Next few days we will talk about “property management” vs “tenancy administration”. What is VAEP? Why are they related to Surveyors (Sr)?
There is an old story I talk to make understanding of Valuer, Appraiser, Estate Agent and Property Manager easier. VAEP stands for Valuer, Appraiser, Estate Agent and Property Manager.
Once upon a time, many wars were fought. Why? Because of food, shelter and workforce/labour. Kingdoms were formed and boundaries were drawn – who does this measurement? The ancestors of surveyors. Due to territorial control, surveyors were the main people who dealt with land.
Therefore, it is not surprising to note that valuers came after surveyors – for the specialization of giving valuation after boundaries were formed. Kings gave to different warlords these lands in exchange of peace – hence the trading of land. This gave birth to the profession of estate agents – who were the valuers as they knew the land thus enabled them to help find buyers/sellers. (Appraisers are also valuers with smaller scope of work). Landowners used the land for different purposes. When buildings were erected and those valuers, appraisers and estate agents who specialized in property maintenance then became property managers.
These four professions all came under BoVAEP. And, many members are in fact surveyors. RISM (Royal Institute of Surveyors Malaysia) is like RICS (Royal Institute of Chartered Surveyors) of the UK. RISM has a branch of PMVS – Property Management, Valuation and Estate Agency Surveying division. This division also conducts a qualifying examination for Valuation and Estate Agency Practice in Malaysia.