Ile de Ré property valuation

Property valuation must be undertaken by an independent professional whose role entails the complete, precise and entirely impartial definition of the value of residential property, commercial or business premises. His or her knowledge of the Ile de Ré property market enables him or her to establish points of reference to determine the market value or rental value of a property, be it residential, agricultural, forest, office, leisure, commercial, industrial or workshop.

Investigations undertaken to carry out the property valuation enable the real estate appraisal professional to research, analyse and draw together all the economic, technical, accounting, legal and taxation variables that determine a property’s value, in the context of a market that is sometimes restricted and often specific.

The property valuation report provided to the client is the fruit of a clear methodology based upon the commitments outlined in the Valuer’s Charter, and put into effect by different meetings, visits and analyses.

Every valuer must have business and professional liability insurance with a recognised insurance company, with the duration of liability being fixed by the law at 30 years.

The fees and expenses of a property valuer are defined as the agreed, fair and adequate remuneration paid by a third party to the property valuer for him or her to fulfil his or her responsibilities in undertaking his or her real estate appraisal.

For each property valuation remuneration must therefore include the following elements:

• Contribution to running expenses: secretarial and administrative support, equipment depreciation, stationery, rent…
• Reimbursement of the expenses and disbursements incurred by the valuer: travel expenses, correspondence, telephone, photography, search fees…
• Remuneration for professional duties undertaken: familiarisation with the case, site visits, taking and studying statements, drafting the report…

While free to choose the tariff for their fees, the great majority of valuers set their remuneration on the basis of hours allocated.  This is considered a more equitable approach, given that the valuer is paid on the basis of the time taken rather than on the basis of the property’s value, which means that the client avoids bidding wars over the price.

The property valuer must ensure that the client specifies the work to be undertaken: the letter mandating the valuer must indicate precisely the scope of work to be undertaken, the time limit for it to be carried out, and the fees and expenses agreed.

A real estate appraisal professional can only carry out his or her work with the co-operation of the client, who must provide all the necessary documents for this purpose.