This evaluation process has been enabled by a widespread dip in volumes across the industry due to ongoing economic uncertainty and a sustained period of interest rate rises. During such a time, there has also been an opportunity to reflect on a broader spectrum of topics, especially following an extended period of relentless activity where it was much tougher to take a step back to take a look at the bigger picture.

Included within this are gauging perceptions around our actions, both in and beyond the industry, and how we may be doing ourselves something of a disservice by failing to convey the right messaging thanks to the overuse of jargon or outdated terminology that doesn’t convey the role that a surveying business now does.

There is plenty evidence of this across the homebuying journey and the mortgage process and while these remain highly complex areas, we don’t always do ourselves many favours by not keeping it simple when required and when better describing exactly what we do as a business and how we do it.

For example, within the surveying and valuation sector, I firmly believe that the term panel management is now outdated and somewhat restrictive in terms of the extent to what can and should be covered within this description. I believe that the term risk management is far more apt, as this forms the basis of what we actually do, as opposed to simply managing a panel.

In a wider context, the definition of risk management is focused on anticipating what might not go to plan and putting in place actions to reduce uncertainty to a tolerable level. Risk can be perceived either positively (upside opportunities) or negatively (downside threats), with risk being the potential of a situation or event to impact on the achievement of specific objectives

To put this into a more practical perspective, we as a business, assume responsibility for managing the complete risk. By this I mean, from receiving the instruction, running this instruction through quality data sets both environmental and those unique to us, determining what valuation is carried out, appointing the surveyors (panel or in-house), ensuring the quality of the report, minimising post valuation queries and even sometimes indemnifying the work that is panelled, not just the work that is retained by our surveyors.

In my eyes, the term risk management more accurately reflects the dynamic nature of the work that we do in terms of identifying and managing property risk while also accurately reflecting the extensive knowledge gained by highly experienced professionals who are at the top of their game.

As an industry, we are not always known for underselling ourselves, but this is a role which has already increased in complexity through the introduction and reliance on AVMs and desktop valuations, plus there are some lender clients who also require us to support with level 2 and 3 surveys.

Looking forward, there are also likely to be additional environmental factors to consider as a result of the ever-changing world around us, which will only serve to further complicate an already intricate and multifaceted process.

So, maybe it’s time to update our terminology to better reflect our evolution as a sector, it might even help us to better deliver exactly what it says on the tin.

Matthew Cumber is managing director at Countrywide Surveying Services