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Towards Specialization or Extension? Searching for Valuation Services Models Using Cluster Analysis

Author

Listed:
  • Małkowska Agnieszka

    (Department of Real Estate Economics and Investment Process, Cracow University of Economics)

  • Uhruska Małgorzata

    (Department of Real Estate Economics and Investment Process, Cracow University of Economics)

Abstract
The paper delivers original data on specialization in property valuation services in Poland. Its aim is to identify relatively homogeneous groups of property appraisers taking into consideration the scope of services performed by them and the types of clients served. Based on the survey results, it was possible to indicate major models in property valuation services consistent with market applications, which allows us to verify the thesis on specialization in doing business in property valuation.The research strategy approach is twofold. Firstly, we have used the agglomerative cluster method to divide the types of valuation services and appraisers’ clients in order to find groups of similar valuation services and represent the main models of business in property appraisals. Secondly, we have applied the k-means partition methods to find relatively homogenous groups of respondents, taking into account the frequency of carrying out the particular types of valuations and clients served.As a result of our research, we present four clusters combining valuations and client types which reflect the models of property valuers’ professional activity, i.e: the market-oriented housing valuation model, market-oriented commercial valuation model, non-market-oriented judicial valuation model and non-market- oriented public valuation model. Research findings confirm the existence of three out of the four specialization clusters within the professional activity. We also extracted a group of appraisers operating on a broad scale, both when it comes to the types of services offered and clients served.

Suggested Citation

  • Małkowska Agnieszka & Uhruska Małgorzata, 2019. "Towards Specialization or Extension? Searching for Valuation Services Models Using Cluster Analysis," Real Estate Management and Valuation, Sciendo, vol. 27(4), pages 27-38, December.
    • Handle: RePEc:vrs:remava:v:27:y:2019:i:4:p:27-38:n:3
    DOI: 10.2478/remav-2019-0033
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    References listed on IDEAS

    as
    1. Royston Greenwood & Stan X. Li & Rajshree Prakash & David L. Deephouse, 2005. "Reputation, Diversification, and Organizational Explanations of Performance in Professional Service Firms," Organization Science, INFORMS, vol. 16(6), pages 661-673, December.
    2. Thomas N. Hubbard, 2009. "Specialization, Firms, and Markets: The Division of Labor within and between Law Firms," The Journal of Law, Economics, and Organization, Oxford University Press, vol. 25(2), pages 339-371, October.
    3. Garicano, Luis & Hubbard, Thomas N, 2007. "Managerial Leverage Is Limited by the Extent of the Market: Hierarchies, Specialization, and the Utilization of Lawyers' Human Capital," Journal of Law and Economics, University of Chicago Press, vol. 50(1), pages 1-43, February.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    property valuation; appraisers; specialization; cluster analysis; professional services;
    All these keywords.

    JEL classification:

    • C10 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - General
    • L85 - Industrial Organization - - Industry Studies: Services - - - Real Estate Services
    • R30 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - General
    • R39 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Other

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