Hosted by RICS in Austria, the 6th Annual RICS CEE Event, held at the British Ambassador’s Residence in Vienna, aimed to answer a number of questions related to the future of the profession and presented how RICS, a solution leader in the real estate sector, helps professionals become well-equipped to meet challenges of the 21st century.
The event’s keynote speaker, former RICS Global President Professor Barry Gilbertson FRICS provided valuable advice for the audience, the majority of them being chartered surveyors, which is particularly useful at the time when real estate professionals need to face that the vast majority of their tasks could be executed by artificial intelligence. Here are 10 take-away points from the former RICS President’s speech.
- In 2018 the only new normal is uncertainty.
- Reputation and integrity are all professionals have to offer and trust is the most valuable asset they have. If clients trust them, they will have work to do.
- Property valuation is a snapshot. It’s always worrying when valuers start to predict which way prices will go in the future.
- It's risky for investors to mix up the meaning of price, value and worth.
- Risk is multi-dimensional, but not visible enough or discussed enough.
- The most dangerous words in investment are “this time it's different”.
- Buildings must work financially for owners and occupiers, work commercially for users, work socially for the community and be sustainable at the same time.
- Redevelopment should also be sustainable. We should demolish strategically with recycling.
- The largest cities of the world are only going to get bigger and we need to tackle the issues they face.
- Occupiers and owners want clear advice without the property jargon, so if you feel that you could explain the situation to your grandmother, you’re probably on the right track.
Mr Gilbertson’s thought-provoking speech was followed by a panel discussion on the future of the profession. RICS professionals discussed potential ways to prepare for a changing world where much of the work they do today will be done by machines. Members of the panel agreed that the best way to keep up with technology is to study. Commitment to lifelong learning is important but it’s not enough in itself. The panel, chaired by Peter Szamely MRICS, concluded that organisations and professional bodies like RICS should work together with universities and other educational institutions to provide quality training for professionals wanting to expand their knowledge.