and other interactive programs. Another important way, i.e., sharing, discussing and debating about professional works undertaken with more experienced and senior professionals, is emerging to gain more confidence and expertise. In this regard peer review of works is becoming an important way, through which a Valuer can easily understand his shortcomings and gaps in working, thereby opening the door for further improvements in his skill sets to produce quality in outcomes.

It is vital to understand the Peer Review, which is fundamentally reviewed in a friendly manner, for the sake of inculcating improvements and confidence in professional capacity thereby paving the path towards professional proficiency. The critical appraisal, aiming only to provide insights in the process of Valuation, provides the confidence and inputs to improve in the weaker areas and strengthen the core areas. But such reviews require to be within defined frameworks of relevant issues limited to the process involved, but excluding conclusion.

A Valuer is required to know the basic essentials to furnish professional services right from taking assignment, process and final submission of completed assignment. The essentials can be briefly summed up as

· Obtaining Assignment/ appointment letter from Clients or Authorities defining scope and purpose of assignment along with other essential information like professional charges etc.

· Securing the required authenticated data and information from the clients

· Collecting relevant data and information from the authenticated sources for the purpose of assessment

· Sourcing and analysing the available inputs to apply in the relevant methodology required to complete the Valuation Process

· Completed Assignment in the form of a report containing all such information as required for a good quality report

This is just a brief description and more elaborations are to be made by the Valuers in varying conditions of different classes of assets. Few of the other vital matters, while undertaking any Valuation exercise, to remember are

- Knowledge of Valuation Standards and its application in working

- The Valuation exercise, undertaken in predefined and consequential manner gives the right kind of conclusion, rather done to get the desired conclusion in a vice versa manner

- Dates such as Valuation, appointment, inspection at site, Report & its submission are vital to be mentioned in their respective documents

- Use of Disclaimers, Caveats & Limitations be made but limiting these to a point where the Report is not disowned by the Valuer

- Substantiation of Data & other information’s used in Valuation

- Disclosure of identities of Valuer, clients & other stakeholders along with Valuer’s interests in the Report is the basis of an independent opinion on Valuation by a Valuer

- Observe utmost care while accepting an assignment after assessment of Client and competency to deliver quality services

It is pertinent to note and remember that Valuation Reports are liable to go through the Judicial scrutiny, hence keeping all relevant records and documents pertaining to the Valuation Reports are required to be kept stored in a proper manner. For all this, the latest available technological techniques and tools are best to be utilised for working, securing and storing all such works. To that extent, mode and manner of taking up assignments especially inspections can be defined in the scope if acceptable to the clients and other stakeholders mentioning the justifiable reasons for any such deviations.

Therefore, it is in the best of the interest of FRATERNITY to keep themselves abreast with latest developments and information’s regarding the Profession of VALUATION, through various sources and modes made available by the vigilant and performing organisations in the field or Valuation.