The valuation environment of Australia is ‘changing face’ and declining in quality, according to two of the country’s largest privately-owned valuation groups.
Recently announcing their decision to form an alliance, WBP Property Group and MVS National Valuers indicated that this move was in response to a shift in a decline in quality in the industry.
WBP Property Group chief executive, Greville Pabst, said that “The decision to form an alliance comes after lender sources reveal a decline in valuation service and quality from some major groups not equipped with the systems and experienced valuation personnel to deal with the increased demands of the industry.”
Mr Pabst indicated that investors should be aware of the struggles facing smaller valuation firms, including those that are rural, to meet compliance standards.
“Australian lenders, government and professional services groups are increasingly seeking national suppliers, creating pressure on smaller-scale local operators,” he said.
Unlike many initiatives in the business space, he indicated that this was not for branding purposes, but “to improve the standard of residential real estate valuation services in Australia.
"With an emphasis on quality and risk-mitigation, Austwide ensures valuation products and services are compliant with lawful and regulatory guidelines, reliable and accurate and of a high professional standard.”