A high standard is required of the person who carries out valuations. The level is set by the National Association of Goldsmiths’ (NAG) who have launched the Institute of Registered Valuers (IRV) scheme.
The scheme focuses on the valuations market, its professionalism and transparency which supports and supplements the principles set out by NAG.
The main reasons for change were:
- A growth in demand for valuations;
- The growing influence of insurance companies on the market;
- Reassurance that valuations are conducted by qualified professionals;
- A scheme that is credible, transparent and easy to understand;
- Competitive valuations bodies expanding their market share; &
- An increase in revenue for valuers and the NAG.
The new scheme will be ever evolving so changes will be made to meet different market condition as the need arises, this will ensure the IRV will be relevant in the future as it is today.
The Institute has two types of valuers – a Member (MIRV) and a Fellow (FIRV)
MIRV Qualification – All valuers under the old NAG Registered Valuers Scheme automatically became a MIRV. Another way of qualification is to complete the NAG Registered Valuer Qualification.
FIRV Qualification – To be awarded a fellowship a valuer must complete a period of Continuing Professional Development.
Please remember that the authority to provide valuations rests with the individual IRV valuer and not the business which employs the valuer or the business for which the valuation is undertaken.
There are about 250+ NAG IRVs throughout the UK. They will all have formal qualifications, experience and expertise in the industry.
Before getting a valuation ensure the person you are dealing with has a NAG IRV membership certificate with a five digit membership number. If this cannot be produced chances are the person is not an IRV valuer.