Meeting Changing Industry Expectations from Australian Property Valuation Graduates

Abstract

The valuation profession faces significant challenges as more valuation processes become automated, and the role of the valuer becomes more one of data handling than an economic analyst. To respond to industry needs, the role of the valuer must change. It follows that there is a need for universities to re-evaluate their existing property curricula, modifying content where necessary, to prepare their graduates better for a changing workforce. Employing a series of focus group discussions with valuation practitioners, this study examined specific industry expectations and provides recommendations to strategically align Australian property curricula with industry expectations in order to maintain the relevance of property education.The study identified personal, technical and business-related skills that are essential for graduates to possess. The roles of the professional bodies, industry/employers and educators to meet the changing demand on the profession are identified. Changes are required to degree programme content in respect of digital technologies and statistical skills. Whilst the universities offer a curriculum that adheres to the accreditation requirements of the professional bodies, there is also a need to incorporate specialised knowledge with set pathways. The need for students to have practical experience is apparent and undertaking placements with assessment that could be credited as part of the degree is recommended. The study highlights the need for a careful analysis of student learning experience to ensure that graduate skills meet the industry expectations, and that graduates themselves are able to adapt to future changes.

Preparing Property Graduates for the Digital Age: Challenges and Strategies from the Perspective of Australian Property Educators

“…In particular, automated valuation models (AVMs) are increasingly limiting the need for trained professionals to determine the value of properties for mortgage and sale purposes, a dynamic that is slowly transforming the practice into more of a science than an art [34,37]. In Australia, industry leaders such as CoreLogic, APM Price Finder, and Monitor now adopt AVMs as standard practice [17]. Similarly, blockchain technology has facilitated the creation of decentralised networks of banks and valuers to facilitate the speedy listing, verification, and sharing of valuations [26].…”

“…Not only will this digital skillset maintain their professional relevance, but a lack of it will inevitably force them out of a market that places a premium on the speed and efficiency of newer methods over the laborious processes of yesteryear [10,25,33]. Future property professionals must evolve with industry demands to retain a role as critical stakeholders providing valuable services in this age of automation [17].…”

“…The issue of expectation gaps in Australian property education has been explored from the perspective of different stakeholders, including policymakers [46], graduates [16,17], and employers [5,47]. Despite being responsible for delivering these skills to future property professionals, property academics have been the subject of limited research interest.…”

“…Ongoing collaboration with industry partners is required not only to provide networking opportunities but also digital competencies for property academics [5,74]. This increased collaboration would also provide access to latest software and would provide proficient professionals that could interact with students in the form of guest lectures and workshops [17,36,74]. Industry and regulatory bodies also have a crucial role to play by encouraging collaboration and providing further opportunities for training as new skills become standard practice [25].…”

“…Employers now expect more rounded graduates with a better appreciation of industry standards and many interpersonal skills, a significant variation from past decades when the biggest concern was academic excellence [11]. This divide between academia and the industry has been reported across many countries, indicating the significance of the issue on a global scale: in the USA [12,13], in the UK [4,14], in Australia [5,[15][16][17], in China [18], and in Nigeria [19].…”