Independence and objectivity
A short, practical note on independence and objectivity, with the public definition from IVS / Red Book (effective 31 January 2025).
In my practice, independence is the reason a valuation is worth paying for. Before I accept any instruction I check for conflicts — with the client, the property and the other parties — and I record the result. Objectivity means the figure comes from the evidence, not from the price someone hopes to see. If a conflict cannot be resolved under the RICS rules, I do not act. The same rule applies whoever instructs me, including in disputes.
“The valuer must follow the ethical principles of integrity, objectivity, impartiality, confidentiality, competence, and professionalism to provide a non-biased valuation and to promote and preserve the public trust.”
Source: IVS 100 Valuation Framework, para 10.01
“Independence and objectivity are inextricably linked to the proper observance of the confidentiality of information and to the wider issue of the identification and management of conflicts of interest.”
Source: Red Book Global Standards, PS 2 section 3, para 3.1
Common confusion
Independent ≠ unpaid or uninvolved: the valuer is paid by a client, but the opinion does not depend on what that client wants.