Career Change - Property Valuations

Happy New Year PC members!

Hoping this is the best location to place the thread.


A quick background check:

- 25 y.o. / de-facto
-1 PPOR, 1 recently purchased IP
- $440k (my share) debt, increasing share of another $160k (2 GF's + upgrades of PPOR being built this year)
- Happily employed PAYG $65k p.a. – Equipment Finance Credit Analyst @ one of the big 4. Industry Experience - 6 yrs.


Since early 2016 with some brain storming and networking influence, I've aspired to venture out and potentially begin studies as a Property Valuer. This has been on the backburner through 16 due to IP purchase, renovations, and other commitments.


I’ve linked up to this role using a SWOT analysis that align my key strengths, experience and passionate motives, however without direct contacts/work experience/career buddy it’s difficult to gauge that the role


At minimum, I acknowledge:

- 3 year F/T Degree requirement
- Repetitive, cut-throat & competitive workforce
- Expected starting salary $75k+ pending work experience
- Minimum costs of another degree $25k+
- 10 vals p/day – 10-12 hour working day
- Rough equal split of S/Employed to PAYG ratio


Any opinions/feedback/advice/constructive criticism from those in the industry around will be greatly appreciated:

- Volatility of employment
- Salary expectations with 2/5/10+ years’ experience
- Career progression
- A suitable transition of career movement (should I move to a linked role, i.e. consumer lending – mortgage lender, credit analyst, etc)
- Studying part time (work F/T) vs F/T (work P/T) to assist servicing commitments

Thanking you,
Troy

Note: It’s timed well, but this is not a NY resolution

 

Troy,

I remember you from the TeamS14 days.
Hope your doing well

I was on a Contiki middle of last year and funnily enough, there were 2 Property Valuers who worked with or had worked with HTW in their past.

It could have been beer talk, but they didn't make anyway close to $75K and they both had ~ 2 years experience.

However, they did say that you could take on as many jobs as you could handle and make your life all about property valuations ; and spend an hour a day planning how you tackle the jobs of the next day ; then you could possibly make 6 figures.. but there was no joke about it being a long hard slog that they both were not interested in.

 

@TroySeven - Consider specialisation in plant and machinery val so you can draw on your industry backround.

Your educational choices are essentially Property Economics degree at UTS/WSU/UNSW or Assoc Dip Valuation through OTEN/TAFE.

Have a look at the api.org.au/accredited-courses-8

 

The job itself probabaly won't make you any money, payg rarely does. The knowledge may, if you are able to use it and purchase under market.
I'm not sure if valuers are constrained, like estate agents are supposed to be, purchasing their clients houses....

Having a valuation background would be really useful for other roles, buyers advocate, estate agent stuff like that.

 

Do you work on level 8?

 

Dug further into this and asked a number of my uni friends who entered into a valuations career and other whom are further into the career

This is what I have collated

The journey begins as an Assistant Valuer - Limited and scarce in positions.
As an Assistant Valuer you start off anywhere between 45k-55k with private companies, government/council jobs are between 65k-75k.

Depending on the company they may have you on; a Cadet/Assistant Valuer working towards Residential Property Valuer - 1 year experience (RPV) or Certified Property Valuer (CPV) - 2 year experience structure. Some companies will issue RPV programs and have you work towards a qualified Residential Valuer after a year then choose where you would like to specialise in or if you are happy you can just stay as a Residential Valuer, the other route is CPV (2 year contract) specialised in a specific valuation field such as Developments, Retail, Commercial, Residential, Quarries, Plant & Equipment, Rural & Agriculture, Industrial and other specialised asset classes.

Once qualified as an RPV verified by a number of employees from different Val firms. Bumps up to $70-80k salary plus bonus on KPI's 30-40% above your target - bonus can take you well over the $100k mark. But from speaking to a number of RPV they are in the low 6 digits.

CPV depending on your specialisation can range all the way up to $150k, the more years and senior you get the higher the salary. Positions such as Valuation Managers, Senior Valuers and Associate Director.

Some further pros + con info from qualified valuers
Positives - Flexibility in working from office/home, flexibility in scheduling your day, understanding and specialising in a certain suburban patch, understanding extensive bank policies, meeting investors, business owners and mum dad developers clients, understanding other specialised asset classes than residential. Access to a number of property databases and portals to kick start a property portfolio.

Most mentioned that being accredited and having security under their belt via certification/accreditation through the Australian Property Institute, if anything goes down south on other ambitions at least there is a back up; valuers are always wanted, currently there is a shortage of them. Also helps with investing and further analysis on properties on the side.

Negatives - Initial starting point is hard to find a position in offering valuer experience, must study the right undergrad or postgrad, some companies have different perks - some may not give mobile, fuel cards or tablet, getting pidgeon holed into one asset class, not taking the opportunity to specialise in your career, the more jobs done more moola! this can be a negative when you just want to work the norm!

Hope that all helps!

 

Gov valuer jobs in tas are six figures... has been at least two come up in the past 12 months.

 

Seems like the Government jobs are enticing! High salary, RDO's, work life balance.

 

From what I hear many valuers are being paid piecemeal. Banks did cut their payment rates last year.

If piecemeal need to be with someone big enough so as you can group many vals close together in a day, travel between jobs is an income killer

 

Hope that helps @TroySeven

Hows the career progressing anyway

 

It's a tough gig, I've met a lot who have left the industry and moved into different career fields. The banks have the squeeze on them so they're running off their feet for not much remuneration, definitely not an industry I would be wanting to work in.

What has drawn you to consider that over the other options considering some of the issues the industry is facing?

 

Love the constructive advice, from yourself and everyone else that has commented in this thread.

My thought process behind the consideration was to utilise my existing skill-sets and interests. (Trend Analysis, Credit Analyst, Excel/VBA, Asset Valuations, and my interests in Property).

Although I am not one to shy away from throwing myself in the deep end, I've found some other opportunities that will allow me to work closer with valuers, whilst building my knowledge base and salary.

Over the past month, my TL & I have put together a SWOT to identify a Mortgage Lender role would be the next best step, for multiple reasons - remuneration, job security, and the cliche 'who you know'.

I'm blessed to have the honest advice from PC,
Thank you.

 

DONT ****ING DO IT! I had to create this account just to comment.
As someone that recently started as a graduate valuer (and have the world's most useless bachelor degree to show for it) please dont consider this.
This industry is dead. I have never seen a worse industry.
This other thing they don't tell you is this is a COMMISSION based role. That's right, you'll get to earn a uni degree to get a commission job where the base salary includes your super and you have to pay this back each month.
Additionally fees are falling so there is no way for the industry to grow or have any form of sustainable way growth.
I wish someone had posted this year's ago for me. If you are google searching because you are in a similar situation just leave now and I hope this helps you.

 

Did none of that occur to you whilst studying (lecturers/student services)? Mainstream residential val roles are only a small part of the industry (analysts, asset management, feasos, compulsory acquisition/acquiring authority etc).

Very few of the valuers I know work in mainstream valuation after they her the required experience for retail or specialist vals.

 

I have met a few valuers over the last year or two that work for private money / family office's, they help value the property developments that they are funding. These guys were knowledgeable and seemed to like their jobs, they also work closely with high net worths which presents them with other opportunities.

About a year ago also met a valuer that was working for a listed property development company, his role was almost a development manager, and acquisition role, where he would price up large developments the company was acquiring and developing.

As an outsider, these roles sounds interesting and were well remunerated. But these guys had focused away from the cut price valuations for the banks, and had gone into understanding development and commercial assets.

 

I'm here from JDMST.

Imo, you are young enough. Give it a crack!!