Professional standards: RICS Valuer Registration Scheme

French, Nick

doi:10.1108/14635781111150420

Cited by 5 publications

(1 citation statement)

References 4 publications

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“…In this context, the formalization of shared and uniform rules and principles in the International Valuation Standards has become peremptory, in order to guarantee a common language among professionals and the public interest in the integrity of the valuation process (Gilbertson and Preston, 2005). Considering that property valuations are an integral part of the business community (French, 2011), this integrity allows to reduce the likelihood of systemic economic crises, like that of the US subprime in 2007, and therefore, of instability in the financial markets that can result in global collapse.…”

Section: Introductionmentioning

confidence: 99%

Property valuation: the market approach optimised by a weighted appraisal model

Tajani

Morano

Salvo

et al. 2019

JPIF

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Purpose The purpose of this paper is to develop an innovative model that can be included within the market approach methods for property valuations. The algorithm takes into account the frequent high level of dissimilarity of the comparables selected for the assessment, thus providing for the use of appropriate similarity and reliability coefficients capable of weighing the data of the comparison sample with respect to the different degrees of similarity and reliability. Design/methodology/approach The proposed model borrows the operative logics of the goal programming techniques, in order to identify the solution, the market value of the subject property and the implicit prices of the different influencing factors, since they are more reliable from the mathematical and empirical points of view. Findings The model has been applied to two case studies, relating to samples of residential properties located in the city of Naples (Southern Italy). The results obtained have outlined the high valuation performance of the developed appraisal model, capable of overcoming the applicability limits of classical market approach methods as well as providing solutions that are highly consistent with the expected empirical phenomena. Practical implications The research takes into account the growing need of both professionals and end users (banks, courts, public and private Entities, etc.) for valuation models that are easily repeatable and sufficiently objective. They are required in order to allow for the rapid verification of the elaborations carried out as well as to check the valuer’s appreciation of the contribution of the influencing factors in the market price formation. The outputs of the two applications developed have highlighted the ability of the proposed model to satisfy these market requests. Originality/value The proposed model can be easily implemented through a simple calculation program, with the mathematical structure elaborated allowing to overcome some application limits of the classical market approach methods. Furthermore, the introduction in the algorithm of appropriate similarity and reliability coefficients, capable of suitably weighting the data of the comparison sample, allows to widen the spatial horizon for the identification of the comparables as well as select properties characterized by a high level of dissimilarity. This makes it possible to apply the model in territorial contexts characterized by markets that are not excessively dynamic.

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Section: Introductionmentioning

confidence: 99%

Property valuation: the market approach optimised by a weighted appraisal model

Tajani

Morano

Salvo

et al. 2019

JPIF

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Assessing the extent of state regulation of surveying professions in Kenya

K'Akumu

2022

Survey Review

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Approaches to improving valuation decision-making: a review of the literature

Liman,

Amidu,

Levy

2024

JPIF

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PurposeThe complexity of property valuation, coupled with valuers’ cognitive limitations, makes some degree of error inevitable in valuations. However, given the crucial role that valuations play in the efficient functioning of the economy, there is a need for continuous improvement in the reliability of reported values by enhancing the quality of the decision-making process. The purpose of this paper is to review previous research on valuation decision-making, with particular interest in examining the approaches to improving the quality of valuation decisions and identifying potential areas for further research.Design/methodology/approachThe paper adopts a narrative approach to review 42 research articles that were obtained from Scopus and Web of Science databases and through author citation searches.FindingsOur findings show that existing literature is skewed towards examining the use of technology in the form of decision support systems (DSS), with limited research attention on non-technological (i.e. behavioural) approaches to improving the quality of valuation decisions. We summarise the non-technological approaches and note that much of the discussions on these approaches often appear as recommendations arising from other studies rather than original investigations in their own rights.Practical implicationsWe conclude that studies investigating the effectiveness of the non-technological approaches to improving valuation decision-making are lacking, providing various avenues for further research.Originality/valueThis paper presents the first attempt to provide a comprehensive overview of non-technological approaches to improving the quality of valuation decisions.

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Professional standards: RICS Valuer Registration Scheme

Cited by 5 publications

References 4 publications

Property valuation: the market approach optimised by a weighted appraisal model

Property valuation: the market approach optimised by a weighted appraisal model

Assessing the extent of state regulation of surveying professions in Kenya

Approaches to improving valuation decision-making: a review of the literature

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