Assessing the Impact of Adoption of Drones in Inspections for Valuation of Commercial Agricultural Properties

Abstract

Property Valuation is the process of giving an opinion of the value of an asset or liability on a stated basis, at a specified date (Royal Institution of Chartered Surveyors, 2019). It is carried out for a myriad of purposes including financial reporting, tax reporting, litigation support, transaction support, and to support secured lending decisions among others on numerous assets through the use of different bases of valuation as appropriate for the purpose chosen (International Valuation Standards Council, 2019). The valuation process involves identification through inspections, recording, manipulation and, reporting of data as collected in the area of valuation. Inspections and investigations must always be carried out to the extent necessary to produce a valuation that is professionally adequate for its purpose. The valuer must take reasonable steps to verify the information relied on in the preparation of the valuation and, if not already agreed, clarify with the client any necessary assumptions that will be relied on (Royal Institution of Chartered Surveyors, 2019). However, this process does not come easily due to the problems and challenges Valuers face (Nicholas Abala, 2018)