Collaboration in the Valuation Process: A review and direction for future research

Abstract

The commercial property valuation process is highly complex, requiring valuers to use information from different sources, to comply with both internal and external quality control mechanisms, and to exercise professional judgment in dynamic markets and non-routine tasks. Due to the interactive nature of these components of the valuation process, collaboration can be perceived as being central to the quality of estimated values reported by valuers. Yet, little is known in the valuation literature about how valuers collaboratively solve problems and make decisions. This paper reviews literature on valuation decision making and reports that behavioural valuation research is skewed towards examining individual valuer behaviour whereas the behaviour of valuers in a collaborative context has remained largely unexplored. In view of this gap in knowledge, the paper identifies opportunities for future research to explore different dimensions of collaboration in the valuation process. Such research can provide insights that may be used to enhance collaborative practices in property valuation.