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Valuation Process
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The following are the five steps undertaken in a normal valuation process.

Step 1: Terms of Reference

Valuation process begins with the client and the valuer agreeing on the terms of reference which then form
the contract between the two. TOR must therefore be clear and state the value estimate required. TOR
informs the valuer the methodology to adopt to arrive at the value.

Step 2: Document Verification

The valuer obtains all relevant documents from the client e.g. title, survey maps, building plans etc. These
must be verified through searches at the relevant offices (Lands Registries, Local Authority Registries, and
Survey Offices etc). With an efficient registry, this may take a few hours. However searches are known to
take as long as one week, and in extreme cases much longer. This stage can run concurrently with step 3
below.

Step 3: Inspection of the property

The valuer carries out physical inspection of the property, noting all the attribute of the property, taking
measurements and confirming that the property is located as per the survey map. The valuer also notes the
neighborhood characteristics at this stage. The time-frame here depends on the size of the property and the
valuers experience of the neighbourhood and may take a few minutes to several days.

Step 4: Data collection, analysis and computation

The valuer gathers as many as possible, recent sales, rentals, and construction cost data etc. The
information is analyzed and applied to the subject property to arrive at the values. These are reconciled and
a final value estimate is made. This may take a few hours to several days depending on the size of the
property.

Step 5: Reporting the value

This refers to the compilation of the report, proofreading and submission. Depending on the type of the
report this may take a few minutes to several days. In special cases especially for larger and technical
reports a draft report may be presented to the client for comment and feedback before the final report is
issued.

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