Sharing data remains “alien concept” in property
The property sector is at a “tipping point” as it continues to digitise, but sharing data “remains an alien concept”, an RICS report claims.
According to the RICS’s The Use and Value of Commercial Property Data report, the property industry has experienced an “exponential growth” in the amount of data available.
The report, which polled more than 150 chartered surveyors and property professionals about the challenges they face using and accessing data, showed that sharing information was the most commonly experienced issue.
The property sector is at a “tipping point” as it continues to digitise, but sharing data “remains an alien concept”, an RICS report claims.
According to the RICS’s The Use and Value of Commercial Property Data report, the property industry has experienced an “exponential growth” in the amount of data available.
The report, which polled more than 150 chartered surveyors and property professionals about the challenges they face using and accessing data, showed that sharing information was the most commonly experienced issue.
Around 41.3% said the industry needs to be more open-minded about data, and the most commonly cited barrier was the lack of transparent information (nearly 38% said sharing would make data more available).
Companies that can analyse data and bring added value to their clients will have “an advantage over their competitors”, the report stated.
Respondents considered market data that is available for sale to be “poor quality”, and many valuers “do not trust the accuracy of others’ data”.
Paul Bagust, global property standards director at the RICS, said: “More and more, increasingly accurate, data is becoming available from third-party suppliers, and while there is no doubt that owning a data set of transactions is advantageous, comprehensive property data from a range of different sources will rapidly become available to everyone.
“That might take two, five or even 15 years. What is certain is that, to prosper, chartered surveyors will need to adapt to a market dominated by data.”
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