Thought leaders emphasize importance of professionalism, adoption of standards and skilled workers as new technology impacts the nature of property management.
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 disruption is uncertain.
We recently hosted a series of discussions between thought leaders to consider how the property management 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.
As data entry and repetitive tasks are increasingly automated, the role of the property manager will 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.
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 according to industry ethics.
The role of standards and being a professional is becoming more and more important.
The required skills of the trade are evolving. It is essential that professionals keep up to date with industry shifts and upgrade their skills as required.
An employee will need to be much more sophisticated in terms of interpreting what is coming out of an automated valuation which is perhaps five to 10 years away.
Confidence through professional standards
In response to the rapid advancement in technology, we have taken steps to bring confidence to the markets we serve. To prepare professionals for the change brought about by new technologies, we have:
- Introduced new data and technology competencies as part of the APC.
- Launched a thought leadership program to share insight on the impact of data and technology on the industry. Visit rics.org/proptech for more information.
- Launched a Technology Affiliate Programme to increase awareness and adoption of technology in the Real Estate and Built Environment sectors. Visit rics.org/tap for more information.
- Welcomed a Director of Data Standards on board. The Director will support the growth of technology by ensuring our standards can be appropriately applied in software and applications.
For more information contact: firstname.lastname@example.org.
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