Digital technology and the increasing availability of data is changing the nature of work for valuers and investors. For example, increased strategic investment in technology is re-defining the way that property valuations are carried out and new business models like Air BnB are impacting traditional investor markets.
In response to the increasing rate of change brought about by new technology and the increasing availability of data, RICS and INREV conducted a survey to provide insight into the ways in which valuers and investors are being impacted. The report showcases a snapshot of what we learnt.
Three findings:
- With more companies relying on data from other companies to fulfil their objectives, the efficient sharing of data is becoming increasingly important.
- Market wide data standards are viewed as necessary in ensuring the quality of data.
- The vast majority of companies are planning on investing in technology within the next 5 years, changing the skillsets needed by professionals.
It was unanimously agreed that the role of data and technology in real estate is only going to increase in future; not one person felt that its influence would stay on the current trajectory.
What is clear is that as innovation from both existing companies and new entrepreneurs continues to increase, there will be huge opportunities for valuation professionals and real estate investors alike.
Dan Hughes Director, Data and Information Product Management (RICS)