Australian Property Institute
rhas valuers are all members of the Australian Property Institute and one certified practising valuers.
API Overview
Background
The Australian Property Institute (API) was originally formed in 1926 as the Commonwealth Institute of Valuers. The Institute has undergone several name changes over the last century as the array of services offered by its members expanded.
Today the API represents the interests of more than 7,500 property professionals throughout Australia. API members include residential, commercial and plant and machinery valuers, property advisers, property analysts, property fund and asset managers, property facility managers, property lawyers, and property researchers and academics.
The Institute’s primary role is to set and maintain the highest standards of professional practice, education, ethics and professional conduct for it members and the broader property profession.
Key Industry Role
The Institute is committed to building and maintaining a strong base for the future of the property profession through broadening the expertise and knowledge of membership.
The Institute is highly regarded and respected throughout Australia and in some states government regulations specify that property professionals must belong to a member association such as the API. Many leading Australian financial institutions also require property professionals who carry out mortgage valuation work to be members of the API.
API produces a range of leading property publications, including the Australian Property Journal, and other professional and educational texts, such as the Professional Practice Manual and Valuation Principles and Practices. The Institute also develops software packages, such as PropertyPro which provides a proforma template for residential mortgage valuation work. This proforma is the preferred format for the majority of Australia’s leading financial institutions.
Highest Standards of Quality and Performance
Members of the Institute are bound by:
- A Code of Ethics
- Rules of Conduct
- Professional Practice Standards
International Involvement
The API is at the forefront of unifying entry and educational standards for the property profession worldwide. The Institute is a leading member of the World Association of Valuation Organisations.
The Institute has reciprocity agreements with:
- Appraisal Institute of Canada
- Hong Kong Institute of Surveyors (General Practice Division)
- Property Institute of New Zealand
- Royal Institution of Chartered Surveyors (General Practice Division)
- Singapore Institute of Surveyors and Valuers (General Practice Division)
These reciprocity agreements, together with the API’s high educational standards, provide API members with portable skills and qualifications allowing them to practice throughout the world.
Benefits of using and API Member
API members provide independent, confidential, fair and honest advice on valuation and property matters. Members of the Institute are qualified and skilled professionals with detailed market knowledge, practical experience and technical expertise.
API Members can provide a comprehensive range of services to a broad range of clients. The services API members can provide include:
- Residential, commercial, and plant and machinery valuations
- Property and advisory services
- Sales, acquisition and leasing advice
- Legal advice
- Investment analysis and research
- Property and asset management
- Certified Practising Valuers
Only API members can obtain the status of Certified Practising Valuer (CPV). A CPV must have the following attributes:
Relevant tertiary degree
- Demonstrated professional property experience
- Over and above government requirements to value property in Australia
- Adherence to the API Code of Ethics and Rules of Conduct
- Annual compliance with compulsory professional advice on property values.
- CPVs ensure that their clients are getting the best possible advice on property values.