Andrew Knight, a seasoned professional with over twelve years at RICS, holds a pivotal role in steering data and tech thought leadership while championing data standards. His journey spans the evolution of technology, from the days of mainframes and punched cards to the current realms of artificial intelligence, cloud computing, IoT, and blockchain. Presently, Andrew drives RICS' focus on data and tech thought leadership, overseeing the adoption of the RICS Data Standard (RDS) that underpins various facets such as valuation, property measurement, building performance, and due diligence.
In this exclusive Q&A, Andrew delves into the transformative potential of Generative AI in shaping the landscape of property development, infrastructure planning, and valuation within the real estate sector. Addressing pivotal queries, he provides insight into how Generative AI stands to revolutionize document management, enhance valuation accuracy, and usher in a new era of property valuation methodologies.
Join us as Andrew sheds light on the impact of Generative AI in the industry, citing real-world examples from pioneering firms like Zillow and Redfin. Additionally, he expounds on the significance of collaborative platforms like The London PropTech Show in driving innovation, fostering collaboration, and propelling the integration of Generative AI within the property technology sector.
#PTS: How do you foresee Generative AI influencing the future landscape of property development and infrastructure planning?
#Andrew Knight: Generative AI is already allowing planners to automate the management and processing of the huge variety of documents involved in the planning process. With many documents being produced in different formats, these new tools will deliver a step change in productivity by turning documents into data and producing high quality output documents that aggregate data from multiple original data sources. Generative AI can also produce initial visual design options to help planners and developers explore options with affected stakeholders and thus improving the engagement part of the planning process.
#PTS: What potential do you see in Generative AI for optimising valuation processes and enhancing accuracy within the property sector?
#Andrew Knight: Generative AI is already showing tremendous potential to convert unstructured data held in multiple document formats that will then provide additional inputs to the valuation process for both the automated valuation models (AVMs) used in the residential sector and the more complex nature of commercial real estate assets using discounted cash flow and other valuation methodologies.
#PTS: Could you share examples or instances where Generative AI has shown significant promise in transforming traditional property valuation methodologies?
#Andrew Knight: Firms like Zillow and Redfin in the US are using machine learning to analyse variables from multiple data sources to improve the accuracy of their automated valuation models.
#PTS: How do you believe events like The London PropTech Show contribute to fostering collaboration, innovation, and the exchange of ideas within the property technology sector, particularly in advancing initiatives like the integration of Generative AI?
#Andrew Knight: Events like this are essential in educating the sector on the opportunities, and risks, of existing predictive AI and the new wave of Generative tools – it is also critical that stakeholders from the existing property sector attend – not just PropTech people!