Prop Tech

RICS report urges for wider use of technology adoption in the property industry

Gabrielle Pickard
Written by Gabrielle Pickard

The Royal Institution of Chartered Surveyors (RICS), the world’s leading professional body for qualifications and standards in land, property, infrastructure and construction, is urging property companies to invest in and take advantage of the latest innovations aimed at creating smarter and more liveable towns and cities.

RICS notes how despite advancements in technology and large investments being made in technological advancements, the property industry and wider construction sectors are being slow to capitalise and take advantage of smart innovations that could create more sustainable homes and buildings and improved transport systems.

More property and construction firms could be using pioneering technology, such as virtual reality and 3D modelling, to improve the visualisation, design and delivery of projects, NICS states.

“Digital technology and innovations have the power to design and deliver more creative developments that are more sustainable, less costly to run and serve their purpose better,” says NICS.

In order to recognise and raise awareness of the important role tech companies are playing in advancing the property and construction industries, RICS have recently launched a Technology Affiliate Program (TAP).

Some of the biggest names in the UK’s proptech sector have already signed up to TAP, including FixFlo, Bamboo Auctions, Altus Group, Klipboard, Rialto, and many more.

The program is open to any business which offers technology and data solutions for the property and construction sectors. Some of the benefits of joining TAP include being a member of an expanding network and participating in seminars and events, building profile and awareness of the firm’s products and services and gaining an understanding of market intelligence.

Dan Hughes, RICS Director of Data Products, explains the aims of the TAP initiative:

“Despite digital technologies rapidly changing how professionals carry out their roles, many organisations remain at an early stage of experimentation in their use of new technologies or data-driven systems. It is with this in mind that our Technology Affiliate Program aims to make industry professionals more aware of the latest technologies that will advance their capabilities and help them create less costly, more attractive and sustainable built projects much quicker.”

The launching of the Technology Affiliate Program and the businesses signing up to become members shows inroads are being made in the adoption and commitment towards technological advancements in property and construction. However, as NICS raises, the wider property industry must do more to embrace and adopt new technologies.

About the author

Gabrielle Pickard

Gabrielle Pickard

Gabrielle brings more than a decade’s writing and editing experience, having been creating and editing high quality content for a wide range of publications in the property sector, reporting about the latest trends, news and developments in this fast-paced industry that doesn’t stand still for a second.

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