The Future Of The Valuation Profession: Shaping The Strategic Direction Of The Profession For 2030
- Pacific Rim Real Estate Society
- Publication Type:
- Conference Proceeding
- Pacific Rim Real Estate Society Conference Proceedings, 2017
- Issue Date:
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Problem/purpose – The valuation profession faces significant challenges as more valuation processes become automated, and the role of the valuer becomes more one of data handling and information processing than a property analyst. With this, the role of the valuer must change in order to respond to the industry’s needs. Moreover with the ageing membership, it is vital to attract new talented individuals into the profession. The aim of this study is to explore the future of the property profession and the role of the valuer in particular, and how the profession could maintain and increase its relevance and currency. Design/methodology/approach – To outline the changing skills profile of valuation profession and business needs in the future, it required a thorough understanding of the issues and challenges currently faced by the valuation profession. The authors have analysed the published literature and identified key main issues and challenges namely changing role of the valuer, market competition, changing technology and technical knowledge and skills, changing membership demographics, and the fragmentation of the profession. Findings – The findings identify and map the changing skills profile of the valuation profession as well as the skills and qualities that will be needed, as well as emerging future and existing knowledge fields and specialisms. The research identifies practices in decline and those on the rise within property valuers and suggests the ways the profession can link with employers and educators to better understand variables affecting supply and demand for new entrants and the new skills firms are seeking. The research suggests future direction as to how to market the valuation profession to recruit and retain future generations of valuers and how to adapt to the evolving marketplace for valuation services globally. Originality/value – This study investigates and maps the changing roles, skills, knowledge fields, specialisms, challenges and capacity of Australian valuers in respect of future business needs. This paper presents the findings of the first step of the research which is the literature review. The research will provide a basis for developing a consistent strategic plan with regards to the future of the profession. It will also provide an understanding of how different regional policy regimes impacts on the role, knowledge fields, specialisms and skills needed of valuers in the future. The findings will help inform future professional competency requirements for professional bodies as well as the curriculum of degree programmes nationally. Research limitations/implications – The research will facilitate knowledge and understanding of the changing skills profile and knowledge fields of valuation professionals across main Australian regions. It will provide suggestions on the ways in which the profession can link with employers and educators to attract the best talent and future proof the profession. Ways of promoting careers within the sector are set out.
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