The future of work in a technology driven digitized world ….. What does this mean for the property profession, their clients and consumers??
A digital future offers huge opportunities, where our property professional members leverage data, analytics, technology and their expertise to meet stakeholders’ requirements and deliver effective and high value outcomes.
The speed of the current digital revolution and the pace of change it is bringing to the property sector as a whole is the greatest (and most exciting) in the course of history. This presents opportunity for consumers (and their financiers) to be better informed as to the elements of value and risk that impact their property value, its time on market, planning parameters and the potential purchaser pool it may attract.
Therefore adaptation and agility is a must. We at the API believe that there are three myths that must be challenged in the dialogue around technology and digitization impacting the future of work generally:
1. The Machine effect, which implies that machines will displace the professional in the supply chain– there will always be a need for human intervention interpreting the data, trends and anomalies across asset classes, sectors and regions;
2. The Intelligence effect says that machines will be able to truly interpret and duplicate human intelligence including their emotional reactions – as yet unproven
3. The Labour Fallacy effect – that improving technology will create new jobs. – Robots aren’t coming for your job – they’re coming to provide opportunities to make your job more efficient and effective and provide opportunities to complement your job!
Digitisation will also change the design of our offices and allow employees to be more flexible, adaptable and dynamic, allowing change to the property sector entirely.
It’s very important for the public at large to understand the importance of a robust valuation profession in Australia and what their professional expertise brings.
Why should future leaders care about property professionals and the valuations sector you might ask ? Three things (amongst the many possible reasons):
• An independent valuation underpins a banks determination of a consumer’s credit risk when making lending decisions ensuring the security value of the property appropriately and adequately covers the value of the loan should default occur;
• An independent valuation can provide certain, independent and unconflicted arms length pre-purchase advice
• An independent valuation can support settlement negotiations and litigation proceedings between parties with a legal interest in property during divorces or business venture transactions, providing certainty in decision making.
Regardless of the changing environment of digitization, the rise of Artificial intelligence and technology driving changes in the nature of work, the importance of our members role in the property and banking sector cannot be underestimated.
Australian Property Institute