Conceptualising valuation quality in practice: a valuer perspective

ABSTRACT

Valuation quality is a complex, multifaceted construct deeply embedded within curriculum and the standards documents of property valuation professional practice, yet explicit discussion of how the concept is currently understood and approached within the valuation process is lacking in literature. The aim of this study is to contribute to the interpretation of valuation quality by exploring how it is conceptualised from the perspective of valuers in practice. Drawing on 19 semi-structured, in-depth interviews, the study explores the experiences of practising valuers, active in the cities of Auckland and Wellington, New Zealand. The findings provide insights into four important quality indicators: professionalism; effective and customised communication; reporting accuracy; and compliance obligations, which accommodate the practical meaning of valuation quality and enable a nuanced understanding of the various behaviours or acts (e.g., production of readable report and telling a clear story of process) and objects (e.g., aesthetic, collaborations and standards) that firms and individuals create and rely on to produce quality in practice. These insights can provide the basis for a robust description of valuers’ expectation and the development of a framework for valuation quality to enhance valuer training and professional development. Future research should focused on how these quality indicators match up to the client’s expectations.

KEYWORDS:

• Valuation quality
• valuer
• valuation engagement
• qualitative analysis

COI-statement

No potential conflict of interest was reported by the author(s).

Additional information

Notes on contributors

Abdul-Rasheed Amidu

Abdul-Rasheed Amidu is a qualified Chartered Valuation Surveyor and a Senior Lecturer at the Department of Property, University of Auckland Business School, New Zealand.  His main research interest is the behavioural perspectives on valuation decision making, with a strong focus on designing interventions to improve valuation education and practice.

Deborah Levy

Deborah Levy has an academic background in land economy, property administration and behavioural property studies. Her research is informed by a continuing close association with the property industry. She is Professor of Property at the University of Auckland Business School, Auckland, New Zealand

Muhammed Bolomope

Muhammed Bolomope is a doctoral candidate at the Department of Property, University of Auckland Business School, Auckland, New Zealand.  He has multi-disciplinary experience across different sectors of the built environment, and his current research is focused on property investment decision making.