WBP Property Group, a national valuation and property services company established in 1992, has forged an alliance with Queensland-based valuation company Herriots in a bid to strengthen its national position.
“Our alliance with Herriots is a strategic move to further expand our coverage in Queensland to cater to the needs of our growing client base in the state,” said WBP Property Group chief executive Greville Pabst.
Mr Pabst said the move will help address the push from lenders for national valuation providers.
However, Pabst added that the “joining of forces is not simply a referral arrangement but a true cooperative designed to bring both organisations’ clients true national expertise and coverage.”
The move comes not long after Loan Market chief operating officer Dean Rushton claimed borrowers are facing increased costs as the valuations on their properties are coming in lower than anticipated due to a more conservative approach by valuers.
Under the arrangement Herriots will adopt a new name and logo and will be known as WBP Herriots QLD from December 1, 2011, with the alliance to provide residential, commercial and specialised property valuations for Australia’s mortgage lenders, businesses and thousands of private consumers.
WBP said Herriots specialises in both residential and commercial property valuations, and has 10 offices and more than 35 staff located from northern NSW to Cairns and Thursday Island in Queensland’s north.
WBP said the move will complement its existing coverage of South-East Queensland, along with its offices in NSW, Victoria, South Australia and Western Australia.