摘要 :
Feedback plays an important role in valuation behaviour and judgement accuracy. In mortgage-lending related assignments, client feedback can blur the assignment objective and independent nature of valuation judgements. This study ...
展开
Feedback plays an important role in valuation behaviour and judgement accuracy. In mortgage-lending related assignments, client feedback can blur the assignment objective and independent nature of valuation judgements. This study investigates the importance of client feedback in relationship to the assignment objective. A survey revealed that 33% of sampled Nigerian estate surveyors and valuers had perceived role perceptions as price validators. However, this perceived role perception was not found to be statistically associated with feedback pressures that clients may apply.
收起
摘要 :
Purpose – In recent years, studies have established that valuation estimates are likely to be biased estimates of market values due to client influence. These studies, which have made a significant contribution to real estate lit...
展开
Purpose – In recent years, studies have established that valuation estimates are likely to be biased estimates of market values due to client influence. These studies, which have made a significant contribution to real estate literature, were based mainly on UK, USA and New Zealand experience. The purpose of this paper is to examine the prevalence of client influence and the impact on valuation in Nigeria. Design/methodology/approach – A questionnaire survey was administered to estate surveyors and valuers to gauge their professional opinion with regard to client influence, sources of such influence and types of threats used by clients. A behavioural experiment, incorporating two non-valuation factors, was also included for the respondents to role-play the decision of an estate surveyor and valuer subject to an ethical dilemma. Findings – The survey revealed that nearly 80 per cent of estate surveyors and valuers claimed some knowledge of client influence, mostly from a private individual. The results of the logistic regression model also indicated that the decisions of estate surveyors and valuers as to whether to alter valuation outcome upon clients' request are not affected by either of the two non-valuation factors (client size and value adjustment). Research limitations/implications – It is recognised that the findings from the behavioural experiments (role play) utilised in the survey, may or may not be a true reflection of the real world responses of estate surveyors and valuers. Originality/value – The paper contributes significantly to the empirical literature on behavioural real estate research. In particular, the findings from the study could serve as a framework for improving Estate Surveyors and Valuers Guidance Notes of 1985 to ensure transparency in the valuation process.
收起
摘要 :
Purpose – A significant number of published empirical studies of real estate auctions abound in real estate literature. These studies focus on the auction price formation process through the comparison of sales from different auc...
展开
Purpose – A significant number of published empirical studies of real estate auctions abound in real estate literature. These studies focus on the auction price formation process through the comparison of sales from different auctions to revenue from private negotiations. While these studies have made useful contributions to the literature, they are largely confined to data emanating from auctions in the UK format. Other auction formats have been virtually ignored; thus creating a gap in the literature. This study, therefore seeks to extend research in the auction price formation process through an empirical analysis of transaction prices from the perspective of another auction format: first sealed bid auction. Design/methodology/approach – The data for this study consist of a sample size of 120 residential properties sold at auction of the Federal Government Landed Properties (FGLP) in Ikoyi, Lagos, Nigeria. Transaction data for each of the sampled properties were compiled from Vol. 11, No. 3834 of Thisday newspaper. These include open market values (reserve prices), bid prices, numbers of bids, property specific and bidders' attributes. These were then analysed using descriptive, paired t-test statistic and regression model. Findings – The empirical evidence suggests that auction properties sell at an 11.33 per cent premium relative to predicted market values. Also provided, through the regression model, are variables having a significant impact on the auction prices. Originality/value – The paper provides empirical evidence of the auction price formation process in first sealed bid auction where published empirical studies are still relatively few. Overall, the results of the analysis presented suggest that auctions offer an optimal method of selling property.
收起
