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The paper indentifies and synthesizes the observed changes in the role of the property valuer on the property market. The authors of this paper provide a perspective on the changes in the educational programs for valuers. The main challenge for valuation professionals lies in developing a deeper understanding of market globalization and better analytical skills, with a view to assessing accurate values. The educational system at the university level should encompass programmes which will prepare valuers for providing proper advice affecting important investment decisions of real estate market participants. They stress the role of international and national organizations in re-shaping the profile of the valuer. The current critical attitude towards the valuation profession has forced the European body representing valuers, namely The European Group of Valuers’ Associations (TEGoVA) to speed up the harmonisation of the valuation practice in order to forestall more rigorous control by the EU. In response to this, all the major internationally recognised standard setting bodies, such as the above-mentioned TEGoVA and The Royal Institution of Chartered Surveyors (RICS), are considering the need to add “risk analysis” to valuation reports. Such development should significantly affect future valuation educational and training programmes which will need to present a more holistic approach to real estate as an asset class.
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Market value is one of the most difficult notions in economics. It is also one of the most puzzling in the valuation industry, although its definitions can be found in the International Valuation Standards, European Valuation Standards, RICS standards and national standards. This value tends to be given different interpretations and misconceptions surrounding it are shared by many members of the property valuer community. The many ways in which property market value is understood leads to misvaluations and significant variations between valuation results, which are damaging to the prestige of the property valuation profession. This article explores areas giving rise to the misinterpretations of property market value to provide a critical review of the existing views, and to put forward arguments explaining why they should be revised. To this end, a critical literature review and observations made by the author during discussions with valuation professionals taking skill-improvement courses, scientific conferences on valuation methodology and practice, and entry exams for the profession of property valuers are used. Three main areas conducive to the emergence of myths have been identified: the interpretation of property market value (four myths), the process of arriving at property market value (ten myths) and the interpretation of valuation results (one myth). The myths are challenged on the grounds of the market value concept and its interpretation as used in economics.
Marketing is a fundamental business function which is directly connected to the company’s long-term performance. However, the marketing function seems to be marginalized in many companies. The main reasons for the relatively low power of the marketing function within the private sector are insufficient control of CMOs over marketing strategy and the marketing mix, lack of convenient measures for capturing the effectiveness and efficiency of marketing investments, the tactical and short-termed orientation of marketing departments, and last but not least the low reputation of the marketing profession. This study analyzes these four factors and proposes steps which can be undertaken by CEOs, marketers themselves and business faculties to leverage the influence of the marketing function and therefore also the overall performance of a company
Intangible assets and knowledge are key drivers of today’s economy, called knowledge economy, as a consequence of globalisation process and information and communication technology development. Knowledge and intellectual capital became leading factors that provide basis for gaining superior performance and sustainable competitive advantage of firms in dynamic and uncertain business environments. Invisible goods based on knowledge are becoming more important in generating and successful managing businesses. The purpose of this research is to test the impact of human resources on creation of the firm or, in other words, to examine individual’s inclination toward becoming an entrepreneur in transition economy such as Bosnia and Herzegovina. While investigating the relationship between human resources and firm creation, additional social, economic and emotional factors are included in analysis. Proposed theoretical model is tested using logistic regression model to analyse a sample of 2.015 individuals in Bosnia and Herzegovina, as a participant in GEM project in 2014. Obtained results show that the amount of individual’s knowledge, skills and expertise and its capability to seek and recognize new entrepreneurial opportunities, considered as human resources owned by individual, increase probability to generate a firm in Bosnia and Herzegovina. Beside human resources, certain economic and social factors, such as work status and social perception of entrepreneurship as an attractive profession, are important for firm creation in Bosnia and Herzegovina.
A major topic in discussions about environmental protection is the concept of sustainable development utilizing the economic criteria enhanced by environmental, social and ethical aspects. The concept inspired a new approach to construction and paved the way for the idea of sustainable buildings. Sustainable buildings are expected to offer economic benefits to their owners and tenants that should be reflected in property values. The authors test a hypothesis that the real estate market in Poland still fails to incorporate sustainability in property valuation. The article seeks evidence in support of this hypothesis, as well as attempting to find out why the market does not pay a premium for sustainability. To accomplish the purpose of the research, a systematic literature review, an analysis of the pilot studies available in Poland and a preliminary assessment of the ability of valuation methods to reflect sustainability in property valuations are performed. The focus of the research is on the office property market, one of the fastest growing and most modern segments of the real estate market. The conclusion drawn from the research is that, of all respondents surveyed by international studies, Polish developers, property owners, tenants and valuers know the least about sustainable building and that the evidence of the benefits of sustainable building is still unavailable in the Polish real estate market. Such benefits are rather hypothesized to exist and considered theoretically rather than empirically confirmed. It is possible that the reasons for these findings are the short period of research and problems with distinguishing sustainable buildings from conventional ones, which make it difficult for valuers to reflect the benefits of sustainability in valuations. Nevertheless, a new approach to property valuation encompassing environmental, ethical and moral aspects seems necessary. This would encourage sustainable building and green investment strategies. Sustainable valuation would also be an opportunity for the development of the valuation profession.
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