The Intermediary – May 2025 - Flipbook - Page 83
T E C H N O L O GY
Opinion
Surveyor capacity:
How tech can
bridge the gap
T
he surveying industry
currently faces a
profound demographic
challenge that threatens
the smooth operation
of the property market.
Despite the introduction of the
AssocRICS qualification, which has
brought new blood into the industry,
the workforce is ageing inexorably.
We are witnessing the re-emergence
of a structural shortage that will soon
begin to affect the transaction chain
– from initial valuations all the way
through to final sales.
If le unchecked, pressure on
existing professionals could lead to
extended waiting times for valuations
as firms aempt to do more with less
human resource.
According to the Royal Institution
of Chartered Surveyors (RICS),
the average surveyor in the UK is
approximately 55, with a significant
portion approaching pension age
within the next five to 10 years.
As a result, the summer could be
a long one.
For borrowers and lenders, who
rely on timely and accurate property
assessments, the consequences
have already become tangible in
recent years. Industry insiders
report valuation delays extending
in high-demand areas across the
country. These bolenecks threaten
the entire lending process and can
derail property transactions at
crucial moments.
The right tools
Fortunately, technology offers an
answer to the skills crisis. These tools
can boost productivity significantly,
allowing fewer surveyors to handle
more cases without compromising the
quality that clients expect – and that
regulations demand.
Digital transformation represents
the most viable path forward.
Technology, particularly in the form
of tablet-based reporting systems
for on-site inspections, is already
delivering remarkable efficiency
gains for early adopters.These
modern reporting systems have
reduced report preparation time
compared with traditional methods,
enabling surveyors to complete more
valuations each day.
We already know how powerful
innovation can be in the sector: the
industry has already seen it with
automated valuation models (AVMs),
which have streamlined property
valuation by processing vast datasets
quickly and accurately. Lenders
continue to explore options that mean
less reliance on physical valuations,
but there will always be a need for
them somewhere.
Hometrack’s pioneering AVM
was introduced in the early 2000s.
Since those early days, accuracy
has improved substantially as
property databases have grown more
comprehensive.This has allowed
surveyors to focus their expertise
where it adds the most value.
Modern technology may also
address some of the physical demands
historically faced by more ‘mature’
surveyors. Surveying tends to involve
extensive manual measurements and
physical activity, which can become
increasingly taxing with age.
Drone technology and laser
scanning tools now enable remote
data collection with unprecedented
accuracy and reduce the need for
multiple site visits.
Improving the industry
Technology could support surveyors
who might not have 40 years of
experience under their belts, too.
RICHARD SEXTON
is commercial director
at HouzeCheck
For example, not only is aritificial
intelligence (AI) helping our surveyors
be more productive, it may also
improve the surveying process.
Our tech prompts surveyors to
report accurately and consistently
– and offers suggestions linked to
their inputs.
We’re also developing AI that will
act as a professional guardrail – if a
surveyor mentions a crack near the
front door of a property, the AI will
prompt them to check the roof, too.
These contextual suggestions linked to
surveyor inputs reduce the chance of
human error.
Technology like this also speeds
up the valuation process. Indeed, the
average time it takes HouzeCheck to
deliver a report is about 2.75 days – not
bad considering a building survey
takes a day to complete.
For the mortgage industry, the
advantages of technological adoption
are particularly significant. Faster
valuations enable quicker mortgage
approvals and improved customer
satisfaction.
Numerous surveying firms struggle
with legacy systems that hinder
effective technology integration and
data utilisation. This technological
gap creates opportunities for property
technology disruptors like us to enter
the market with a fresh approach.
By embracing digital
transformation, the surveying
and mortgage valuation profession
can continue to serve the market
effectively.
Through digitisation, the industry
can not only address the skills
shortage but pave the way for a more
efficient and sustainable future. ●
May 2025 | The Intermediary
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