Mapping the commercial valuation process

Timothy Malcom Havard

ERES from European Real Estate Society (ERES)

Abstract: A recent RICS research paper (Baum, Crosby, Gallimore, McAllister and Gray, 2000) has highlighted some of the potential for client influence to affect the independence of commercial valuations. This work compliments a growing body of work that examines the potential areas of bias in the valuation process (Diaz III, 1997, Gallimore and Wolverton, 2000, Havard, 1999). To extend this work there is a need to more fully understand and document the process that produces a commercial valuation. This paper makes a contribution to this understanding and will be of considerable utility to subsequent researchers. The paper presents a flow diagram of the commercial valuation process based upon structured interviews with 40 senior commercial valuers in the UK. It examines issues such as sequencing of tasks, the identity of the personnel undertaking the tasks, points of consultation both inside and outside of the valuation firm and the flow of information throughout the process. The implications of the flow diagram produced are discussed in the context of the research of Baum et al (2000).

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2001-06-01
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Persistent link: https://EconPapers.repec.org/RePEc:arz:wpaper:eres2001_219

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