Hot Topic Highlight - Artificial Intelligence for Surveyors and Valuation Work
- Jen Lemen
- Jun 17
- 5 min read
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What is this blog about?
In this week’s blog, we take a look at artificial intelligence, or commonly known as “AI”. Many thanks go to Herbert Okello MRICS for writing this blog.
This is useful knowledge for all RICS AssocRICS and APC candidates, with a specific focus for those involved in valuation work.
Setting the scene
Artificial Intelligence (AI) is the simulation of human intelligence using computer systems. It includes using computer systems to perform tasks such as learning, comprehension, problem solving, decision making and creativity.
AI has transformed industries with the ability to gather and analyse large amounts of data, identify trends and make predictions.
The built environment has also seen benefits from improved efficiency to client satisfaction due to quick turnaround providing professionals with more time to develop client relationships.
Besides the benefits mentioned above, AI has also brought changes. Tasks that involve repetition and follow a routine can be automated by replacing humans with the technology. Integrating AI in work processes can provide support in decision making as it has the ability to work with vast amounts of data that can be helpful in determining trends.
With AI’s transformational capability, some have expressed concern that the technology will replace the workforce resulting in job loss. Much as some professions within the built environment are at risk due to AI, the technology has also created opportunities especially those related to data analysis as well as expertise in AI.
AI’s transformational capability has attracted the attention of the world’s biggest economies as they have rolled out plans for huge investments in the technology.
Early this year, three top tech firms in the United States announced plans to create a new company, called Stargate, to grow AI infrastructure in the United States. They plan to invest up to $500 billion in Stargate in the coming years.
China also plans to invest 10 trillion Chinese yuan ($1.4 trillion) in the next 15 years as it looks to gain the edge in advanced technology. China set up an AI investment fund of 60 Chinese yuan ($8 billion) early this year. The fund is meant for high quality development of the AI industry in China especially driving breakthroughs in key innovations.
How is AI transforming the valuation profession?
AI can be used to automate repetitive or routine tasks. AI automates routine tasks including inquiries, sourcing property-related data, report writing and templating. This enables valuers to focus on the core aspects of their work – advising on values.
Enabling valuers to focus more on this important facet of their work can be a springboard to better quality valuations. Of course, a valuer’s ability to interrogate and verify the data collected will affect the integrity of the valuation outcome.
Automation of routine tasks breeds time saving. This allows users of AI to for instance produce valuation reports in shorter time scales. Automation of report writing and templating may also result in consistency in reporting. All these factors can engender public confidence in the profession.
Reduced turnaround times and automation of certain tasks using AI contributes to increased efficiency and productivity.
Why do I need to know about this?
There is increasing use of AI in the valuation profession. Since AI can be used in the decision-making process, it is important to recognise its limits so as to ensure valuers continue to exercise professional judgement over their work. This ensures that clients are provided with high quality services, which is in the public interest.
The capability of AI to work with large amounts of data may raise concerns relating to data privacy. Thus, knowledge on use of AI and data privacy laws will help build confidence in data management whilst using the technology.
Do the valuation standards say anything about AI?
Yes, they do.
The current edition of the International Valuation Standards at IVS 105 addresses the selection and use of valuation models to be used in the valuation process.
It states that:
'No model without the valuer applying professional judgement, for example an automated valuation model (AVM), can produce an IVS-compliant valuation'.
The current edition of the RICS Valuation – Global Standards (2025) at PS 1 requires that a valuation based on the output of artificial intelligence must be subject to application of professional judgement by a valuer to be regarded as a written valuation.
The Red Book does not prohibit the use of AI. However, the use should be subject to professional judgement, terms of engagement, investigations, reporting and records appropriately and proportionately considering:
Confidentiality
Intellectual property
Data and input verification
Appropriate assessment and professional judgement in relation to any process and/or model outputs
Transparency with the intended user(s) of the valuation
All other ethical, technical and legal matters referred to in the Red Book.
Some food for thought...
Have a think about these questions in relation to your own professional work:
Do you use AI already? If so, how? If not, why not and would it be beneficial to you?
What are the pros and cons of using AI?
What are the risks of using AI? How do you mitigate them?
Which APC competencies does the use of AI link to? How could you include this in your APC submission?
What is the future of surveying likely to look like? How might your role change given the growth of AI?
Let us know what you think!
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Stay tuned for our next blog post to help build a better you.
N.b. Nothing in this article constitutes legal, professional or financial advice.
