Become a digital high-flyer

Kate Taylor provides an overview of the varied areas of property technology – including drones and robotics – that APC candidates will have to master The next generation of surveyors are young professionals with a different view of the business world. Often termed “digital natives”, using technology of any sort is second nature to them and this includes “proptech”. In the modern world of surveying, expertise in the application and use of proptech is becoming more important and this is reflected in the evolution of the final assessment process. Evolution of APC RICS is reviewing the pathways to membership and updating the competency selection and descriptions to reflect proptech, among other things. New competencies such as “big data”, “inclusive environments”, and “smart cities and intelligent buildings” are included in the updated pathways. These new competencies may be useful, as most pathways will have the option to choose anything from the full list of competencies up to level 2. This can provide an interesting “wild card” effect for assessors. These new competencies should be available for use early in 2018. The second stage of consultation closes on 13 October. Details of some of the draft proptech competencies under consultation are as follows: Data management The data management competency covers how data relating to individual projects and a surveyor’s work generally are collected, stored and retrieved. In addition to being aware of the different storage systems and data sources available and knowing how they work, a candidate should also understand the principles behind the systems and what makes them effective. Candidates should also be aware of how general information and data is managed on a project and know about the increasing use of computerised central project databases. Big data This competency involves the identification of complex problems as applied to the built and natural environment and the leveraging of data value. Candidates will be part of multidisciplinary project teams that include planners, city engineers, surveyors, data architects, data engineers, and analysts, all working with big data. The work is likely to include liaison with policy and operations teams to understand how big data can be leveraged and combined to add value. It requires a knowledge of the technical challenges posed by big data, and of the specialised IT architectures and techniques employed for the storage, retrieval and manipulation of big data structures. Smart cities/intelligent buildings This competency involves integrated and disparate IT systems and spatial data science, and the role of the surveyor will include solving complex problems through the leveraging of data and technology as applied to the individual building level or the wider neighbourhood or city level. Candidates will again be part of multidisciplinary project teams that include planners, city engineers, surveyors, data architects, data engineers, and analysts, working with smart city and building technology. The work is likely to include liaison with policy and operations teams to develop and understand how smart city and intelligent buildings might benefit the stakeholders involved. It requires an awareness of the component elements of an IT service, including hardware, software, applications, sensors and networks, and their integration into complete services to satisfy an operational requirement. Changing business practices This is nothing less than the fourth industrial revolution, so it is important to be aware of the impact of emerging technologies on surveying professionals. Fintech: like most new words, this portmanteau of financial and technology describes an emerging financial services sector. For surveyors, the most familiar application of this will be credit reference checks or Sage accounting software. Crowdfunding: this is the practice of funding a project or property investment by raising monetary contributions from a large number of people. Crowdfunding is a form of crowdsourcing and of alternative finance. This is often used by small businesses to fund expansion and can be an innovative way to increase accessibility to expert services in property and APC training. Agency: proptech has already revolutionised estate agency, with online operators gaining an increased share of the market in selling and letting property. It is a trend that began with Rightmove, which launched in 2000, and Zoopla, which launched in 2008. New challengers such as Purplebricks, Settled and HouseSimple are grabbing market share by doing business on a fixed-fee basis, rather than taking a percentage from a sale, and facilitating viewings and offers that are managed online via apps for fast response times. This property business model has been a big hit with consumers and further development in the sector is likely. Data in professional functions: technology has also had a big impact on the use of data in property. The most obvious application is comparable searches using online tools such as EGi or Edozo. Data analysis is also facilitated by algorithms, with investment appraisal modelling, BIM (building information modelling) and market analysis providing more data to the property professional than ever before. Valuation: valuation software makes calculations and sensitivity analysis quicker and reduces risk. It is a great tool for surveyors but APC candidates must ensure that they understand the inputs, analysis and weighting used in these valuations, especially if the software printout is included in their case study. Valuer overview and insight is still needed and its importance cannot be overstated. Most APC candidates will use Argus software or EG’s Valuations360. The software may include sophisticated automated valuation models (AVMs) based on huge amounts of regression analysis. AVMs have been used successfully for many years in the public sector to support local tax valuation. Drones: drones are being used increasingly because they provide better visuals, reduce health and safety risks and can operate in challenging environments such as sewers and rooftops. This is before we even start to consider the impact of drone delivery for online purchases on real estate and logistics. The drone issue has aviation safety implications that are likely to necessitate regulation. Driverless cars: the advent of smart cities should see a big change in transport technology with driverless cars and electric vehicles affecting infrastructure requirements and location analysis. Robotics: the march of the robots continues in many areas, with mechanisation supported increasingly by advances in artificial intelligence. Research is being carried out by the RICS into the potential effects on the built environment and the people who work in it. Be at the cutting edge Proptech is a fast-moving and complex area and this article only scratches the surface. Have a look at the RICS research paper, Smart Cities, Big Data and the Built Environment: What’s Required? The smart APC candidate will keep up to date with the emergence of the proptech sector and be ready to use the digital disruptors and related competencies to their advantage. Kate Taylor FRICS is an APC chair and a DeLever APC coach. Follow Kate Taylor and Jon Lever on Twitter: @katetay73593006 and @deleverapc A future article in EG’s APC series will take a more in-depth look at some of the proptech issues raised. For regular coverage of proptech issues, listen to TechTalk from EG Pic credit: Blend Images/REX/Shutterstock Useful resources APCeye magazine Critical APC information in a free monthly magazine.  APC101 – WhatsApp Open group on APC Process discussions. All welcome.  APC presentation Online masterclass discussing key elements of the APC final assessment interview. Hints and tips on best practice.  Free timeline wallchart A2 pictorial view of the APC process, based on the RICS guides and Jon Lever’s professional knowledge.  Supervisor and counsellor APC training – formal CPD Tips on how to manage and support your candidates.  APC mock interviews Practice your APC final assessment interview, including the presentation and competency-based questioning. A full-hour interview just like the real thing and immediate feedback from the two assessors. APC commercial property and residential revision guides Every forward-thinking APC candidate’s reference book for APC preparation.  Free trial: myAPCDiary This resource can save up to 60% of a candidate’s day-to-day APC administration.  RICS APC guides These should be read at least once every three to four months. Candidates from outside the UK also need to check their regional websites for any local APC requirements.