Valuation Co-operation beyond Europe AIC/TEGoVA Mutual Recognition of Canadian and European Standards and Qualifications Roger Messenger B.S.c (Est.Man) FRICS FIRRV MCIArb REV Hon CAAV Vice-Chairman TEGoVA Chairman European Valuation Qualifications Board Wilks Head & Eve

Let us step back: Valuation, is it an Art or a Science? In reality it is both and is derived from Education, Experience, Standards and Conduct What do we have in TEGoVA? MER EVS 2016 REV and TRV Code of Conduct

We also have an involvement in Education – TMA Training and Education in member states REV awarding in member states TRV awarding in member states

One of the overarching goals of TEGoVA has always been to raise the standards of Valuer Education across Europe −Not all start from the same place −Diverse between emerging and mature real estate markets −Problems of the recession and valuers

Reputational Damage to Valuers from Recession Valuation–Confidence by Recipient is toProven over time ManageReturn for more RISKProfessionalism!  “RISK COMES FROM NOT KNOWING WHAT YOU ARE DOING” (Warren Buffett)

EVS is a tool, REV and TRV are the recognition of education and experience to use those tools. However we face gaps in our education. An example; The Green Agenda – are valuers ready?  “ADMISSION OF IGNORANCE IS OFTEN THE FIRST STEP IN OUR EDUCATION” (Stephen R Covey – The 7 Habits of Highly Effective People)

What else are we doing EU funded REVASEValuer Training Material and Education VARVET Projects with Partners

WHAT IS THE RATIONALE FOR STRATEGIC PARTNERSHIPS Most Important–Shared goals and shared problems Strength in Co-operation It is an invitation only to those with a shared ethos

TEGoVA has its European Standards We do not subscribe to a global standard that is in a hierarchy. We look to the best that exists in a comparable form and respect those other standards on an equal basis.

Today we have found such synergy with AIC and we are getting closer with others to achieving the same goal. −Synergy in goals −Synergy in Education Standards −Synergy in Valuation Standards −Synergy in Qualifications YET WE RESPECT THE DIFFERENCE

−We need to deal with common threats, poor fee income from a low value or devalued product? −Provide quality and you can command a price. −We have a number of banks using AVMs which for monitoring is fine but for primary valuation we suggest is a step too far. The valuer can bring to a valuation what an AVM can’t and that is insight, advice and experience – much more than the statistical science that an AVM represents. −A challenge to reverse a trend.

MEET THE CHALLENGE WITH STRAGETIC PARTNERS – THAT’S THE RATIONALE

 “Do you know the difference between Education Experience?”  “Education is when you read the fine print, experience is what you get when you don’t”. (Pete Seeger)

Thank You Roger Messenger BSc FRICS FIRRV MCIArb REV Hon. CAAV RICS Registered Valuer Vice Chairman of TEGoVA Chairman of REV Recognition Committee WILKS HEAD & EVE