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The Future of Valuations
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18 December 2017
Sander Scheurwater
Director Corporate Affairs, Europe Brussels, Belgium, RICS
This insight paper examines the challenges facing the global valuation profession, drawing on the experience and opinions of an expert panel. It focusses on the two main issues of technological devlopments and changing client expectations.
Recommendations
Exploring technological developments (such as Automated Valuation Models, Big Data, Artificial Intelligence and Blockchain) as well as changing client expectations, including the future value of a building and taking into account sustainability, the paper gives a number of recommendations for further debate. These include:
- the need for valuers to update their skill set;
- whether the valuer could, or should take on an advisory role next to the traditional role of providing a (market) value; and,
- a plea for the development of data standards as lack of high quality and consistent data continues to be a source of concern.
We are grateful for the involvement and support of INREV (European Association for Investors in Non-Listed Real Estate Vehicles) and EMF-ECBC (European Mortgage Federation-European Covered Bond Council).
Through discussion to added value
This paper serves as the starting point of an industry-wide discussion. We look forward to bringing the debate to your country, including valuers, investors, banks as well as the PropTech sector. Only by continuing the discussion between providers of valuations and their clients can we futureproof the valuation profession and ensure a continued added value.
Published date: 15 December 2017
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Providing information to stimulate debate and promote leading-edge thinking.
“Valuations are arguably more important for investment in real estate than any other major asset class. Real estate has gained popularity among investors in the recent low-interest rate environment, but the industry should not forget that valuation remains a potential Achilles’ heel, particularly in difficult market conditions. Debating the issues identified by this paper should help limit that risk and ensure that real estate remains in investors’ favour.”
Jeff Rupp, Director of Public Affairs
INREV
“Accurate and transparent property valuation is essential to the mortgage lending and covered bond business on a number of crucial levels. Any work to understand the challenges and opportunities facing valuers and the services they provide into the future can only be beneficial. The fact that this paper was been elaborated by way of a collaborative effort between the valuation profession and its clients makes it all the more relevant and useful.”
Luca Bertalot, Secretary-General
EMF-ECBC
About the author
Sander Scheurwater
Director Corporate Affairs, Europe Brussels, Belgium, RICS
Sander Scheurwater leads the Corporate Affairs for Europe team, which aims to inspire trust and confidence in real estate and construction markets, as well as provide expert advice to decision makers and markets, focusing on policy, brand development, thought leadership, media and communication and market adoption ... of our standards and our qualification. Sander is a Dutch national and studied economics at the Erasmus University of Rotterdam. He majored in sociological economics. Read More
