Australian Property Institute has called on consumers who feel they have been misled by valuations to go public.
The API’s National President, Mike Collins says that while it was evident that some valuers had obviously provided valuations at inflated prices, assisting unscrupulous operators in get rich or two-tier marketing schemes, not all valuers were members of the API.
“Valuers are being unfairly pigeon holed as prime contributors in property schemes that have seen inflated prices and many investors out of pocket, according to the Australian Property Institute, whose members account for approximately 70% of the nations valuers,” Collins says.
“The API sets extremely high professional standards. Valuers who are API members are bound by a Code of Ethics and Rules of Conduct that prevent them from being involved in unethical or unlawful acts. In fact, many of the Institutes members are Certified Practicing Valuers, who exceed the professional practicing requirements of various state and territory governments,” he says.
“We would encourage any member of the community who believes they have been unfairly prejudiced through the unethical operations of a valuer to come forward.”
Leading Australian real estate consumer advocate Neil Jenman says not only should consumers who believe they have been unfairly prejudiced by “dodgy valuations” contact API, but they should also report their complaints to Denise Brailey’s Real Estate Consumers Association.
“If valuers have misled the public they have to be held accountable both publicly and in a legal sense,” Jenman adds. “I applaud the API for trying to weed out unscrupulous operators.”
Collins says the API has a formal complaints procedure in place and all complaints are fully investigated. If a member of the Institute is found to have operated in a manner in which is not permitted under our Rules of Conduct and Code of Ethics, then they will be prosecuted to the full extent of the law.
“The best way for homebuyers to protect themselves against inflated prices resulting from the recent property boom is to ensure they do their research and that includes checking their contracts carefully and obtaining an independent valuation from a Certified Practicing Valuer.” Collins concluded.
If the public wants to check our or complain about a valuer they can contact the National Office of the API on (02) 6282 2411 or make a complaint to the Real Estate Consumer Association via email on denise@reca.com.au
