Definition of market value of real estate based on expert collective assessments

The paper discusses the results of a project to build the collective expert assessments of characteristics of real estate market in Russia. It is shown that the use of correction factors (adjustments), and other characteristics of the real estate market can improve the quality of estimates obtained in the comparative and income approaches to reduce the subjective component in the evaluation process and to ensure comparability and reproducibility of the results of the assessment of real estate made by different appraisers.