Valuer Gus Agosto at Puerto Princesa City, Palawan as part of Valuation masterclass lecture series.
Gus spoke about pricing strategies in real estate, residential appraisal, Philippine valuation standards and fundamentals, and case studies in appraisal,.
“Most of the participants eagerly waited of his lecture,” according to Jan Magsadia, Palawan board secretary.
In an opening statement, Gus acknowledged the “role of valuation in the wealth of nation,” and emphasised the necessity of a true and independent valuer.
“Our country’s true market value should be our utmost contribution to nation building” Gus said. “In the midst of globalisation, ‘Valuers should endeavour not only to excel in own turf but to be at par with other practitioners around the world.’”
Gus went on to discuss case studies he thought were most poignant in the valuation practice today, including valuation of vacant lot, highest and best use, due diligence, discounted cash flow and market research.
Gus noted the particular characteristic of the province’ real estate market.
“Practitioners were asking more on valuation of public lands and beach resorts,” Gus said. In this situation, we should combine the valuation methods with economics principles like the “willingness to pay”, benefit principles and the like to provide precise analysis and valuation.
“In the advent of technology, now our clients have access to pricing information at their fingertips, what they are looking now is an analyst that will help them in analysing those information and solving practical investment problems.”
Gus ended by pointing out that real estate is heterogenous and unique, thus appraisals should also be unique and can tell different stories.