Setting our strategic priorities

Dear members,

What a baptism of fire I've had since I took up the New Zealand Institute of Valuers Presidency in July.

Within a few weeks, we were back in lockdown and reliving the uncertainty and confusion that we hoped we had put behind us in 2020.

Never-the-less, your NZIV Council responded as quickly as we were able, and having seen the writing on the wall, we had been in communication with the Ministry of Business Innovation and Employment (MBIE) a number of weeks before the lockdown came.  

That gave us a good head-start as we started navigating our way through the complexities of the Alert Level system.  As I write this Auckland is still at Alert Level 4, although there appear to be some promising signs of a change in the coming weeks.

Along with the PINZ National Support Team, I and the NZIV Council are continuing to liaise with MBIE to lobby on behalf of the valuation profession, and when there is further information to report we will update the membership.

Our thoughts are with our Auckland colleagues who have worn the worst of the Covid-19 crises and wish them a speedy and strong recovery as the restrictions hopefully begin to ease.

Behind the scenes, your NZIV Council has also been extremely busy, and just before the lockdown came we held an all-day strategy session in Wellington to discuss our priorities. I'm pleased to present that to you today.

Our Vision
To promote the profession, support our members, maintain the integrity of the profession and protect the interests of the public.
Pillars of this strategy will be: 

  • Promotion of the profession and Institute
  • Growing the profession
  • Future proofing and resilience
  • Review of the NZIV Code of Ethics and NZIV Rules
  • Education to the NZIV membership 
Promotion of the profession
  1. Develop and implement NZIV marketing & communication plans based on valuation and matters pertaining exclusively to valuers under the NZIV identity only and in line with the NZIV promotion strategy. 
  2. Host and maintain in line with the NZIV Strategy a high-quality website for NZIV members that has specific NZIV only content in full consultation with and approval by NZIV Council.
  3. Circulate and promote an NZIV Presidents Newsletter.
Growing the Profession
  1. Develop, build, and support a diversity and inclusion policy and statement and associated activities in line with the NZIV Strategy.
  2. Maintain and support ‘Property Jobs’ platform.
Future Proofing and Resilience
  1. Develop and implement a Standards Board Terms of Reference.
  2. Develop a member benefit offering the Organisational Counselling Programme (OCP) to NZIV members.
  3. Support Branches to effectively carry out their functions and duties of NZIV.
  4. Engage and develop branch relationships and support events
  5. Carry out an online annual NZIV member survey in full consultation with NZIV Council.
  6. Maintain an NZIV Council Portal on the NZIV website.
  7. Advocate for valuers in any future review of the Act as determined by the NZIV advocacy and lobbying strategy. The NZIV advocacy and lobbying strategy will be determined by an NZIV subcommittee.
Review of the NZIV Code of ethics and NZIV Rules
  1. Review of the NZIV Code of ethics and NZIV Rules
  2.  Advocate for valuers in any future review of the Act as determined by the NZIV advocacy and lobbying strategy. 
Education to the NZIV Membership
  1. Maintain and support education resources and guidance including a CPD programme specific for upskilling NZIV members knowledge of valuation matters in accordance with the Continuing Professional Development Policy and Education Subcommittee Terms of Reference.
  2. Host a minimum of eight Valuer-specific Webinars in accordance with the Continuing Professional Development Policy paper and Education Subcommittee Terms of Reference.
  3. Host a minimum of three regional Valuers Summit face to face events in accordance with the Continuing Professional Development Policy paper and Education Subcommittee Terms of Reference.
  4. Host the National Property Conference. Conference to include Ethics, standards and a minimum of three other Valuer specific workshops in full consultation with the NZIV Education Subcommittee.  

I'd like to thank your NZIV Councillors for injecting their wisdom and experience into the strategy process.  In recent years we have adopted a focused professional approach to the Governance work we are mandated to do and we expect this blueprint will serve our members well in the year ahead.

Ticking off priorities already

One of the new action points above has already been rolled out to members.
We had prioritised the development of a member benefit offering an Organisational Counselling Programme (OCP) to NZIV members.
This has now been made available to Property Institute and NZIV members
In these challenging times looking after our own mental health and asking for help if we're struggling is one of the greatest gifts we can give to ourselves.
So please, if you need someone to talk to, consider talking to OCP.
Upskilling members and advancing the profession

Continuing Professional Development is an essential part of a professional’s career and comprises ongoing learning and education activities that maintain, enhance or develops knowledge and competency throughout their career. The outcome of good quality CPD provides value for the individual and their clients, employers, colleagues and the profession as a whole.
The New Zealand Institute of Valuers is committed to delivering world-class education opportunities to enable our members to develop the latest knowledge and skills and we will support our members in their professional journey from graduation to retirement.
To ensure that members are meeting their CPD obligations, NZIV will shortly be commencing the annual CPD audit for the 2020 calendar year. The audit will involve reviewing the CPD records from a random sample from the NZIV membership and we would encourage you to take this opportunity to log in to your member portal and check that your CPD records are up to date and accurate.
We need the support of members to deliver a world-class valuation profession, and we need our members to be taking a pro-active approach to their continuing development and to use the support that NZIV have put in place to achieve this.
Property Professional

The latest digital Property Professional magazine has been released to members and can be found HERE.
It features all the big news and award winners from the National Property Conference and a good number of other excellent reads.
Several free webinars have been made available for members and are available in our webinar library.
  • Valuation Uncertainty with Standards Board Chair Blue Hancock 
  • 2021 Conference Session Recordings: Ownership Structures for Multi-unit Residential Property & Leasehold Tenure 
  • 2021 Conference Session Recording Economics Package 
  • Can ‘PropTech’ increase property returns in a Covid world? 
More of these are in the pipeline.
Revised IVS Standards - Effective January 2022

The latest edition of the International Valuation Standards (IVS), have been released and will become effective from 31 January, 2022.

Early adoption is being encouraged by the IVSC. The Chair of the NZ Standards Board Blue Hancock will be hosting a webinar on November 1, to answer questions and flesh out these changes.

The latest version of the Standards brings greater depth and clarity to the IVS, as recommended by member organisation, including the major valuation and accounting firms and Valuation Professional Organisations. All the updates have been consulted on over the course of the last 18 months.
Attached here you will find:
  1. A full PDF copy of the latest IVS (effective 31 January 2022)
  2. A ‘red-line’ version of the latest IVS showing the changes made since IVS (effective 31 January 2020) 
Key updates to IVS
Here  are a few things you need to know about the latest version of IVS:
  • Effective date: The latest IVS becomes effective from 31 January 2022. However, the IVSC encourages early adoption from the date of publication. Valuers will need to make clear which edition of the IVS they are using when preparing a valuation report.
  • New chapter: The updated IVS includes a new chapter, 'IVS 230 Inventory' as part of the intangible asset standards. You can view the earlier consultation here.
  • Technical revisions: Updates also include the technical revisions consulted on throughout 2020 and 2021. The archived consultation documents can be found here.
  • Introduction: The introduction has been revised to incorporate new 'core principles of valuation standard setting' and the 'core principles of valuation', as set out in the recent IVS Additional Technical Revisions 2021 Exposure Draft. The core principles have been agreed in conjunction with the Advisory Forum Working Group and not only demonstrate the harmonisation already in existence but also clarify vital expectations for all standard setters. This change also reflects the IVSC's ongoing efforts to align valuation standards.
  • Glossary: The IVS glossary has been updated to include new terms and to provide additional clarifications. This change also reflects the IVSC's ongoing efforts to align valuation terminology and definitions.
  • IVS Framework: The sections on ‘compliance with standards’, ‘assets and liabilities’, ‘valuer’ and 'competence' have been revised to provide additional clarifications. 
  • IVS 104 Bases of Value: A new section on 'allocation of value' has been included within this chapter.
  • IVS 105 Valuation Approaches and Methods: The introduction has been revised to provide additional clarification that one or more valuation approaches may be used to arrive at the value reported within a basis of value.
  • IVS 200 Businesses and Business Interests: The introduction has been revised to provide further clarification on what constitutes a business and a business interest.
  • IVS 400 Real Property Interests: The introduction has been revised to provide additional clarification that this chapter includes the valuation of agriculture and land and to incorporate the valuation of unregistered and communal land.
A 'red-line' version of the updated IVS is also available for download, providing clarity on changes from IVS (effective 31 January 2020).
Why have these changes been made? The Standards Review Board expects to publish a 'Basis of Conclusions' document, explaining the rationale for all updates to IVS, within the coming weeks. 

The Mentor Support Programme

Any member of NZIV subject to a complaint may turn to the Institute's Mentor Panel to receive guidance and support as necessary during what is invariably a stressful time in their professional career. 

Background – the complaints process

The Valuers Act (1948) establishes a framework for complaints against Registered Valuers. Any person may make a complaint in relation to the conduct of a Registered Valuer. The focus of the complaints process is to determine whether the valuer, in performing his or her duties, has complied with relevant provisions of the Code of Ethics of the New Zealand Institute of Valuers.
The complaint is investigated by either the Valuer General (VG), or NZIV who will then provide a confidential report on the matter to the Valuers Registration Board (VRB). Subsequently, the VRB will decide whether to hold an inquiry into the valuer's conduct which may ultimately proceed to a formal evidential public hearing with lawyers typically representing both parties. The VRB may subsequently dismiss the complaint or impose certain disciplinary sanctions on the valuer.

How does the Mentor Support Programme relate to the complaints process?

The investigation and reporting phase may take place over a protracted period and can prove very stressful for the Valuer regardless of the merits of the complaint. This is where the Mentor Support programme can be of assistance to the Valuer. It does not seek to help the Registered valuer solve their problem; rather it is a means of support to help them through what can prove to be quite a difficult period.
The Mentor Support Programme is conducted in confidence - quite independently from any related processes, including those involving the NZIV Professional Conduct Committee (PCC) and the VRB.  The PCC has a responsibility to facilitate the public in progressing their concerns commencing with facilitating contact with an independent, senior member of the New Zealand Institute of Valuers to discuss any concerns they may have in relation to a Valuer. In contrast, the Mentoring Programme provides support for the Valuer, and operates completely autonomously to any NZIV obligations that serve to protect the public.
It should be kept in mind that potential complainants are encouraged where possible to raise any issue directly with the Registered Valuer concerned and seek a resolution before escalating towards a more formal complaints or disciplinary process. It is important to note here that the Registered Valuer is able to seek access to a Mentor from the Panel at any time, including this early phase.
Further information on the complaints and disciplinary processes are located on the NZIV website online here.

How is the Mentor Support Programme accessed?

Registered Valuers subject to a complaint are encouraged to obtain mentor support to help them cope with the inevitable stresses that the complaints process invokes. In the initial phase, Valuers contact the President of the New Zealand Institute of Valuers in the first instance who can then subsequently assign a Mentor Support person.
- Upcoming Education -

Should you require any further information about the upcoming education programme, please email: