News of further change for Australia’s valuation industry came this morning as two of the country’s largest privately-owned valuation groups announced their alliance as members of a new residential valuation quality assurance body, Austwide Valuations.

WBP Property Group and MVS National Valuers will align forces as members of Austwide Valuations from 3 September 2012. While the two groups will continue to operate independently the Austwide Valuations membership alliance will set a new benchmark for valuations standards and provide greater service and coverage for each group’s clients.

Austwide Valuations is an independent provider of quality assurance solutions for the Australian residential valuation industry. Austwide quality assurance standards include stringent risk analysis parameters specifically designed to protect valuation clients and their business interests.

Chief Executive of WBP Property Group, Greville Pabst says, “The decision to form an alliance comes after lender sources reveal a decline in valuation service and quality from some major groups not equipped with the systems and experienced valuation personnel to deal with the increased demands of the industry.”

“MVS and WBP are structured similarly, with an important emphasis on technology and quality assurance, which is particularly important to financial institutions. We have both embraced the changing face of the valuation and property industries in Australia and identified early opportunities to expand and develop business in major capital cities and regional centres, says Pabst.

Pabst identifies that the Australian valuation industry is rapidly evolving and many smaller regional and rural valuation firms are struggling to meet current compliance standards.

“Australian lenders, government and professional services groups are increasingly seeking national suppliers, creating pressure on smaller-scale local operators. Austwide Valuations membership is open to all valuation firms striving for greater quality control measures. It will offer valuation firms from all over Australia the opportunity to reduce insurance risk and improve reporting standards,” says Pabst.

Unlike other valuation groups that have merged or aligned in recent times, MVS National Valuers spokesperson Jeff Keane says that Austwide Valuations is not a branding initiative. “It [Austwide Valuations] is a national initiative to improve the standard of residential real estate valuation services in Australia. With an emphasis on quality and risk-mitigation, Austwide ensures valuation products and services are compliant with lawful and regulatory guidelines, reliable and accurate and of a high professional standard.”

“Austwide Valuations has developed a quality assurance certification standard known as AustwideQA. The certification standard is designed to monitor and manage quality control, risk compliance and performance under a strict Code of Conduct for Austwide members.

The certification provides a tick of approval for reports that adhere to AustwideQA compliance standards, providing clients with an assurance that the each valuation report is accurate and of the highest professional standard,” says Keane.

Notes to Editor
Austwide Valuations provides quality assurance services for residential mortgage valuations across Australia for financial institutions.

All Austwide Valuations members are certified professionals registered with the Australian Property Institute and other relevant state-based bodies.

About WBP Property Group
Multi-award winning WBP Property Group is an independently owned and operated national valuation and property services company. WBP conducts more than 70,000 property valuations per annum and offers a complete range of valuation and property services through its branch offices in Victoria, South Australia, New South Wales, Queensland and Western Australia.

Established in 1992, WBP is built on a solid foundation of extensive market knowledge, superior customer service and industry-leading technology and has a reputation for providing clients with objective and impartial valuation services.

WBP’s valuers are each recognised by the API and other relevant state based institutions and regulators. On average, WBP’s valuers possess 11.2 years valuation experience, with more than 44% of its valuers possessing more than 10 years’ experience. This is a critical factor that differentiates WBP Property Group from many other valuation firms. Each valuer has experience valuing residential property, with many specialising in commercial, industrial and rural properties.

About MVS National Valuers
MVS National Valuers has a vision to revolutionise the way valuation services are delivered to its corporate clients.

Matching extensive ongoing training with the latest technology, MVS Valuers delivers industry-leading service in the most efficient ways, without compromise to quality and ethical standards.

MVS Valuers’ ongoing software development integrates a vast array of property data and related information to revolutionise the provision of broad scale valuation services.

The group has grown to employ more than 140 property valuers located across New South Wales and Queensland, making it one of the largest companies of its type in Australia.

MVS Valuers has representation in New South Wales, Queensland and Victoria with offices in Sydney, Parramatta, Wollongong, Bateman’s Bay, Newcastle, Coffs Harbour, Port Macquarie, Tamworth, Armidale, Orange, Young, Tweed Heads, Melbourne, Brisbane & Sunshine Coast, and plans for further expansion in the future.