At this stage, the answer is both ‘yes’ and ‘no’. Some elements of the role – think crunching numbers and benchmarking formulae and results – are certainly ripe for automation.
It’s somewhat surprising they’ve not already done so – except, of course, to those who’ve spent time in the industry. Folk in the know are cognizant of the fact that property is one of the most conservative of sectors – hidebound and happy to be that way.
It’s one of the reasons why the proptech market isn’t yet crowded with sophisticated, AI-driven solutions. Times are a-changing though. The emergence of a younger cohort of tech savvy leaders will see more strategic decisions predicated on data, and fewer on gut feel.
Even as that occurs, it’s unlikely owners and investors will be content to leave the critical determination of how a property is worth solely in the ‘hands’ of a robot. Rather, they’ll want to see its numbers interpreted and validated by an experienced valuer who can augment them with local knowledge.
Forbury has unveiled a new software platform that helps developers calculate on-completion valuations using market cap, DCF and direct comparisons.