Appraisal:

Appraisal designations for appraisers in Latin America are classified into local designations and international designations.  The purpose of appraisal designations in Latin America is to ensure that the holder of such designation has a certain level of knowledge and experience in real estate valuation in Latin America.  This thereby allows for market participants to quickly qualify and determine the quality of the valuation services they may contract.  Often, it is important to have both designations – an international designation and a local one, that allows for the appraisal to be utilized for local loans and banking regulators, but also be accepted by international investors.  Each office of LOGAN provides real estate valuation reports with both international and local designations. 

International:

International designations are often more difficult to achieve than local designations, as they have longer experience requirements – and more difficult examinations.  In Colombia, there is a moderate level of understanding of the international designations – there are few requirements of such designations required by real estate funds – or banks.   

MAI – Appraisal Institute (USA), AI Designations 

The MAI has long since been the highest designation for appraisers in the US for the appraisal for commercial property.  There are not many MAI appraisers in Colombia, because the country is just starting to grow in terms of institutional real estate and institutional valuation needs.  The requirements include experience, ethics, and rigorous educations requirements as well as tests.  This process often takes approximately 5+ years to achieve.  All tests are in English – which makes it difficult for non-native English speakers.  Bryan L. Dragoo (MAI Appraiser Colombia, 2013) and Robert L. Dragoo (MAI Appraiser Colombia, 2017) both maintain the designation, and work at LOGAN Colombia. 

  • Designated Appraisers Colombia: 5
  • Real Estate Fund Required: Low
  • Bank Required: Low

RICS – Registered Valuer (UK)

The Royal Institute of Chartered Surveyors is a globally recognized professional body for highly qualified professionals in real estate, construction, and infrastructure and is well recognized in the industry of real estate valuation in Latin America.  This designation is well recognized in Europe and globally and is often required by companies that have headquarters in the EU.  Unlike the Appraisal Institute, RICS publishes a valuation standard called the Red Book, which RICS valuers must adhere to.  The Red Book is often used as standard for real estate valuation in Latin America.    The designation of RICS registered valuer is held by Bryan L. Dragoo (RICS appraiser Colombia), and Robert L. Dragoo (RICS appraiser Colombia). 

  • Designated Appraisers Colombia: 5
  • Real Estate Fund Required: Low
  • Bank Required: Low

Regulated by RICS – Valuer (UK):

This designation is for firms which have RICS registered valuers.  It allows a firm to be recognized by RICS on a company level.  LOGAN Colombia is part of LOGAN which is a RICS Regulated firm (valuer) since 2019.  LOGAN is the 4th company in Latin America to achieve this designation.

  • Designated Appraisers: Firm Designation 
  • Real Estate Fund Required: Low 
  • Bank Required: Low 

Local:

Local designations are often regulated by a local organization who decides what requirements appraisers must achieve.  Local app 

The RAA designation was created in 2013, when the ANA or La Corporación Autorregulador Nacional de Avaluadores, which was recognized by the Banking Regulator or Superintendencia de Industria y Comercio, as the organization which would govern the registry of real estate appraisers in Colombia.  The RAA is the central designation for real estate valuation in Colombia.  The law 1673 of 2013 created the RAA designation, which can be achieved through testing done by ONAC or through prior designation and experience achieved before the creation of the RAA.  The RAA was a very positive step forward for the real estate valuers or real estate appraisers in Colombia because it created a country-wide designation which requires certain standards of education and experience.  ANA also has the ability to remove members from the RAA for ethical and professional violations. LOGAN Colombia has various appraisers certified under the RAA (6+) who are certified in many property types. 

  • Designated Appraisers: 250+
  • Real Estate Fund Required: Yes
  • Bank Required: Yes

RNA is a private organization that certifies appraisers in Colombia.  Prior to the RAA, this was the most prestigious and required designation in Colombia for real estate valuation.  It still exists today, however, many banks and other clients only require the RAA.  The RNA is accepted by IVSC – an international organization that maintains IVS or international valuation standards.  LOGAN Colombia has 5+ appraisers that are designated by the RNA.   

  • Designated Appraisers: 250+
  • Real Estate Fund Required: No
  • Bank Required: No

Consulting: 

Real estate consulting in Colombia has very few designations.  The concept of market studies for real estate is a relatively new concept in Colombia, and the market is limited but growing.  Since the country has been in constant growth mode for 10+ years – developers have not needed detailed market studies to determine the feasibility of projects.  This is changing, as the economy in 2020 faltered, more companies would now order an office market study in Colombia or an industrial market study in Colombia, for example, because of the market uncertainty.   

MRICS – The Royal Institute of Chartered Surveyors does recognize consultants as specialists and experts in real estate consulting and valuation as MRICS.  LOGAN has 3 RICS designation achieved for real estate consulting in Colombia and 2 for real estate valuation.  LOGAN has deep knowledge and understanding in real estate consulting in Latin America, and the MRICS designation helps establish standards and legitimacy for such work.  The requirements for the MRICS are experience, a RICS – accredited degree, or 5 years of experience and a bachelor’s degree, or ten years of experience operating at a level of seniority, specialization, or in academia. 

ATSM – This is not a designation or certification, but a standard that is applied to Property Condition Assessments in Colombia.  The was created by ATSM, a material and building standards organization in the United States.  Colombia has been working with ATSM in aligning standards in other industries in Colombia.  LOGAN offers PCAs or Property Condition Assessments in Colombia and has done property condition assessments on some of the largest properties in Colombia including hotels, hospitals, office buildings and shopping centers.