Artificial intelligence could affect almost 90% of the core tasks undertaken by surveyors, according to a new report for the RICS.
The Impact of Emerging Technologies on the Surveying Profession report, by Remit Consulting, found that 18 of the 43 basic tasks undertaken by surveyors had a high degree of vulnerability to automation over the next ten years. A further 20 tasks showed a significant degree of vulnerability over the same period.
“Surveyors are multi-skilled professionals with each specialism sharing basic tasks with other disciplines,” said Remit Consulting’s Andrew Waller. “With 88% of these tasks being suitable for automation via emerging technologies, we can expect to see far-reaching changes in our profession in the next few years.”
He added: “These changes will bring both challenges and opportunities. Surveying practitioners that adapt their approach and utilise the new technologies will be able to bring added value to their clients through increased efficiencies. The new technologies will also present surveyors with the tools to be able to provide far more high-level, strategic advice to their clients.”
Top 10 surveyor tasks that could be done by AI
| Task | Current vulnerability |
|---|---|
| Collect rents and charges | 100% |
| Examine financial records | 100% |
| Obtain property information | 100% |
| Prepare contracts | 100% |
| Appraise property values | 90% |
| Evaluate condition of properties | 90% |
| Knowledge management | 90% |
| Plan maintenance | 90% |
| Risk management | 90% |
| Monitor market conditions and trends | 90% |
Source: Remit Consulting
The report suggests that the most likely area for automation is the collection of rent, while the least likely candidate for automation is acquisition and disposal of property. However, it found that the impact of automation is likely to be especially disruptive in the areas of lease management, valuation, and property, asset and facilities management.
It predicts that changes will be seen through an increase in the consistency, transparency and timeliness of transactions; a step change in the accuracy and timeliness of reporting; a rapid increase in the number of sensors deployed under the Internet of Things umbrella, which will increase the visibility and responsiveness of all buildings and facilitate remote facilities management; a reduction in the cost of managing a portfolio of buildings and a significant reduction in headcount in particular areas; and a change in the skillset of surveyors, who are likely to become either data scientists or client managers.
Jon Bowey, associate director for UK commercial property at the RICS, said: “While the availability of technology does not mean wholesale adoption, higher levels of efficiency and reduced costs that can be driven by their use make it highly likely that some functions within surveying will be heavily impacted.
“These technologies will also be available to clients and their expectation will be that surveyors will be able to add value using those tools. However, a lesson from history is that the mechanisation of one job does not necessarily mean that it disappears completely.”
Read the Remit Consulting report in full here.
Originally published on 18th July 2017
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