A vision for valuation

Abstract

Purpose

This paper aims to stimulate debate amongst valuers and users of valuations over what action is needed to ensure the provision of the valuation services that the modern economy requires.

Design/methodology/approach

This paper looks at developments and trends affecting the nature of and the need for valuation services around the world in the short to medium term.

Findings

There is a bright future for those valuers who understand the dynamics in their market and anticipate or always respond to change. The consequence of failing to respond is inevitable decline in the long term. More automated valuation processes and products have an important role to play in the future provision of valuation services. The valuation community must rise to the challenge of developing a professional class of valuers in emerging economies. Governments should insist on good quality valuation in their jurisdictions as they have a major role to play in consumer protection. The leading professional organisations in the world must ensure that collectively and individually they attract the best possible candidates into it.

Originality/value

Whatever the drivers of change in the valuation marketplace, it is fundamental for the survival of professional valuation services that the public interest is protected. This paper considers the challenges and opportunities in a range of areas brought about by these changes – a vision for valuation.

Citation

Gilbertson, B. and Preston, D. (2005), "A vision for valuation", Journal of Property Investment & Finance, Vol. 23 No. 2, pp. 123-140. https://doi.org/10.1108/14635780510699998