Reducing Valuation Bias through Expert-Novice Collaboration: A Qualitative Exploration

Research into valuer behaviour implies that property valuation is dependent the judgement of valuers. This often results in valuers being susceptible to different forms of biases. One of the factors that cause bias in valuation is expert valuers’ reliance on the use of heuristics in the valuation decision-making process. Drawing upon in-depth, semi-structured interviews with expert and novice commercial property valuers in New Zealand, this study explores how collaboration between valuers with varying levels of expertise can mitigate subjective biases inherent in property valuations.The study highlights the unique contributions novices can make when questioning the decisions of experts. In particular, the research findings show that when working with highly intuitive, heuristic-driven senior colleagues, the analytical, process-driven younger valuers may question the decisions of their seniors when they think those decisions do not conform with rationality. Thus, this collaborative approach contributes to novices' professional growth and prompts experts to critically reassess their value assessments, thereby enhancing the objectivity of property valuations.The findings of this study have implications for the resourcing of valuation firms and the promotion of collaborative learning environments to enhance the credibility and integrity of the valuation process.