Rise of the robots! RICS calls for agents to embrace proptech

Agents could add more value to their businesses and save time and money by embracing emerging technologies such as blockchain, big data and artificial intelligence.

A report commissioned by RICS and written by tenant and letting agent matching platform Houzen, aims to highlight ways technology can help the property market.

One recommendation encourages agents to start embracing blockchain technology.

Blockchain is the database behind cryptocurrencies such as Bitcoin, and processes transactions faster than traditional financial providers and maintains a database with codes for each transaction in ‘the cloud’.

The report argues that blockchain could also be used to speed up the signing of legal contracts, credit and reference checks as well as payments of rent and deposits. It also suggests using virtual reality for viewings.

Another benefit will be using artificial intelligence (AI) and machine learning (ML) which could automate tasks such as viewing bookings or train machines to look through surveys or leases to spot issues. Many agents already use AI tools such as chatbots on their website to let visitors ask questions.

The idea is that the more a computer does a task, the more they learn and the less administration a human would need to do, giving them more time to focus on the client.

The biggest benefit of  blockchain, AI and ML, the report adds, is completeness in analysis. Rather than looking at samples of data, it can spot accurate trends in data such as rent by scanning tenancy agreements or Land Registry data.

The report says: “Historically, most statistical analysis was based on sampling a varied set of data points from the entire population. With ML/AI, the machine can scan the entire document or information packs and come up with a conclusion based on the entire data set in no time.

“This could potentially change the entire dynamic in document or audit heavy environments such as mortgages, conveyancing and valuations, and potentially relocate jobs of auditors, document checkers and analysts to something more creative and higher up the value chain to just supervise the machine.”

The report concludes that technology can add value by opening new revenue streams.

Paul Bagust, global property standards director for RICS, said: “It is clear we are undergoing a technological revolution and the pace of change is accelerating. This change is driving demand for key data analytics and related skills for existing professionals.

“Many of the roles that will exist in 2030 will combine skills in ways not imagined today.

“How our industry reacts to all these changes will be crucial to how the sector develops in the coming years.

“We hope this report can be used as a tool to create debate and help strategic planning in a wide range of firms and organisations.”

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One Comment

  1. KByfield04

    We are a long way from block chain being viable with questions already being raised about its purported ‘ring fenced data’ value. With so many agents struggling to understand the benefits to them & consumers of existing offerings the talking of AI & ML as well as other lauded initiatives like block chain do more to alienate the industry than anything. Agents need practical advice on what products are out there and in the pipeline, what the real benefits to them are, what the perceived benefits are by consumers, the ROI and how to implement & integrate. Let’s focus on that for now and keep ‘bigger thinking’ for tech events and a more evolved PropTech scene in the future.

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