Collaborative Valuation: Harnessing Collective Expertise for Enhanced Practice

Abstract

Purpose – Research has investigated the effects of a range of behavioural issues in property valuation, with recent studies focusing on various approaches to enhancing the quality of valuation decisions. This study explores valuers’ opinions on how a collaborative approach enhances property valuation practice. Design/methodology/approach – This study adopts a qualitative research design. Data for the study were collected using semi-structured, in-depth interviews with 17 property valuers that carryout commercial property valuations in Auckland, New Zealand. The interview data were analysed using thematic analysis. Findings – The study identified five major themes related to valuers’ perception of how valuation practice could be enhanced through collaborative valuations. These themes revolve around benefits related either to valuers (i.e. increasing efficiency and managing personal bias), the valuation process (i.e. broadening sources of market evidence and enabling more robust property inspections) or the outcome of the valuation (i.e. improving the overall quality of valuation outcomes). Findings from the study further suggest that expert-novice collaboration provides complementary competencies that enable valuers to reason out their instincts within the valuation decision-making process. Practical implications – These findings call for policy reforms in valuation firms and professional institutions to foster collaborative learning environments that strengthen the credibility and integrity of valuation practice. Originality/value – This study contributes to the limited literature on collaborative valuation by providing empirical evidence on how collaborative practices can influence valuation quality.