1,720,985 research outputs found
Adoption of Technological Innovations in Valuation Practice
No full textThe valuation profession is undergoing a significant transformation, driven primarily by technological advancements and the increasing availability of data. Traditional valuation methods are increasingly recognised as inefficient and susceptible to cognitive biases, prompting a necessary shift towards more analytical, technology-enabled approaches. This study addresses a critical knowledge gap regarding the slow adoption of digital innovations within the property valuation profession, particularly focusing on the factors that facilitate or hinder this transition. By employing an interpretive social constructivist framework and qualitative methodologies, this study investigates the drivers and barriers influencing property valuers' adoption of digital innovation, focusing on firms in Auckland, New Zealand. Data were collected through semi-structured interviews with 12 participants from firms of varying sizes, to ensure a diverse range of insights. Participants were recruited using purposive and snowball sampling techniques to identify individuals with expertise in digital innovation in valuation practices. The interview data were analysed using Gioia's methodology, which involved systematic coding to identify key themes and patterns aligned with participants' experiences. This study provides a comprehensive analysis of digital transformation occurring within the property valuation industry. By developing a bridging innovation–adoption gap (BIG) conceptual framework, this study offers a nuanced understanding of the innovation-decision process specific to property valuers. The findings reveal a complex interplay between drivers and barriers that influence the adoption of technology-enabled valuation practices. The key drivers identified include competitive pressure, technological advancements, and regulatory interventions that propel the industry towards digital innovation. Conversely, significant barriers, such as regulatory challenges, digital skill gaps, and concerns regarding data security and job displacement, are also highlighted. This research contributes to the theoretical understanding of innovation diffusion by reconceptualising Rogers' innovation-decision process as a cyclical rather than a linear process. This perspective is particularly relevant for conservative professions such as property valuation, where resistance to change can be substantial. Practically, this study emphasises the necessity of a balanced approach to digital transformation in the valuation industry. While technology presents opportunities for enhanced efficiency and quality, this research underscores the importance of maintaining professional judgment and addressing potential disruptions to the workforce
Exploring Real Estate Students’ Learning Approaches, Reflective Thinking and Academic Performance
No full textExploring Real Estate Students’ Learning Approaches, Reflective Thinking and Academic Performance
No full textWithin educational research, the student learning approaches and reflective thinking are increasingly being recognised as cognitive factors in the prediction of student academic performance in higher education. From this theoretical perspective this study reports the results of a study involving real estate students using the Revised Study Process Questionnaire (R-SPQ-2F), developed recently by Biggs et al. (2001) and the Reflective Thinking Questionnaire (RTQ) developed by Kember et al. (2000) to investigate their learning approaches – deep and surface -, the four stages of reflective thinking and academic performance in one of the core real estate modules (property valuation).http://ascpro.ascweb.org/chair/paper/CEUE214002012.pdfVoR - Version of Recor
Research in valuation decision making processes: Educational insights and perspectives
No full textValuation is inherently a human activity and a judgmental process. In the recent past, a body of behavioral research relating to valuer judgment has raised issues on actual valuer problem-solving behaviors and suggests some ways that valuation decision making can be improved. This paper examines the implications from behavioral research and their potential affect on valuation education. It is argued that it is critical that issues of human behavior and the influences of human judgment on valuation decision making be incorporated into valuation education. Valuation educators will, therefore, need to expose students to current trends in valuation practice and employ teaching strategies that will enable the development of skills in critical and analytical reasoning, information search, and decision making
Expertise Development in Commercial Property Valuation Practice
Get PDFEver since the issue of inaccuracy and variance in commercial property valuation was first documented in the mid-80s by Brown (1985) and Hager and Lord (1985), many researchers have investigated the complex factors involved in effective problem solving in the valuation domain, focusing on the valuer and the valuation process. Several behavioural issues, including heuristics, have been noted to affect valuation outcomes. There is a growing literature on understanding the concept of expertise, especially using the field of cognitive psychology, and the present research explores valuer’s cognitions in a commercial valuation context. The study aimed to determine how the role of valuers’ cognitions and cognitive structures are crucial in furthering our understanding of effective valuation problem solving, as well as improving valuer training efforts.
The research was undertaken from a ‘Critical Realist’ perspective, and used a knowledge elicitation method called ‘Cognitive Task Analysis’. Data were collected through a ‘Verbal Protocol Analysis’ (VPA) of a simulated commercial valuation exercise based on a real building, using semi-structured interviews. Six subjects (comprising two expert valuers, two intermediate valuers and two novice valuers) participated in the simulated valuation and in the follow-up interviews. Two further experts were interviewed to validate the findings.
Content and event-sequence analysis were performed on the data collected from the simulated valuation to yield the knowledge states, problem-solving techniques (‘operators’) and strategies used by valuers. Mapping of thought processes revealed that expert and intermediate valuers had better and well-structured patterns of thought which demonstrate greater degrees of cohesiveness and interrelatedness between problem-solving operators. Centred on data interpretation and meta-reasoning activities, expert and intermediate valuers used the problem-solving operators initially to schedule valuation analysis or establish valuation strategies, and to re-interpret and diagnose previously acquired information to update the outcome of their past valuations. Novice valuers’ structured processes of solving the valuation problem show fewer linkages between problem-solving operators, which may suggest underdeveloped cognitive structure or quick disengagement from task.
The results also show that where available data is inadequate, valuers solve an overall valuation problem by dividing the problem into a number of sub-problems that are solved by engaging in two main types of thinking: analytical and creative. These two levels of thinking enable the valuer to integrate available data with his/her existing knowledge through forward and retrospective (‘backwards’) reasoning. However, there were effects associated with level of expertise in the way these cognitive processes are used, with the expert and intermediate valuers being more fluid, thorough and comprehensive than the novice valuers. This enabled the expert and intermediate valuers to develop a greater number of more-sophisticated solutions to challenging valuation problems, and these were more likely to be immediately followed by meta-reasoning related activities or further exploration of data to justify the solutions generated. Novice valuers could not generate such well-developed solutions indicating that they were much more superficial in their valuation problem solving.
These processes are discussed and synthesised into a descriptive model of expert-valuer cognitive structure for undertaking valuation of a commercial property, in order to show an understanding of how valuers integrate the various cognitive processes to determine the value of a property based on available information. The research concludes with an assessment of the implications for valuation training and education
Women and land rights reforms in Nigeria
No full textLand rights are usually conceived of as the rights to use, enjoy and exploit land including information about, decision – making around and benefits from the latter. Women’s land rights are fragile and transient, being dependent upon age and marital status (including type of marriage and the success of that marriage), whether they had children (including the number and sex of those children) and their sexual conduct. And, inspite of the Nigerian Land Use Act (LUA) of 1978, which restructured the property rights system in the country from a mixed private property rights system into a collectivist framework, concerns about women’s land rights persist. Thus, the impact of inequality in land rights has aggravated women’s socio – economic status, increased the number of women engaging in sex work, allowed for sexual harassment and violence against women and contributed towards marital instability, separation and divorce. But, landholding systems are now considered to be spontaneously evolving with greater market integration, even without state – sponsored protection of private land rights. As such, with the government readiness to review the LUA, the paper, through case studies and a survey of relevant literature, demonstrates that gender is central to understanding organization and transformation of landholding in Nigeria, shaping women’s differential experience of tenure insecurity, not only as wives, but also as sisters and daughters and as divorced or widowed head of households. It is also, prima facie, argued that in the context of globalization occasioning greater market integration, women could contest claims made on their land, but, their ability to negotiate access to land needs to be supported and harnessed into land policies
Mapping academic curriculum to the industry needs: Cases of real estate education in the UK
No full textThe objective of this paper is to explore the extent to which current real estate academic curriculum in the UK align with industry needs in order to identify key areas for reform. A case study of four Universities was undertaken in the study. These cases were randomly selected from the Midlands, Northern and Southern parts of the UK. Data for the study was collected through a desk-top review of real estate curriculum from the four selected Universities and analysed using mind mapping approach. The study revealed that though knowledge from real estate academic curriculum aligns with the industry in six out of nine knowledge base areas, there were gaps in knowledge in the three areas considered most significant to the needs of industry. The study, therefore argues that universities may have dedicated enormous resources to educating real estate graduates in modules that are not necessarily essential to their daily job roles. This study is important in the sense that it is the first ever conducted to identify the key areas of the curriculum that show gaps in real estate education offered by universities in the UK. The findings of the research could inform future curriculum reform
A study of the interplay between intuition and rationality in valuation decision making
Get PDFThere is widespread acceptance that both intuition and rationality can play significant roles in valuation decision-making. However, a study that specifically examines how intuitive and rational approaches interact is still missing. This study addresses this gap by applying cognitive theories of information processing and using a very detailed analysis of verbal protocols to propose a model of cognitive structure that identifies and describes the reasoning of property valuers during a commercial valuation task. The empirical data suggest that valuers start with an established goal and then engage in analytical and intuitive thinking until a valuation outcome has been reached. It is argued that a major reason for effective valuation decision-making, in a real-world context, is that the cognitive processes required by experts’ analytical and intuitive thinking demonstrate greater degree of cohesiveness and interrelatedness. The ability of valuers to integrate more intuition into their largely rational decision-making process suggests the need for valuation professional organisations to formally acknowledge intuition as an important component of valuation professional competence and skill requirement and to customise professional valuers’ training and development programmes to facilitate the development of appropriate intuitive approaches for effective valuation decision-making
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