Recognised European Valuer accreditation REV™
REV: those three letters after a valuer’s name are the first ever label of excellence created by European valuers for European valuers, recognised by clients across the Union and beyond. Truly European, because REV is not the franchise of a single national body but the product of TEGoVA, The European Group of Valuers’ Associations, federating 120,000 valuers in 23 countries.
Endorsed by the European Mortgage Federation, REV is a recognised guarantor of quality because it is one of the pillars of TEGoVA’s work creating a level European playing field for valuers and their clients: European Valuation Standards, Minimum Educational Requirements and Sustainable Valuation. Holders of the ‘REV’ title put the entire TEGoVA culture at the service of their clients and of society.
REV title holders have special relevance, especially with foreign investors in their countries, because the REV™ designation provides a truly European mark of quality enabling valuers to assure clients that they possess the level of professional knowledge, experience and ethical behaviour coupled with lifelong learning needed to meet the standards set by TEGoVA.
Rapid take-up of TEGoVA’s ‘Recognised European Valuer’ (REV) scheme meets demand from European valuers, investors and legislators
The EU’s united response to the crisis in the financial and property markets has been the catalyst for rapid uptake of REV, which provides European valuers with common levels of excellence just when markets and government are demanding it. REV is up and running in seven EU member states and in the pipeline in several more.
The core demand comes from pan-European investors needing the certainty that local valuers meet a transparent and demanding European standard of education, ability and experience. Equally important is the valuation aspect of crisis-driven EU real estate investment rules concerning REITs, open ended real estate funds and mortgage credit.
About TEGoVA, by Roger Messenger BSc FRICS IRRV MCIArb, Chairman, TEGoVA
TEGoVA IS THE European umbrella organisation of national valuers associations. Its main objective is the creation and spreading of harmonised standards for valuation practice, for education and qualification as well as for corporate governance and ethics for valuers.
In doing so, TEGoVA supports its member associations in the countries of the European Union as well as in the emerging markets in central and eastern Europe in the introduction and implementation of these standards.
Today it represents the interests of 39 associations from 24 countries with a total of over 120,000 members.
TEGoVA’s European Valuation Standards and the body of Recognised European Valuers upholding them provide a common approach to valuation of these investment and lending vehicles.
The IRRV are please to be the United Kingdom accredited professional organisation for the award of REV status. The contact at the IRRV is Michael Hopkins: michael.hopkins@irrv.org.uk
David Magor, CEO, Institute of Revenues, Rating & Valuation (IRRV) said:
“There are three reasons for REV’s success: First, it is truly European, created and managed by valuers from all over Europe. Second, it is voluntary. There is no mandatory accreditation of members at an annual cost. Members decide for themselves whether REV status adds value to their professional practice. Third, it is flexible and highly adaptive to the forces of EU integration. For instance, a big EU priority now is upgrading its legislation on energy performance certificates for buildings. TEGoVA is adapting its European Valuation Standards, Minimum Education Requirements and Recognised European Valuer scheme to ensure that valuers are proficient with energy performance certificates, bring them to the attention of clients and take proper account of them in their valuations.”