When it comes to proptech, so much of the conversation revolves around artificial intelligence, virtual reality and robots – the exciting innovations that sometimes feel more like something from the movies than real life, and that sometimes create a fear that they will replace, not enhance jobs.
But what about the tech out there that provides the industry with tools that enable them to do their jobs faster, better and more profitably?
Sometimes, tech can be a simple tool. EG was arguably one of the first proptech pioneers, launching EGi, a subscription-based website that enabled users to access news and data, back in 1996. Now it has launched its first workflow tool: a piece of tech for the valuation surveyor, designed to enable the valuations community to work faster, gather more information more easily – and more cheaply.
After the last crash, when values tumbled and investors and banks sought to recoup losses through the courts with writ after writ filed against valuation surveyors, the need to have a file full of evidence that was well organised and easily accessible became not just a stipulation by the RICS but a vital element to protect valuers’ business and reputation.
But paperwork takes time. Paperwork is laborious. Putting together a valuation for a building or portfolio can take weeks, but the evolution of tech means that it doesn’t have to. And EG’s new valuations 360 tool aims to reduce the time of an average valuation by as much as 30%.
But how?
When it comes to delivering a valuation, the process begins with the instruction. At that point the surveyor has to pull together basic research, agree costs with its client, undertake a basic valuation, before scouring multiple data sources to pull together more detailed research on the asset, looking at the location, occupiers, income, a whole host of comparables that back up the valuation that is then given for the that building. That valuation report can run from anything from 20 to 100 pages. Once it is written it has to be peer reviewed before being sent to the client and then stored in a case file as per RICS regulations.
For the majority of surveyors, much of that is done through spreadsheets and word documents, with files saved all over the place and paperwork strewn on desks.
Valuations360 takes the whole process online, into a tool that enables businesses to collaborate and reduce clutter. The web-based tool allows valuation directors and surveyors to see work being done across their business, to share data, research and best practice.
The tool begins with a workflow table, where jobs are assigned and progress on each can be clearly seen. Once a job is set up, the valuations surveyor can move into the research phase of the instruction, using EGi data and enriching it with their own research if necessary, capturing it from outside sources using a Chrome extension that brings that information directly into the tool.
Once the basic research is done and the surveyor moves on to site inspection, they can take photos from their smartphone and upload them directly to the tool. When all the information is gathered (it can be reviewed by peers at any stage), the tool also provides a bespoke report writer. Each firm can upload its own template, but the tool will then fill in information for the surveyor, saving time and effort.
And, in a single click, the whole process and every element of data and research can be archived and saved in the cloud or downloaded, providing that vital evidence should a client or legal team require it.
No Minority Report-style robots in sight and no fear that proptech may take our jobs.
Find out more about valuations360 here.
To send feedback, e-mail Samantha.McClary@egi.co.uk or tweet @Samanthamcclary or @estatesgazette
