Adaptation of Property Valuation Business Affected by the COVID-19 Outbreak

Abstract

             This research aimed to 1) Study of the impact of the COVID-19 epidemic on the property valuation business. 2) Study the corrective measures and measures for the adjustment of property valuation businesses in the situation of the COVID-19 epidemic and 3) recommend solutions and measures for the adjustment of property valuation businesses in the situation of the COVID-19 epidemic.

The population used in this study was a group of 79 property valuation companies approved by the Securities and Exchange Commission (SEC). The researcher used Yamane Taro to Calculate (e²= 0.1) sample and a specific sampling method by selecting 45 property valuation companies which divided the sample into 2 groups: 1) Management: 1 person / company 2) property valuation staff: 1 person / company. The research method was structured in-depth interview to summarize results according to the research objectives.

             From the research results, it was found that the affected property valuation companies were to adjust the way of working by allowing personnel to work from home rather than work at the company or to reduce employee salaries, in order to prevent the company's expenditure to exceed their income. Moreover, there should be a reduction of the service fee for the work to keep the workload constant, but the income may decrease. The guidelines for solving problems arising to the property valuation process should proceed as follows: 1) When a situation arises in which it is impossible to obtain information directly, it should be modified to receive online information instead. 2) When unable to travel across provinces, information should be checked before visiting the area to avoid unnecessary travel. There must be the notification to the employer of not being able to no entry areas. The company has to postpone the work because it does not work immediately, and the competent person in the inspection area had to be contacted instead. 3) When the title document cannot be verified, it should be reported to the employer and the financial institution which may delay the verification of the title document or refer to the document from the employer in the event that a risk is possible. 4) When the delivery delay occurs, the employer should be informed that in the current situation, the work cannot be submitted within the specified time.