An accurate valuation report is one of the foundations of a good deal, but it is more than just writing up the data that makes a successful report. The purpose of this article is to help any financial institution assess and understand what makes FS Panel Management a long-standing and trusted valuation partner.
Who are we, and what makes us different?
We have built our leadership team to encompass a broad and invaluable skill set required to oversee the operations of a successful valuation and surveying panel with robust process management minimising risk for our clients.
Ben Darley: (Managing Director), having majored in data analytics, process control and management in the engineering sector, before joining the world of Surveying and Panel Management, his analytical experience lends itself to the requirements of the challenger bank and structured finance sector we service.
We put our values into action by providing highly motivated and knowledgeable administration departments and customer service teams to support our clients. Throughout our front of house staff, we strive to be accessible, approachable, and accommodating.
We have gained an in-depth insight into all aspects and variations of the valuation industry by working and collaborating across all aspects of the surveying and property industry.
What are the challenges today?
With an exemplary record of protecting our clients’ interests since we began our company in 2005, we have weathered the toughest trading conditions. The key to this is our standards for service, quality, and technology.
A continuing trend has been observed in the reduction of seasoned valuation surveyors in the marketplace due to the 2008 recession. This is due to rising costs in the Professional Indemnity Insurance market, along with an aging workforce. Our industry is poised for change, but it will take a few more years before a younger generation reaches the necessary level of experience to fill the supply gap.
Today, fewer insurers are willing to provide surveying firms with P.I. insurance for secured lending work or imposing endorsements restricting specific work streams. All this resulting in increased costs for those in the industry.
Faced with this landscape how do you find the right valuation partner?
As a national RICS regulated valuation and surveying panel, we have a dedicated team that manages assessment, procurement, quality assurance, and data management. The following four points will help you understand where FS panel management can add value to your valuation process.
Right First Time
Despite the fact that surveyors conduct their own reviews and are covered by professional indemnity insurance, this insurance serves as a safety net, rather than getting involved in litigation, so “right first time” is crucial. In order to achieve this, panels should provide an additional layer of regulation and quality management rather than just connecting clients with firms. This adds very marginal value.
Our service is transparent and quality assured at FS Panel Management. We make this visual with live updates, visible in-built quality gates and a digital audit trail available for your records on every case. In addition, monthly reporting and audit services are provided as a standard to ensure peace of mind that your valuation process is being monitored and regulated.
Experience
When times are challenging, you need a valuation partner that has been tried and tested in the most challenging markets. With our core values being centered around sustainable growth, FS Panel Management has stood the test of time and goes beyond just making a quick buck. During the tough market, this strategy paid off. Our clients value our track record of quality, transparency, and reliability for over 16 years.
We have worked closely with our clients in the tough times to find solutions and used our experience to benefit our clients’ credit policies, valuation processes, and guidelines to ensure they are robust for the market ahead. Whenever such trouble arises, you can rest assured that we’ll be there to help.
Surveyor recruitment
As our Managing Director says, “Rubbish in, Rubbish out”. The engineering sector commonly uses this idiom. Regardless of how effective your process and operational structure are, if your input is poor, the output will be poor as well. In this case, the input is the surveying panel members who inspect the property and collect data on site. In this regard, surveyor recruitment is the cornerstone of any successful panel, which is why we spend so much time and effort ensuring that we recruit competent firms we can have long-lasting relationships with. This is where our survey and valuation director’s knowledge and many years of experience come into play.
In addition to looking at the quality of the work, we also examine the firm’s structure, its spread of business, and its legacy planning. By examining all aspects of a potential panel company, we ensure the quality of the panel as a whole and, consequently, our clients’ interests.
Technology
In the post-COVID era, much has changed as we move into the next stage of the market. Considering the ever-increasing issues concerning insurance, perceived risk, surveyor shortages, and the need to accommodate more flexible working patterns, technology will play an increasingly important role.
Most of the property surveying industry’s reporting systems offer little more than the transit of data between firms and panels. When data is handled correctly, it can become knowledge. Many other tasks can also be automated with the right systems to demonstrate compliance and quality assurance while allowing teams to work remotely without introducing risk or deteriorating quality.
Technology is at the heart of FS Panel Management’s operational structure, with all business processes integrated to Surventrix Systems’ common platform. As a result, we liaise with our clients and manage their pipeline and service requirements individually. This enables access to a nationwide panel of RICS regulated practices, all while harmonising product quality and service. The tool also offers APIs to back-end systems, data analytics, AVMs, and KPI monitoring, with digital audit trails on every instruction.
In summary
With 16 years in valuation management and 35 years as surveyors, we know our clients can rely on our valuation management services. You can find out more about our services or find out how we can assist you on your valuation project by contacting help@fs-panel.com