Of Mice and Men: Automated Valuation Models and the Valuation Profession

Manya Mooya ()
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Manya Mooya: Department of Construction Economics and Management, University of Cape Town, Rondebosch, Cape Town, 7701, South Africa

Urban Studies, 2011, vol. 48, issue 11, 2265-2281

Abstract: The rise in the use of Automated Valuation Models (AVMs) poses questions about the long-term survival of the property valuation profession. AVMs provide quick and cheaper valuations which in this very competitive market-place put them at a distinct advantage over traditional approaches. This article engages with the normative question of whether AVMs could completely replace traditional valuers and whether it is appropriate to do so. Going to ‘first principles', this paper builds an alternative conception of market value in terms of which both AVMs and traditional valuations are argued to be based on false ontological assumptions. The paper locates both AVMs and traditional valuations in the social processes in which market value is created. The paper concludes that there are no theoretical or practical reasons why AVMs should not completely replace traditional valuers.

Date: 2011
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:48:y:2011:i:11:p:2265-2281

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