Technology as the catalyst for change: what should you do about it?

Technology has emerged as a pivotal focus for many organisations, firms and professional bodies. While it is certain that innovation will trigger a disruption in property management, how organisations adapt to this is less clear.

The Royal Institution of Chartered Surveyors (RICS) recently hosted a series of discussions between thought leaders to consider how the industry is changing with the advancement of technology. The discussions tackled wide-ranging topics but three themes emerged as central to the issue: professionalism, adoption of standards and the competition for skilled workers.

“Real estate is undergoing a tectonic shift, with professionally trained and equipped talent defining success in this new environment,” said Toby Dodd, Executive Managing Director at Cushman & Wakefield.

There was a consensus that critical thinking and analytical skills are becoming increasingly vital for property professionals around the globe, as data-driven decision making and developments in technology continue to accelerate the rate of change within the industry.

As data entry and repetitive tasks are increasingly automated, the role of the property manager will also evolve to focus on human skills that cannot be automated for firms to continue to provide value to clients. “Interpersonal skills, professional skills, advisory skills; technology cannot replace these,” argued Clint Kissoon, Academic Chair at George Brown College.

As algorithms become more sophisticated, questions around how to regulate them also become more difficult to answer. What standard are we holding the machines accountable to? How should we assess the quality of the decision-making process? What information has the decision been based on? How has that information been interpreted? It is part of the role of a professional to start engaging with these questions, “the role of standards and being a professional is becoming more and more important,” stated John Hughes, Partner at Hemson Consulting and RICS President.

Advancement in technology will reshape the market, putting increased emphasis on the adoption of standards to ensure any data collected is applied according to good judgement and industry ethics.

“Real Estate is a good place to work…. to continue to attract the best talent, we need to be the best industry to work in, it’s about standards, experience, fellowship and professionalism… and we have to show people that there is a future,” added Bob Courteau, CEO at Altus Group.

Many of the areas covered during these roundtables are set to be debated further at the RICS Digital Built Environment Conference 2018 on 21 June in London. Key topics include collaborative approaches to BIM, using data to improve the maintenance and operation of buildings, and the potential of smart infrastructure and buildings in reducing lifecycle costs. View the full programme and speaker line up at: rics.org/digitalconference

RICS has also launched a Technology Affiliate Program to increase awareness and adoption of technology in the Real Estate and Built Environment sectors. To find out more, visit rics.org/tap.

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