International acceptance of automated modern tools use must-have for sustainable real estate market development

Abstract

The main aim of the paper is to systematise the terms and methodologies used in the property valuation and market analyses domain (single property or mass valuation). The need for this is justified by different semantic and procedural approaches and legal regulations in countries around the world. The research was carried out using the method of critical analysis of current state-of-art literature of the subject, valuation standards, and opinions of practitioners and experts of real estate markets available on social media. Answers of international respondents were gathered as well by using questionnaires. The paper fulfils the gap in perception and comprehension of specific terms and modern tools by entities connected with real estate domain. The clash of two extreme realities is being dealt with: on the one hand, traditional solutions based on universally accepted methods and techniques as well as faith in the infallibility and objectivity of a human analysing the real estate market dominate; on the other, modern technologies that are boldly entering. The main conclusion of the study is that entities should change perception of different automated solutions (e. g. AVM, CAMA, AAVM) as being operating in contradiction to ingrained methods and use them as an additional tool.