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Today's Market Needs Modernized Property Appraisers

Author

Listed:
  • Źróbek Sabina

    (Department of Spatial Analysis and Real Estate Market, University of Warmia and Mazury in Olsztyn, Poland)

  • Kucharska-Stasiak Ewa

    (Faculty of Economics and Sociology, University of Łódź, Poland)

  • Renigier-Biłozor Małgorzata

    (Department of Spatial Analysis and Real Estate Market, University of Warmia and Mazury in Olsztyn, Poland)

Abstract

The article identifies and provides a synthetic overview of various concepts relating to the evolution of the real estate market and property valuation. According to the authors, the processes observed on the real estate market necessitate changes in training programs for property valuers. Real estate appraisers should be able to cope with new consumer expectations and requirements, and they should be well versed in modern technological solutions and analytical tools. The study indicates that, in order to face the challenges of the modern world, the appraisal profession should undergo a paradigm shift to embrace the fact that real estate is a commodity and that globalization is inevitable on the real estate market. Due to the high value of urban areas, a modern specialist determining the value of real estate is particularly needed there. Property valuers should develop new analytical skills, and they should rely on modern data processing tools to collect and process information. Additionally, recent events, including the COVID-19 pandemic, demonstrate that property appraisers should be better prepared for dealing with unprecedented circumstances. The training curricula proposed in this article should increase property valuers’ competencies and effectively support real estate market entities and sustainable urban development.

Suggested Citation

  • Źróbek Sabina & Kucharska-Stasiak Ewa & Renigier-Biłozor Małgorzata, 2020. "Today's Market Needs Modernized Property Appraisers," Real Estate Management and Valuation, Sciendo, vol. 28(4), pages 93-103, December.
    • Handle: RePEc:vrs:remava:v:28:y:2020:i:4:p:93-103:n:8
    DOI: 10.1515/remav-2020-0034
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    References listed on IDEAS

    as
    1. Tom Johannes Kauko, 2013. "Educational aspects of residential value analysis methodology," ERES eres2013_edu_106, European Real Estate Society (ERES).
    2. Renigier-Biłozor, Malgorzata & Janowski, Artur & d’Amato, Maurizio, 2019. "Automated Valuation Model based on fuzzy and rough set theory for real estate market with insufficient source data," Land Use Policy, Elsevier, vol. 87(C).
    3. repec:arz:wpaper:eres2013-edu-106 is not listed on IDEAS
    4. Pim Klamer & Cok Bakker & Vincent Gruis, 2018. "Complexity in valuation practice: an inquiry into valuers’ perceptions of task complexity in the Dutch real estate market," Journal of Property Research, Taylor & Francis Journals, vol. 35(3), pages 209-233, July.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    appraisal profession; education; property valuation; real estate market;
    All these keywords.

    JEL classification:

    • D80 - Microeconomics - - Information, Knowledge, and Uncertainty - - - General
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development
    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General

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