After a rigorous inspection, market research, and preparing a detailed report, I got a call from the client who sounded displeased and immediately summoned me to his office. As I got to the client’s office, I was ushered into the boardroom with his team waiting for me. My client’s team displayed our assessments against some properties sold at higher values than the opinions we provided. They had done thorough research and argued that the properties had a higher value.
The client was right scientifically; they had done and followed one side of the process. The fact that one follows a logical approach in reaching a valuation opinion means that they have satisfied the scientific side of Valuation. This objective evidence is used to formulate and support the valuer’s opinion.
However, property valuation is both a science and an art. The art is in the subjective judgements or intuition that a Valuation Surveyor makes, having considered the research/evidence carried out, in actually putting a figure against an asset and making appropriate adjustments for various market and property features. The artful side of Valuation is developed through training and experience gained over time. Artfully we managed to analyse all data and calm the situation.
Thus, a property valuation is an art and science; thus, it is a professional opinion based on facts.
