The increasing need for closer co-operation, be they with investors, financial institutions, developers, the construction industry or private investor requires in addition to EVS a personal indicator of excellence through a trans-European indicator of quality in order to assure clients of an individual valuers experience and knowledge.
Real estate valuation will of course continue to require regional specialist knowledge of local conditions but transnational investors increasingly require a means of ensuring that the "local" valuer is part of a wider recognised standard that they can rely on in making transnational investments.
The Recognised European Valuer status and use of the designatory letters REV provides such a pan-European assurance to investors of all types by setting a transparent and demanding standard of ability and experience.
Details of the working of the status and how to become a Recognised European Valuer through a TEGOVA Member Association are detailed below.
REV status is the mark of excellence in real estate valuation, demonstrating to international and local clients that the valuer is qualified to a consistent high European standard of practice. Since its inception it has been awarded by leading valuation associations across Europe.
The letters 'REV' enable cross-border real estate investors to identify local valuers qualified to a recognisable European level. This gives both large and small local valuation firms the opportunity to tap into the steadily increasing market for pan-European investor clients.
Yet REV's greatest impact is on local clients. In times of economic uncertainty, local clients seek out professionals with special knowledge and experience who can help them make difficult investment and pricing decisions. Here, the competitive edge for REV valuers lies in their guaranteed minimum level of education and experience and the capacity to interpret global and local valuation impacts that comes from demonstrated familiarity with European Valuation Standards.
REV valuers display the initials 'REV' after their name on their business cards, are provided with a numbered REV impress stamp on their valuation reports and appear on the TEGOVA REV online register consulted by clients and practitioners from all over Europe.
Application for REV status is open to practising valuers who meet the required standards set by a TEGOVA Member Association that has been authorised to award REV status (Awarding Member Association, AMA) by demonstrating that it has in place an effective quality system to ensure that individual applicants meet the necessary requirements.
The local AMA assesses the individual practising valuer in order to ascertain that the applicant meets the standards required by TEGOVA to use the designatory letters REV (Recognised European Valuer).
Once granted, the REV designation can be used by a valuer for five years, after which the status must be renewed.
TEGOVA's 'Recognised European Valuer' Programme is run and maintained by the Board, assisted by a dedicated Recognition Committee and TEGOVA's Secretariat.
TEGOVA will approve an AMA (Awarding Member Association) as a competent body to process applications by the signature of an agreement with the AMA. It will then monitor the AMA.
The AMA is responsible for the administrative processing and monitoring of individual applications and the payment of certain complementary subscriptions and expenses to TEGOVA.
The main role of the Recognition Committe is the assessment of candidate AMAs and the audit of existing AMAS.
For details, you can go to the 'Recognition Committee' page.
For enquiries, please contact the Secretariat of TEGOVA.
A register of the REV valuers is available. Please click link page hereafter.
Each Awarding Member Association has an intranet page.
The access to the page is limited to the person who has the authorisation given by the AMA.
The REV valuers are automatically subscribed to the European Valuer journal. This Journal will provide expert analysis on European valuation developments and coverage of EU real estate policy initiatives.
The REV designation and logo are registered trademarks of TEGOVA.
REV Programme Brochure
