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News & opinion

3 OCT 2018

When worlds collide

This is an exciting time for the industry. Newcomers have entered the market who are finding niches that will disrupt "traditional" ways of doing business. However, Andrew Knight, RICS International Data Standards Director, urges disruptors to collaborate with us to ensure a deeper and more beneficial understanding of the work we do and impact they will cause.

There is a sense that the two worlds of property technology (PropTech) and the traditional real estate sector continue to operate in parallel to a lesser or greater extent. I argue that much closer collaboration and integration between all market participants would benefit the sector and all stakeholders in the corporate and public domain that rely on the industry to provide sustainable real estate.

While technology has always been evolving, the current pace of change has the potential to drive significant transformation across most areas of the built environment. New and disruptive business models are having a profound impact on job roles and their underlying competences that change, disappear and are created anew.

Change ahead

For RICS professionals and firms, the next few years will undoubtedly see continued changes in the way real estate is designed, constructed, valued, transacted and occupied. With much of this change being driven by disruptors from outside our industry, the response should be to accept that change will occur and try to work with disruptors to increase and improve their knowledge of the work we do. This will help them gain a deeper understanding of the impact of their technological disruption on the built environment and adapt the services they provide.

The response should be to accept that change will occur and try to work with disruptors to increase and improve their knowledge of the work we do.

Andrew Knight, International Data Standards Director
RICS

Disruption, in all its forms, is taking the built environment into a virtual world, but the assets involved are firmly rooted in the "real" world and have attributes that will undoubtedly require the skills and experience of RICS professionals.

Learn more: APREA-RICS Property Technology Conference

Singapore's Real Estate Industry Transformation Map (ITM) is a collaborative effort between industry and government; it provides a roadmap for the transformation of the industry.

At the APREA-RICS Property Technology Conference — Wednesday 14 November 2018 at the Novotel Singapore Clarke Quay — we will deep-dive into Singapore’s ITM and share insights and trends from key government agencies and influential industry stakeholders.

Book your ticket