The surveying industry has been an early adopter of technology, having embraced the use of mobile devices well over two decades ago to capture information when visiting sites, replacing the trusty clipboard and pen.
Over the years, innovation has increased in pace and today the functionality afforded to the profession greatly complements the personal knowledge and expertise of surveyors, by providing on-demand online services that utilise data, innovative apps and the latest technology hardware. It’s a powerful combination and the industry is reaping the rewards.
The rise of PropTech
RICS produced a study that looked at PropTech and its position and impact on Surveying in 2018. Having surveyed over 300 practitioners, the report found that 92% believe that PropTech will impact positively on surveying with 95% seeing it as an opportunity, although at that time only 43% felt they had a good understanding of technology*.
Fast forward to now and we are on the cusp of a PropTech wave, with significant innovation and market penetration continuing. Research from property technology VC firm Pi Labs has calculated a massive jump in PropTech investment in 2021 compared to 2020 alone – up by a staggering 360% to £1.6 billion, which is 15 times higher than investment achieved in the sector just five years before in 2016.**
The reason behind the surge in PropTech adoption is that it provides a number of answers to the daily challenges that the profession faces. For example, complying to the latest regulations, collating, and conveying complex site or valuation information in a timely and accurate manner, and accessing site-based information that can be relied upon for making high-risk investment or development decisions.
The vital ingredient in the PropTech recipe is data: data analysis, data processing, data licensing, data governance, data security, data compliance. Validated, accurate property, location and land-based data is the true foundation for PropTech innovation.
How Landmark is transforming the way surveyors work
Landmark produces a range of PropTech solutions that are designed to transform the way surveyors work and are experts in providing the underlying data that underpins these services.
Enter Promap: our market-leading geodata tool provides accurate and reliable data, maps and information that gives immediate access to vital information, when and where needed.
With Promap, you can:
- Quickly access property data with all key information in one place
- Survey sites, uncover hazards and investigate planning restrictions
- Access a complete suite of detailed mapping tools, including historic maps
- Plot sites, create maps, customise features, and add valuable insight to valuation plans.
With Promap’s innovative tools, technology, and access to a complete network of property/land partners, you can be more efficient and discover verified location-based data with more certainty, enabling you to convey insights more effectively. What’s more, our years of experience and expertise means you know you are in safe hands.
References:
https://www.showhouse.co.uk/news/uk-prop-tech-investment-climbs-to-record-highs-in-2021/