Artificial Intelligence (AI), including machine learning (ML), is ideal for deriving new insights from analysing large data sets. AI becomes more valuable with the speed and computational power of supercomputers. These technological advancements have changed the processes and roles of professions.
What would be the role of the future real estate valuer/real estate appraiser/property valuer?
Terans Gunawardhana
The role of real estate valuers, appraisers, and property valuers is likely to change in the future as AI and machine learning become increasingly prevalent in the real estate industry. Here are a few ways in which their role may evolve:
In conclusion, the role of real estate valuers and appraisers is likely to change in the future, with AI and machine learning playing an increasingly important role in the valuation process. However, these technologies are unlikely to replace the human element entirely, and real estate valuers and appraisers will continue to play an important role in providing valuable expertise and experience to the industry.
AI is simply a tool that real estate agents can use to gather online data and improve their business decision-making.
Real estate agents are still required to make the final decisions based on the predictions provided by AI and come up with plans that mitigate the risks of AI accuracy.
Cost estimations and predictive analytics is a perfect application of AI to real estate.
However, dear Terans Gunawardhana , property valuation will remain an intriguing process, where market transaction costs ( money) meet with psychological preferences (values), coming along with a lot of country-specific legal issues.
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