Market information management for better valuations: Part I ‐ concepts and definitions of price and worth

In March 1994 the Mallinson Working Party on commercial property valuations produced their report outlining a number of initiatives which the RICS should undertake to help improve the standing of the valuation survey within the business world. The recommendations related to the need to improve the technical element of the valuers’ skill by updating and extending the mathematical models; extending the access to and the use of data and revising the way in which they express their judgement. As information availability increases, the role of the valuer will need to change to provide the client with more analysis, interpretation and professional judgement. To be able to do this effectively, the profession will need to adopt new valuation techniques to utilize better the information available. Part I provides an exposition of the range of valuation techniques available.