Open AccessTHE ESTATE SURVEYORS AND VALUERS AND THE MAGIC NUMBER: A POINT ESTIMATE OR A RANGE OF VALUE?
Author(s) -
Bioye Tajudeen Aluko,
C. A. Ajayl,
AbdulRasheed Amidu
Publication year - 2004
Publication title -
international journal of strategic property management
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.43
H-Index - 30
eISSN - 1648-9179
pISSN - 1648-715X
DOI - 10.3846/1648715x.2004.9637514
Subject(s) - estate , real estate , point (geometry) , value (mathematics) , property management , scope (computer science) , business , property (philosophy) , actuarial science , accounting , economics , operations management , finance , statistics , computer science , mathematics , philosophy , geometry , epistemology , programming language
Property value is imprecise because of the imperfection of the property market. But, estate surveyors and valuers in Nigeria traditionally have continued to express this value as a single amount. This paper, therefore, attempts to examine the rationale behind this approach and the attendant problems associated with it. Besides, the paper, amongst other things, recommended that estate surveyors and valuers should expand the scope of their services beyond the confines of point estimates so that clients be informed as to the amount of possible deviation and the magnitude of risk in the value estimate through the adoption of statistical techniques.