Miscellaneous
Many service providers proclaim to specialise in valuing community schemes but without having the necessary pre-requisites:
- Professional Indemnity cover for 10% of the total replacement value, but not less than R20 million (Learn why)
- Access to the latest technological facilities
- Valuation includes a detailed breakdown of replacement costs
- Valuation includes a schedule of replacement values per each unit
- Annual valuation updates between 3-yearly valuations
- Commended by insurers, brokers and property managers
- Positive online reviews
Any valuer can have a bad day and make an error that may cause your building to be underinsured. Are you prepared to assume personal liability for following the valuer’s flawed insurance recommendation? Of course not! You need to be able to hold your service provider accountable in the event of a shortfall in claim pay-out. But if your valuer is not adequately insured, the liability will fall back on you.
Don’t select your valuer purely on the merit of price, rather ensure that they can be held accountable when something goes wrong!
Mirfin’s professional liability is backed by Professional Indemnity cover of R45 million per event. This is unsurpassed by any competitor and may prove to be a lifesaver in the event of an insurance claim.
Why put yourself personally at risk for the sake of saving the body corporate a few hundred rand?
Read more: Trustees made to pay out of their own pocket
We pledge to beat any price for the same service offering. However, in the event of a reduced fee, Mirfin’s professional liability will be adjusted to that of its direct competitor.
But why put yourself personally at risk for the sake of saving the body corporate a few hundred rand?
While some insurance providers and property managers offer to bear or share the cost of the valuation as part of their value-add service, the policyholder normally bears the cost of a valuation, however, some managing agents, insurance brokers or underwriters may offer to absorb the fee partially or entirely.
Yes, as it constitutes an expense on your tax return.
With more than 2 500 sectional title valuations performed annually, Mirfin is obliged to register as a VAT vendor. (In converse, service providers who fall short of the VAT threshold of R1 million turnover per year are unlikely to be highly experienced in valuing community schemes.)
Yes, our service area extends to all corners of South Africa. Mirfin has valuers permanently based in Johannesburg, Pretoria, Cape Town, Durban, Bloemfontein, Port Elizabeth and East London.
All of Mirfin’s survey reports are based on a physical site inspection, unless a client specifically requests a “desktop” service.
A site inspection typically takes 15 - 60 minutes, depending on the size and scope of the subject property, as well as the availability of information from the client and/or contact person on site. However, some surveys can also take an entire day where the property is extensive and the buildings spread far apart.
The turnaround time depends on the size of the project but, in general, our property/buildings valuation report will be delivered to you by email within 4 - 7 working days from the date of inspection.
It is in the best interest of all parties concerned that service-related queries are submitted in writing, as detailed below:
- A technical explanation is more practically and accurately shared with other stakeholders in writing than by word of mouth.
- A written record serves as a point of reference for future trustees and portfolio managers.
- The property surveyor may not be available to respond immediately due to a usually full daytime schedule.
- The sheer volume of property surveys conducted daily makes it difficult to respond to verbal queries in a satisfactory manner.
- Due to the highly competitive business environment, the time and call-out for a post-service meeting is not included in our standard service fees.
- The financial and legal liability that is inherent to our services necessitates seamless documentation, as is also required by our professional indemnity insurers.
- Allegations of omissive or incorrect survey reports must be substantiated by the client so that we may duly address them in a professional and detailed manner.
In accordance with our privacy policy, no information pertaining to our clients and their valuation reports shall be divulged by Mirfin to third parties. Any third parties seeking information or a copy of the valuation report shall be referred to the authorised valuation holder.
Market Value is defined as the price at which a property should exchange hands between a willing seller and a willing buyer in an arms-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion.
Replacement Cost is the actual cost to replace a structure at its pre-loss condition, including the cost of demolition, rubble removal, architectural services, land surveyors and additional building services.
Read more: Why it is wrong to insure the market value of your house
A valuation is performed to determine an asset’s financial worth or economic value.
An evaluation is an opinion or judgment based on the analysis of the attributes or performance of an asset or person.
Mirfin is not contracted or affiliated to any third parties and is therefore 100% independent and impartial.
Our fees are based on the size of the subject property, as well as the scope of inspection and research required. This is typically measured by the number of sections, units or stands on a communal property, or by the client's approximate indication of the market value or current sum insured. (We reserve the right to adjust the fee in case the client's indication deviates from our assessed value by more than 10%.)
Our fees are standard for all locations located within a 100 km travelling distance from the centres of Johannesburg, Cape Town, Pretoria, Durban, Nelspruit, Bloemfontein, George and Port Elizabeth. Locations beyond the 100 km radius may attract a travelling surcharge.
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Prior to making alterations to their owned section, owners are advised to follow these four steps to avoid frustration when lodging an insurance claim or selling their unit:
- Submit proposed buildings plans to the body corporate for approval.
- Obtain approval from the municipality.
- Ensure that construction work is done according to the approved plans.
- Appoint a land surveyor to draft an amended sectional plan for approval by the Surveyor-General.
Keeping the sectional plans up to date at all times is beneficial to the body corporate and individual owners alike and, besides being adequately covered, ensures that every owner is apportioned the correct levies.
Read more: Why it is critical to keep your sectional plans up to date
Yes, Mirfin does provide so-called desktop valuations at a discounted fee. This applies to market price valuations only and offers limited accuracy. A desktop valuation is NOT recommended for replacement cost valuations as they would not be backed by our professional indemnity cover.
The qualifications required to become a professional property valuer are stipulated in the Rules for the Property Valuers Profession, 2020, of the Property Valuers Profession Act, 2000.
The first step is to enrol at a tertiary-education institution that is accredited by the South African Council for the Property Valuers Profession (SACPVP) and to register as a Candidate Valuer with the SACPVP. The candidate must complete the prescribed 4-year courses and pass the required examinations with a degree in Real Estate (majoring in Property Valuation).
After having gained workplace experience under the supervision of either a Professional Associated Valuer or a Professional Valuer for a minimum of 2 years, the Candidate Valuer can advance to become a Professional Associated Valuer by taking the required admission examination for professional associated valuers.
To obtain the highest qualification of Professional Property Valuer, the Professional Associated Valuer can apply after a further 2 - 3 years to prove his or her competence, proficiency, and experience by passing the admission examination for professional valuers.