Property valuation involves physical inspection of the properties to assess their values. Despite the process being tedious especially when valuing for rating purposes, it seems Malawian valuation professionals are not ready to adopt the considerably easy and cheap means of property valuation, the Automated Valuation Models (AVMs). The approach attracted controversy when it was piloted in the country. Thus, the aim of this study was to investigate property valuers’ perception on the adoption of automated valuation models in rating valuation against the use of traditional methods. Despite most professions adopting technological developments, property professionals especially in developing countries including Malawi are showing signs of contentment with the status quo although AVM has been existing for a couple of decades. In-depth structured interview guides were used to solicit opinions from key informants. The general attitude towards automated valuation models was mixed. On one hand, a certain percentage of the participants gave the approach the benefit of doubt for future incorporation into the profession if modified to suit the local environment. On the other hand, the models were considered as posing threat to the valuation profession since anyone may be deemed qualified to do property valuation. It is concluded that the models will never replace traditional methods of valuation, hence suggestions to incorporate automated valuation models as a supplement to traditional methods of valuation so that the former is used as a verification and auditing tool for the latter.
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RUFORUM Working document series
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