The education and professional practice of valuers in South Africa: a critical review

Abstract

Purpose

Uniquely among the built-environment professions in the country, professional valuers in South Africa until recently did not require to have a university degree. The vast majority of professional valuers therefore, especially at senior levels, hold the national diploma as the highest academic qualification. There is evidence to suggest that many regard this state of affairs as unsatisfactory. Given the foregoing, the purpose of this paper is to answer two interrelated questions, first, whether South African trained and educated valuers were “competent” and met industry standards, and, second, whether the South African valuation curriculum met international norms.

Design/methodology/approach

Empirical data for the study were obtained by way of a survey of valuers registered on the South African Council of the Property Valuers Profession (SACPVP) database and a case study of the University of Cape Town’s valuation curriculum. The survey involved the mailing of an online questionnaire, using the “Survey Monkey platform”, to 2,062 individuals, representing the total population of valuers registered with the SACPVP, across all registration categories. A total of 324 individuals, or 15.7 per cent of the target population, responded to the survey.

Findings

Results from the study on the first question showed that it was professional status and length of experience, rather than academic qualifications, which correlated with competence. In addition, the results suggest that there are grounds for concern regarding proficiency in at least some of the valuation methods across the board. Further, the study revealed significant levels of dissatisfaction amongst employers with the general competence of valuers under their supervision. On the second question, the study concludes that the South African valuation curriculum did not meet international norms in terms of certain criteria.

Practical implications

The paper recommends a review of the South African valuation curriculum; to allow for a differentiation between the different academic levels, to facilitate a more conceptual approach at the higher levels, and to close the identified gaps in knowledge and skill-sets arising from both a deficient curriculum and a changing industry landscape.

Originality/value

At a time when attempts are being made to improve standards in the South African valuation profession, the study makes a critical contribution, by identifying areas where the national curriculum is deficient, both in terms of industry requirements and relative to international norms.

Citation

Mooya, M.M. (2015), "The education and professional practice of valuers in South Africa: a critical review", Property Management, Vol. 33 No. 3, pp. 245-274. https://doi.org/10.1108/PM-04-2014-0021