Preparing for a Property Valuation 

A Practical Guide to Ensure an Efficient and Accurate Valuation

Introduction

A professional valuation provides an independent assessment of the value of your property based on its physical characteristics, legal status, market conditions and the purpose of the valuation.

Preparing for a valuation helps ensure that the inspection is efficient, relevant information is available and the valuation report can be completed without unnecessary delays.

Whether the valuation is for lending, financial reporting, insurance, investment or another purpose, the following steps will help you prepare.

1. Understand the Purpose of the Valuation

Before the inspection, clearly identify why the valuation is required.

Common purposes include:

• Mortgage & Secured Lending

• Sale or Purchase

• Financial Reporting

• Insurance

• Investment

• Compensation

• Taxation

• Rental Assessment

• Court & Litigation

• Internal Asset Management

The purpose of the valuation influences the scope of work and reporting requirements.

2. Prepare Property Documents

Where available, have the relevant documents ready for review.

These may include:

• Certificate of Title

• Lease Agreement

• Sale Agreement

• Building Plans

• Approved Architectural Drawings

• Structural Drawings

• Occupancy Permit

• Survey Plan

• Previous Valuation Report

• Tenancy Schedule

• Asset Register (where applicable)

Not every assignment requires all of these documents, but providing available information assists the valuation process.

3. Ensure Access to the Property

Arrange for the valuer to have access to all areas that require inspection.

This may include:

• Buildings

• Vacant land

• Outbuildings

• Plant and equipment

• Parking areas

• Utility installations

If the property is occupied, notify tenants or occupants in advance.

4. Identify a Contact Person

Nominate someone who is familiar with the property and can assist during the inspection.

The contact person should be able to:

• Provide access

• Answer basic questions

• Confirm property boundaries where known

• Explain current property use

• Share relevant documentation

5. Provide Accurate Property Information

During the inspection, the valuer may request information such as:

• Year of construction

• Current use of the property

• Recent renovations

• Occupancy status

• Existing leases

• Utility connections

• Site improvements

Providing accurate information contributes to a more comprehensive valuation.

6. Gather Information on Income-Producing Properties

For investment or commercial properties, additional information may be required.

Examples include:

• Current rental income

• Lease agreements

• Occupancy levels

• Operating expenses

• Service charge information

• Tenancy schedules

This information assists where the Income Approach is applicable.

7. Make the Property Accessible

A clean and accessible property enables the valuer to conduct an efficient inspection.

Ensure that:

• All rooms can be accessed

• Gates are unlocked where appropriate

• Utility areas are accessible

• Safety hazards are identified

• Keys are available where necessary

8. Understand What the Valuer Will Assess

During the inspection, the valuer may examine:

• Property location

• Land size

• Building dimensions

• Construction quality

• Physical condition

• Accommodation details

• Accessibility

• Site improvements

• Surrounding developments

• General marketability

The inspection forms only one part of the valuation process and is followed by market research and professional analysis.

9. Be Available for Questions

Some information may not be immediately evident during the inspection.

The valuer may ask questions regarding:

• Property history

• Renovations or extensions

• Existing encumbrances

• Occupancy arrangements

• Development approvals

Prompt responses help minimise delays.

10. Understand What Happens After the Inspection

Following the inspection, the valuer will:

• Review property documentation

• Conduct market research

• Analyse comparable evidence

• Apply appropriate valuation approaches

• Undertake quality review

• Prepare the valuation report

The report is then issued in accordance with the agreed scope of work and timeline.

Common Mistakes to Avoid

To help avoid delays and misunderstandings:

• Do not withhold relevant property information.

• Ensure the property can be fully inspected.

• Provide accurate documentation where available.

• Inform the valuer of any unique property features.

• Clarify the purpose of the valuation before the inspection.

Good preparation contributes to a smoother and more efficient valuation process.

Frequently Asked Questions

Do I need to be present during the inspection?

Not necessarily. However, someone familiar with the property should be available to provide access and answer any questions.

What if I do not have all the property documents?

The valuation can often proceed using the information available. If additional documents are required, the valuer will advise you.

Does cleaning the property increase its value?

General cleanliness helps facilitate the inspection, but the valuation is based on the property's characteristics, condition, market evidence and applicable valuation principles rather than presentation alone.

How long does a property inspection take?

Inspection time varies depending on the size, complexity and type of property. Larger or specialised properties may require more time than standard residential properties.

Property Valuation Preparation Checklist

Before your valuation appointment, confirm that you have:

✓ Identified the purpose of the valuation

✓ Gathered available property documents

✓ Arranged access to the property

✓ Identified a contact person

✓ Prepared information on recent improvements

✓ Collected tenancy or rental information (where applicable)

✓ Ensured all areas can be inspected

✓ Informed occupants of the inspection

Key Takeaways

✓ Good preparation contributes to an efficient valuation process.

✓ Providing accurate information improves the quality of the valuation.

✓ Property documentation supports professional analysis.

✓ A valuation involves inspection, research and market analysis.

✓ Every valuation is prepared independently and in accordance with recognised professional standards.

Need a Professional Property Valuation?

Whether you require a valuation for lending, financial reporting, insurance, investment, compensation or any other purpose, IKON Valuation Services is committed to providing accurate, independent and standards-compliant valuation services.

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