A New Look at the Attractiveness of the Valuation Profession in Poland

The valuation profession is relatively young in Poland compared to Western European countries. Its beginnings are related to the transformation period and the introduction of free market economy. Since its formal foundation, the profession has been strictly regulated by law. The regulations govern candidate preparation and access to the profession, as well the manner in which valuations are conducted. The most significant restriction is the limited access to the profession, which requires passing a state exam and obtaining a license. For many years this profession has been considered in Poland as an attractive career path. This is influenced by both the prestige of the profession built on entry barriers and the level of professionalization, as well as the nature of the work performed. In common view, the advantages of this occupation include: the variety of tasks performed, their importance, independence of valuer, the ability to combine this work with other professional and non-professional commitments as well as the opportunity to earn a satisfactory income. These qualities result in approximately 300 candidates becoming licensed each year, bringing the number of licensed valuers in Poland to 7794 by the end of 2020. The research presented here is one of a few we have conducted in recent years concerning the real estate valuation. The main objective was to determine the factors that attract new applicants, but also to assess the job satisfaction of those in the profession. For this purpose we have carried out two surveys. The first was among students enrolled in postgraduate studies in real estate valuation at three separate universities in Poland. The questions focused on the candidate's current career setting, their main motivations for going into professional certification, and their vision of how they would run their business in the first few years. The second survey focused on the level of job satisfaction of those who are active real estate valuers. We examined overall job satisfaction, but also selected facets of it. The data collected allowed us also to examine the influence of individual characteristics of the real estate valuer and the nature of his/her professional activity on the level of job satisfaction. This research primarily adds to the knowledge of the evolving real estate valuation services market in terms of the inflow of new practitioners into it. They allow us to learn and understand the motives that attract new candidates to the profession, and the factors that contribute to professional satisfaction.