intro to the valuation council final

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An Introduction to RICS Americas and the Valuation Council

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Page 1: Intro To The Valuation Council Final

An Introduction to

RICS Americas

and the Valuation Council

Page 2: Intro To The Valuation Council Final

RICS (Royal Institution of Chartered Surveyors) is the leading member organization in the world for professionals in property valuation, business valuation, real estate, land, construction and related disciplines.

•Membership comprises more than 140,000 individuals.

•Members operate in 146 countries.

•The RICS designation represents the highest standards of professionalism and conduct through maintaining and promoting the usefulness of the profession for the public advantage.

Page 3: Intro To The Valuation Council Final

All Members (includes Students, Trainees and Affiliates)

1

23

5

6

RICS members are all over the world

4

1.Europe 125,2392.Asia 12,7433.MENEA 8,9844.Americas 3,4765.Oceania (Australia, NZ) 5,7106.India 442Total 156,594In 146 countries12/21/2009

…with offices in 40 countries – including new ones to serve growing memberships in South America, India, China, Scandinavia…

RICS Offices:London (RICS UK HQ)Brussels (RICS Europe HQ)New York (RICS Amer. HQ)Hong Kong (RICS Asia HQ) Dubai (RICS Middle

East/Africa HQ)Sydney (RICS Oceania HQ)Delhi (RICS India HQ)

Page 4: Intro To The Valuation Council Final

Snapshot of RICS Americas membership• Membership in the Americas includes more professionals in valuation, real

estate, construction and related fields.

• RICS Americas members reside in 29 countries; 56% of qualified members are in the U.S.

• 23% of RICS Americas members practice valuation.

Geomatics4%

Other6%

Management Consulting

3%

Bldg Surveying8%

Valuation23% Commercial

24%

Construction & Project Mgmt

32%

Page 5: Intro To The Valuation Council Final

All RICS members living in Americas are represented on local, regional and global boards

Global Management Board(Staff & Officers)

World Regional Board(7 World Regions: RICS Americas, Europe, Asia, etc.)

(Regional and Discipline representatives)

3 National Associations(RICS Canada, RICS Caribbean, RICS USA)

15 Local Chapters(e.g. RICS Southern California, RICS Jamaica)

Page 6: Intro To The Valuation Council Final

GlobalManagement

Board

RICS Americas Board

Global Knowledge & Standards

Boards

National Associations(e.g. RICS USA)

Local Chapters(e.g. RICS Midwest)

RICS ValuationProfessional

Group

RICS Americas Valuation Council

RICS Americas Specialty Board

(e.g., Business Valuation)

Global Regulatory

Board

Professional disciplines are represented by global Professional Groups and Americas Councils

Page 7: Intro To The Valuation Council Final

Most new members already have at least one professional credential

Association Credential Number

American Society of Appraisers ASA 48

American Society of Farm Managers and RuralARA, AFM, RPRA 30

Appraisers Appraisal Institute of Canada AACI 24

Appraisal Institute MAI 99

Association for the Advancement of Cost Engineering CCC, CCE 22

CCIM Institute CCIM 17

Counselors of Real Estate CRE 19

Enrollments as of Nov. 2008- Nov. 2009

Page 8: Intro To The Valuation Council Final

RICS is well-positioned in the valuation profession

Broad Reach in Valuation• The Valuation Professional Group encompasses members from all valuation disciplines.

Their specialties run the gamut from real property and personal property to public sector and business valuation.

Highest Professional Standards• RICS valuation standards are globally regarded as ‘the Gold Standard’ of valuation

practice by regulators, international investors and top financial institutions.

United in the Profession• RICS Americas partners with professional groups on initiatives that protect the public

interest and the advance valuation profession. It has memos of understandings with ASA and ASFMRA.

Page 9: Intro To The Valuation Council Final

RICS distinguishes itself from various valuation organizations

RICS has the financial strength and corporate flexibility to make the concept feasible

Our partner associations* tend to have the vision and desire to unify the profession

RICS has North American and global valuation presence and reputation with governments and international bodies such as the International Accounting Standards Board

Our partner associations* tend to have a larger valuation group in the Americas - so existing members can take leadership roles

RICS has a platform for expanding on other associations’ disciplines and distributing education programs globally

Our partner associations* tend to have excellent education programs

RICS has a strong North American and global presence and experience

Our partner associations* tend to have a strong US presence and experience

*RICS Americas regularly partners with associations including, ASA, ASFMRA, AI, AI Canada, IAAO and IRWA.

Page 10: Intro To The Valuation Council Final

Why?• Common purposes• Efficiencies of scale and cost• Effective scope• Complementary missions and strengths • Strength of multidisciplinary diversity What?• Credential reciprocity• Joint interaction with government: a

loud voice of united professionals • Joint training: broad & deep knowledge

• Joint events: scale to draw best

speakers and crowds

ASA + ASFMRA + RICSMOU signing, August 2008

RICS maintains reciprocity, notably with ASA and ASFMRA

Page 11: Intro To The Valuation Council Final

The RICS AmericasValuation Council

Page 12: Intro To The Valuation Council Final

Leading the Debate in Valuation Issues

• RICS Americas established a Valuation Council to advise governments, corporations and academia on the most important issues facing the valuation community and its users.

• The Council integrates all the valuation disciplines, giving valuation professionals a voice to government and the market.

• It brings together the diverse RICS membership to listen, consider, decide, speak and respond to valuation issues in the public interest.

Page 13: Intro To The Valuation Council Final

The Valuation Council’s Key Objectives

• Serve the public and valuation clients through representing and coordinating the valuation disciplines and positioning their roles and services.

• Provide leadership and a unified public voice in responding to important valuation issues.

• Educate professionals and future professionals in standards and best technical practices, using established accrediting programs and expanding upon academic resources.

• Develop and enforce member allegiance to valuation principles and standards through peer review and continuing education.

• Provide and develop enhanced strategies for business development and networking opportunities for members.

• Advocate collaborative coordination among valuation industry groups.

Page 14: Intro To The Valuation Council Final

The launch of the Council was made possible by efforts and contributions of many senior leaders of the profession, including business executives, government officials, past Presidents of prominent professional groups, and leading thinkers.

The Council leadership is comprised of individuals, not representatives of special interests, with broad experience and skills. Every Council leader – like every RICS member - is bound by the RICS Code of Ethics and must serve in the public interest.

Valuation Council Leadership

Page 15: Intro To The Valuation Council Final

Valuation Council Interim Leaders: Two representatives from each Discipline

Valuation Council

Real Property

Brian GlanvilleLee Trice

Personal Property

Barden PrisantAlan Fausel

Plant & Machinery

Dick KaufmannJeffery Berg

Business

Mary McCarterVern Blair

Public Sector

Elizabeth StairPaul Wecome

Natural Resources

John WiddossTharrell Ming

StandardsBoard

Principles Board

Interim Chair: Don DorchesterInterim Vice Chair: Bruce Bingham

Page 16: Intro To The Valuation Council Final

Natural Resources Board:John WiddossTharrell MingMarty GlenMartin WildJim Hodos

Business Valuation Board:Mary McCarter

Vern BlairMike Hill Sr.Jay Fishman

Natural Resources and Business Valuation Boards

Valuation Council

Page 17: Intro To The Valuation Council Final

Valuation Council

Public Sector Board:Elizabeth StairPaul Welcome

Art ClappBrian HollyMary Arndt

Personal Property Board:Barden Prisant

Alan FauselLarry PhillipsEllen EpsteinMark Bench

Plant & Equipment Board:Dick Kaufmann

Jeffrey BergJoseph NeilsonDoug KrieserRay Moran

Public Sector, Personal Property, and Plant & Equipment Boards

Page 18: Intro To The Valuation Council Final

Real Property

Board

Residential:Lee Trice

Karen MannCheryl Kunzler

Joe GuerryDanny Wiley

Commercial:Matt Smith

Charles HardyRick DonahueScott Biethan

Walter Carpenter

Rural:Mike MingHenry Long

Kurt HardungJustin Bierschwale

Specialty:Mark Bates

Steve RushmoreAndy Dorchester

Tony CorreiaSteve Gottlieb

Interim Chair: Brian Glanville

Real Property Board and Sub-Groups

Page 19: Intro To The Valuation Council Final

Principles Board:Joe Vella, Real Property

Greg Gilbert, BVAnne Johnson, Natural ResourcesDick Kaufmann, Personal PropertyKathryn Gearheard, Public Sector

Standards Board:Dave SnookPhil Smith

Nardie VineRichard Marchitelli

Carla Glass`

Principles & Standards Boards

Valuation Council

Page 20: Intro To The Valuation Council Final

Core Valuation Council Activities

Page 21: Intro To The Valuation Council Final

• Topic: “What is Fair Value? How Fair Value Accounting and the Appraisal Profession Will Shape the Future.”

• With all of the current financial uncertainty in the world, it’s more vital than ever that assets - tangible and intangible – and liabilities are consistently and accurately valued. Heightened attention – by industry and regulators, across all asset categories – presents a tremendous opportunity for the Appraisal profession.

• In 2009, the fair value education was presented in Chicago, Dallas, NY, Sacramento, Toronto, Seattle and Oregon. In 2010, the series will continue throughout North America (California in the Spring).

EducationA financial reporting event series brings latest thinking to valuers across North America

Page 22: Intro To The Valuation Council Final

• We are working towards developing a single body of core curriculum for the profession that includes fundamental competencies like client management, presentation, basic accounting as well as ethics modules.

• RICS has an international platform from which it offers its own educational courses as well as those of its partner organizations.

• We are focused on providing education on multidisciplinary appraisal topics.

• We currently outreach to numerous professional associations and leverage their top-quality educational content on business valuation with RICS’ international platform.

EducationRICS is establishing joint ventures with other respected valuation organizations to provide education

Page 23: Intro To The Valuation Council Final

RICS delivers content from hundreds of associations, universities and individuals around the world; the Council pushes appraisal education

Page 24: Intro To The Valuation Council Final

• The Council is pursuing global consistency in professional valuation standards.

• Critical activities include actively monitoring, assessing and influencing exposure drafts and standards.

• The Council creates guidance on valuation principles, standards and best practices as they are considered necessary.

Professional GuidanceRICS and the Council maintain and promote the usefulness of the profession for the public advantage

Page 25: Intro To The Valuation Council Final

• Valuation Council members sit on the Boards of IVSC, the Appraisal Foundation, OSCRE, etc.

• RICS Americas works with ASA, ASFMRA and other groups to influence government around transparency, standards and best practices.

• RICS offices around the world work with other local governments toward global consistency.

Global AdvocacyRICS and the Valuation Council advise government and other bodies on valuation issues

Page 26: Intro To The Valuation Council Final

Peer ReviewPeer review is a missing necessity in valuation

The RICS Americas Principles and Standards Boards are developing a peer review process to be adopted by the valuation profession.

The Boards are creating a peer review program to:

• Improve valuation services and valuer education• Better serve the public and clients• More quickly and definitively locate problems in valuations• Respond directly to public policy and regulation issues• Identify issues requiring public and client involvement

Page 27: Intro To The Valuation Council Final

Getting involved…

Page 28: Intro To The Valuation Council Final

1. Achieve a RICS designation to demonstrate your commitment to the highest valuation standards and to gain access to global contacts and resources.

2. Participate in one of 18 chapters in the Americas to network, build business and discuss the most important issues facing the profession.

3. Create, lead or participate in education for valuers and future valuers regarding best practices and standards.

4. Comment on valuation guidance and standards to serve public interest.

Four ways to get involved in the RICS Americas and the Valuation Council

Page 29: Intro To The Valuation Council Final

Get Involved Today!

Visit RICS Americas on the web at: ricsamericas.org

Or

Email Wanda Papayer at: [email protected]