Doing property valuations
You must not make any false or misleading claims about a property. This includes the estimated value of the property.
You may choose to give an estimated value of a property to a client. If you do, it must be as a comparative market analysis (CMA).
A CMA compares at least 3 properties that:
- are of similar standard or condition
- sold within 5km of the property
- sold in the last 6 months.
If you cannot find 3 properties that fit these criteria, you will need to:
- give your market advice in writing
- justify how you reached your opinion.