MADINAH — No one has the right to value properties unless they possess a license to do so, experts in the real estate industry told Madinah daily. This is to move away from the old traditional way of valuing real estate properties that often lead to mistakes and leave the property owners shortchanged, they said. Head of the property valuing committee at the Madinah Chamber of Commerce and Industry, Saleh Al-Muhaisen, said the Court of Grievances uses experts when it values the price of a property. General courts transfer cases that require properties to be valued, especially when they concern endowments, minors with property, inheritance and companies in dispute. Therefore, he said, the traditional way of valuing properties should be abolished because most of it is done in an unprofessional way and not based on standard procedures. He said: “It is important to train people in this industry working in licensed offices on how it is done professionally because most of them are not efficient and professional. “There is an urgent need for rehabilitation, education, support and supervision so the process of valuing property is better organized. Muhammad Hashem, approved agent for property valuing, said there are conditions that a person needs to meet before he can practice the profession. He said: “The most important one is to have technical experience and to be a full time member of the valuing commission. “Through this commission we will organize this industry and get rid of the inexperienced agents.” Jamal Abdul Jaleel, another approved agent for property valuing, said some unauthorized agents are not professional or capable and they are considered intruders in the industry. He added, “It is very important that the Madinah Chamber of Commerce and Industry organizes seminars by professionals in this industry to mostly talk about the ethics of this line of business.”
