| Field |
Value |
Language |
|
dc.contributor.author |
Wilkinson, S
https://orcid.org/0000-0001-9266-1858
|
en_US |
|
dc.contributor.author |
Antoniades, H
https://orcid.org/0000-0003-0462-2221
|
en_US |
|
dc.contributor.author |
Halvitigala, D |
en_US |
|
dc.date.issued |
2017-01-20 |
en_US |
|
dc.identifier.citation |
2017, pp. 1 - 64 (64) |
en_US |
|
dc.identifier.uri |
http://hdl.handle.net/10453/75034
|
|
|
dc.description.abstract |
The aim of this research was to explore the future of the property profession generally and the role of the Valuer in particular, and how the profession could maintain and increase relevance and currency, and set an agenda to support employers in attracting and retaining a more diverse talent pool to run the businesses of the future. This report presents the findings of the research project that investigates extant literature on the issues and challenges faced by the current valuation profession. |
en_US |
|
dc.title |
The Future Of The Valuation Profession |
en_US |
|
dc.type |
Report |
|
|
utslib.location |
Sydney Australia |
en_US |
|
pubs.embargo.period |
Not known |
en_US |
|
pubs.organisational-group |
/University of Technology Sydney |
|
|
pubs.organisational-group |
/University of Technology Sydney/e-Press |
|
|
pubs.organisational-group |
/University of Technology Sydney/Faculty of Design, Architecture and Building |
|
|
pubs.organisational-group |
/University of Technology Sydney/Faculty of Design, Architecture and Building/School of Built Environment |
|
|
pubs.organisational-group |
/University of Technology Sydney/Strength - CCDP - Contemporary Design Practice |
|
|
utslib.copyright.status |
open_access |
|
|
pubs.consider-herdc |
false |
en_US |
|
pubs.commissioning-body |
Australian Property Institute |
en_US |
|
pubs.confidential |
true |
en_US |
|
pubs.place-of-publication |
Sydney Australia |
en_US |
|
pubs.publication-status |
Submitted |
en_US |
|
pubs.rights-statement |
Research background The valuation profession faces significant challenges as more and more valuation processes become automated, and the role of the Valuer becomes more one of data handling and information processing than an economic analysis (Wilkinson et al, 2017). With this, the role of the Valuer must change in order to respond to the industry's needs. In Australia, professionally qualified Valuers are members of the Australian Property Institute (API) who have completed tertiary educational course (typically an undergraduate or post graduate accredited degree) and a professional training period. Furthermore this membership is ageing, with the median age of members being early to mid 50s. With an ageing membership, it is vital to attract new talented individuals into the profession. The aim of this research was to explore the future of the property profession generally and the role of the Valuer in particular, and how the profession could maintain and increase relevance and currency, and set an agenda to support employers in attracting and retaining a more diverse talent pool to run the businesses of the future. This report presents the findings of the research project that investigates extant literature on the issues and challenges faced by the current valuation profession. The research aims were to: 1. Identify the current issues, threats and challenges faced by the profession and Valuers; 2. Identify the potential solutions to the threats and challenges; 3. Identify new knowledge and skills needed for the future; 4. Identify important emerging trends and practices; and 5. Identify the role of the professional body, industry and educators to meet the future challenges. Research contribution The twelve key issues, threats and challenges faced by the profession were found to be (not in order of importance): 1. Increasing use of automated valuation models (AVMs) for low risk residential valuations. 2. Valuers are unable to protect themselves against the banks which dictate terms. 3. Valuers losing control of the data and valuations. 4. Aging membership and difficulty to attract new talented entrants to the profession. 5. Fragmented representation due to lack of support from professional bodies. 6. Government regulations / practices are not uniform nationally and governments does not focus on the benefits of the profession. 7. Fee levels - Valuers are asked to do more for less and less specialised fees. 8. Lack of market acceptance regarding the valuation opinions provided. 9. Valuation has become compliance driven, and not value, quality and accuracy driven. 10. Some lenders encourage Valuers to deviate from API standards. 11. Job-hopping staff. 12. Pressure from other professions; such as accountants. There are twelve knowledge and skills required in the future were found to be that (not in order of importance) Valuers / graduates need: 1. Greater knowledge of the fundamentals required in a valuation and to better understand the methodology principles. 2. To develop more inter-disciplinary skills. 3. To be able to value large property portfolios and acquire a good understanding of the management of large portfolios. 4. To develop knowledge in understanding 'business strategy' and soft skills. 5. To develop more market forecasting skills and a stronger awareness of property cycles and forecasting trends. 6. To develop advanced data analysis techniques. 7. To develop more skills in the use of advanced technology and to understand the basic input methodology mechanisms behind each program. 8. To be able to work with mobile software. 9. To specialise in more than one area of valuation. 10. To be able to collect data in a much wider range of sources for valuations. 11. To develop new knowledge and skills in aged care, pubs and large complex residential development projects 12. To develop standard terminology and valuation reports. There are ten important emerging trends and practices, found to be (not in order of importance): 1. Globalisation of practice. 2. Increased collaboration. 3. Increased employee diversity. 4. Strong leadership. 5. A united approach is necessary. 6. Better marketing strategies for the profession. 7. Being multi-disciplined. 8. Need for well thought-out fee scales. 9. Strong quality assurance (QA) procedures. 10. Strategies to protect small firms. The roles of the professional body the API, industry/employers and educators to meet these future challenges have been identified in the study. The key recommendations are to validate the findings of the sample of practitioners in this study in a survey of the whole API membership. Following analysis of this data, the findings will be consolidated into a final manifesto for the future. A working manifesto for the future has been established with strategies identified for the short (0-2 years), medium (3-5 years) and long term (6 years +) to ensure all the measures and actions identified can be addressed by all the stakeholders. Research significance This project was funded by the Australia Property Institute. |
en_US |
