What do they do?

Valuers are primarily concerned with the prediction of the value of all types of land and buildings, both urban and rural, for many different purposes, including business activities, proposed mortgage loans, prospective purchase or sales, and for statutory purposes by Government authorities for rating, taxing and compensation following acquisition.

The valuation profession requires it practitioners to fully appreciate the property being valued, and all the factors affecting the property its value; to be able to reach a decision as to the property's value.

The Valuer's clients often need to know more about long term income performance, likely investment growth and perhaps feasibility of investment or development. such roles are basically covered in the Valuations stream of the course.

Estate Agents are involved in the selling of property, but in addition offer their clients many more services, such as professional property investment advice - when, where or what to buy or sell; property management; and negotiation skills necessary in the purchase or disposal of properties.

Agents act on their client's behalf in all property categories - houses, farms, shops, office building, hotels; in facts any of the myriad of property types. they are expert in their field, and in addition to an understanding of the marketplace, must be fully able to appreciate their client's needs.

At RMIT two levels of study are available, both providing the academic requirement for licensing as set down by the Estate Agents' Board.

The basic requirement is met by the advanced Certificate in Estate agency which is offered by RMIT TAFE sector's School of Business Studies.

The RMIT Higher Education Sector's faculty of Business offers a degree level course, with specialist studies in agency and marketing. It is primarily intended for those people wishing to enter large firms, and who aspire to reach managerial or executive positions.

The relationship between courses is spelled out in the booklet 'Property, You and RMIT' available from the Property Group

Investment Managers or Administrators are those people responsible for the day to day running of large investment properties - such as shopping centres, office buildings or factory complexes, and also can be the people who make decisions and recommendations to employer, or clients on property portfolio management, and property investment matters.

The increasing complexity of properties in term of construction and services such as air-conditioning, lifts, lighting and security has meant a greater need exists for specialist property managers.

an extension of these people's roles may look to investment in property - to achieve maximum profit, or performance, from investments

Courses of study offered

The RMIT Bachelor of Business in Property is the only course of its type offered in Victoria, and is available by full-time and part-time studies

The course provides a basic business background, together with the opportunity to specialise in one of the three streams offered - Valuations, Agency and Marketing, and Investment and Management. Following the completion of the basic degree, students may also undergo further studies on work situation, or to satisfy statutory requirements where dual professional qualifications are sought - commonly real estate and valuation are linked.

The full-time courses is of four years duration, with the fourth or final year as a pert-time year, with classes being held outside normal business hours. The first two years comprises full-time study at RMIT, and the third year comprises some study at RMIT and supervised professional practice, in which students are placed in a work situation, in order to gain practical experience. The placement will depend on the specialist area chosen.

The part-time course does not have a training program as an integral part, and takes six years to complete. Classes are held at RMIT outside normal office hours, and most stages provide for two evenings of study per week, each of four hours duration.

Course Recognition

Course recognition by statutory bodies or professional institutions is depend on which specialist stream of study is undertaken.

The Valuation Stream is recognised as providing the academic requirement for Valuer membership as set down by the Australian Institute of Valuers and Land Economist (AIVLE), which is the professional body to which most valuers belong. Corporate membership of this institute can be obtained only by those people who are 22 years old, have completed an approved course, have the equivalent of four years practical experience, including two years full-time work in valuations immediately prior to presenting for an oral examination undertaken by the AIVLE. The practical component of the course does, however provide some credits towards the necessary four years practical experience.

The Agency and Marketing stream provides the prime academic base for licensing by the Estate agents' Board, and hence for membership of the Real Estate Institute of Victoria. Both bodies also have practical experience requirements, and enquiries should be made directly to them. This stream, as with the others, provides the academic base for Land Economy membership of the Australian Institute of Valuers and Land Economists.

The Investment and Management stream provides the prime academic for Land Economy membership of the Australian Institute of Valuers and Land Economists. Again, practical experience is necessary and enquires should be made directly to this body. This section of the course is approved by the Building Owners and Managers Association.

What you will study in the course

The course provides the necessary broad business covering building, planning and surveying. students are able to choose which of the specialist property streams they will study, and it is within these streams that the specialist skills and knowledge associated with the particular aspect of property are found.

Most subjects are run on an annual basis, with one unit representing two hours of class contact per week, over the 26 week academic year. In addition, there re practical and theoretical assignments programmed for many subjects. In the Valuation stream, two of the rural based subjects have a field trip of one week's duration, allowing inspection, and valuation in some cases, of rural properties.

It is noted that where student numbers in a particular stream do not constitute a viable class group, RMIT reserves the right to combine groups into part-time(evening) stream, or not to offer the stream for that particular years.

The Department of Marketing, Logistics and Property

The Department comprises three diverse groups offering courses in Marketing, Transport and Logistics Management, and Property. Full-time staff of the Property Group have expertise in most aspects of property. They are supported by part-time experts and administrative staff. Input is also received from other faculties in related specialist areas such as surveying and building.

In addition to bachelor of Business in Property a range of graduate programs in property are offered.

Where will RMIT Property Graduates go?

RMIT has traditionally provided graduates to the valuation profession, and has found that there has been a steady demand for its graduates. In the past some 45 per cent of graduates have found careers solely in Valuation work. about half of these positions have been within government - State, Federal and local - whilst the balance has been in private enterprise, either associated with real estate firms or in private practice.

The balance of graduates have found worthwhile careers in real estate, property management, and in the investment or development areas.

It is anticipated that this trend will continue, and given the content of the bachelor of business - Property degree there may be no need for substantial additional study to achieve positions in other related areas. the flexibility of choice, and importantly the ability to complete one, two or all of the specialist streams over time will enable graduates to return to study if and when the need arises in their career path.(Additional studies are untaken on a fee basis).

It is expected that graduates from the agency and Marketing stream will find employment with the larger real estate firms, and those from the Investment and Management stream will similarly be employed by large firms with management expertise. some limited government careers are also anticipated.

General Entrance Requirements for 1995

Applicants are advised to consult the RMIT 'General Information on Undergraduate and Postgraduate Courses' brochure for a full statement of entrance requirements.

In brief, entry to the first year of the course requires the successful completion of the Victorian Certificate of Education (VCE) and the satisfactory completion of the work requirements in units 3 & 4 of English, or an equivalent course of study approved by the Victorian Board of Studies (VBOS); successful completion of a two year full-tine (or equivalent part-time) middle-level certificate at a TAFE College, or an equivalent qualification.

Alternative Entrance Requirments

a) Aboriginal Entry : applicants of aboriginal descent may apply to the Assistant Registrar (Prospective Students), for special consideration, as well as applying in the usual way.

b) Continuing Difficulties during Schooling - Alternative category Entry (ACE): If throughout a significant part of your secondary schooling your work was affected by one of the following factors; economic hardship; English language learning difficulties; geographical isolation; illness; lack of education facilities; physical disabilities or social/family problems, you may apply for special consideration to the Assistant Registrar (Prospective Students), as well as applying in the usual way.

PLEASE NOTE: if you are current VCE student and your difficulties with school work were confined to this year only, you must use the VTAC Form S. Do not apply through the ACE scheme

c) Mature Age: allows persons with relevant work experience ages twenty-one years or over on 1 January who do not meet the General Entrance Requirements to be considered for admission.

Overseas and Non-Australian Resident Applicants

Students who are currently studying VCE apply through VTAC. Most of the RMIT undergraduate courses are available to overseas students. for further information contact: Internation Services Unit, Technisearch Ltd., RMIT, GPO Box 2476V, Melbourne, Victoria 3001, Australia, Telephone (03) 660 5100.

Further Information

if you would like to discuss any aspect of our course, please write or telephone the Department of Marketing, Logistics and Property on (03) 660 2432. alternatively, you are able to visit us at RMIT, 14th floor of a newly refurbished faculty tower in Bourke street, Melbourne. It is wise however to telephone first, and make an appointment.

In addition a detailed booklet entitled 'Property, You and RMIT' is available from the Department of Marketing, Logistics and Property.

An Information Day is held in December for intending applicants. It is compulsory for full-time applicants, and highly recommended for part-time applicants.

Prospective applicants should note that RMIT general receives many more applicants for eligible applicants than can be accepted, so they should consider courses of interest to them at other institutions and apply widely.

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