PRESS RELEASE – 18th December 2018
Independent Property Network (IPN) exodus from LandMark White.
IPN Valuers are pleased to announce the formation of the Independent Property Network across NSW and QLD.
Comprised of 12 regionally located offices, IPN Valuers offers the experience, knowledge and personalised service of a local firm, with the collective power of a national brand.
IPN Valuers emerged as a direct result of recent consolidation in the industry. IPN's founding Directors, Jeff Rogers, Blake McKenzie and Wayne Peach established the cooperative to ensure the continued viability of a broad network of long established, locally owned and independent valuation practices.
IPN Valuers ensures local operators are compliant and consistent with Australian Property Institute and RICS standards, promoting "quality over quantity" while maintaining the exceptional level of customer service the group has demonstrated for more than 20 years.
IPN commenced formation in April 2017 as a direct result of fractured franchise negotiations between regional valuation firms and the LandMark White Ltd; who subsequently acquired Taylor Byrne. Blake McKenzie states,
"Whilst the property valuation sector has experienced consolidation amongst firms on the basis of cost reduction and financial gain, neither the financial institutions nor consumer markets are comfortable with the lack of alternate providers. When market conditions were favourable, institutions saw the reduction of firms to three or four major players as a potentially positive move. Now that the market has taken a downward direction, fewer valuation firms can only mean greater risk. Fundamentally cultural misalignments in many business areas lead to the formation of IPN Valuers."
There is a renewed sense of optimism within the valuation industry and the feedback from lenders, independent firms and clients has been overwhelmingly positive. 2019 will be a time of change in the valuation industry as independent firms will have a new path and an assured outlook for the future. Wayne indicates,
"The change is positive and a step in the right direction, not only for valuers, but for all stakeholders. Our local ownership allows us to offer a more tailored, personalised service across the network."
Jeff Rogers goes on to say,
"The role of the valuer should be to focus on providing quality, independent advice. As technology changes and market conditions shift, the industry should be vigilant and focus on our clients risk profiles instead of churning out more reports for lower fees. I fear the volumes being produced on a per valuer basis today will eventually expose lenders to risks inherent from "high volume, low attention to accuracy" valuations. Unfortunately, fee reductions and consolidation of firms has meant other property valuers have had to cut corners in order to maintain income levels commensurate with the educational and experience requirements of a key plank in risk mitigation."
Based on the positive industry feedback, IPN will embark on national expansion with likeminded firms in 2019 whilst focusing on maintaining exceptionally high standards for its members and clients.
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IPN Valuers Pty Ltd. | ipnvaluers.com.au
