Artificial intelligence is everywhere. It is finding its way into our tools, our methods and our professions. Property valuation is no exception to this transformation: AI is beginning to reshape some of our practices in depth. But should we see it as a revolution, or rather as an evolution? A threat, or an opportunity to strengthen our added value? At Frerault Expertises, we have chosen to tackle the subject head-on.
01A profession in transition
No, artificial intelligence is not going to “replace” the property valuer. But it is going to change the way the valuer works, and that has already begun. Thanks to automated valuation models, predictive analytics and intelligent document management, certain technical and repetitive tasks can now be entrusted to algorithms. This represents a considerable time saving and welcome analytical support.
Take the example of valuing a standard property. Where it used to be necessary to cross-reference market data, recent sales and the property’s characteristics manually, an algorithm can now carry out this initial sorting in a matter of seconds. The valuer can thus concentrate on contextual analysis, consistency checks and, above all, on the judgement of value.
02Valuable help, but never infallible
Where AI excels is in exploiting data on a massive scale. It spots market trends, identifies areas of tension or strong value growth, and even makes it possible to anticipate certain developments. These tools help to direct the valuer’s attention more effectively, without ever taking the valuer’s place.
But this computing power has its limits. Complex valuations, such as those involving unusual properties, property portfolios or development projects with a strong regulatory dimension, require a detailed reading of the context, the site and the legal issues. And that is where the human being becomes indispensable once again. AI does not read between the lines of a commercial lease. It does not understand the subtleties of a dispute or the expectations of an investor in a bespoke transaction.
Not to mention algorithmic bias. Models are only as good as the data on which they are trained. If that data is incomplete, poorly structured or historically biased, the resulting valuation may be distorted. And in our profession, the legal consequences can be serious.
Towards an intelligent blending of skills
Rather than worrying about being replaced, property valuers should see AI as a demanding team-mate. A tool that helps us go faster and further, but that does not think for us. The future of our profession rests on this complementarity between technological power and human judgement.
This partnership can also enrich the client relationship: AI can analyse feedback, generate personalised recommendations or model a renovation project in 3D. But only human expertise can adjust the message, interpret unspoken needs, reassure or warn.
Adapting in order to remain ourselves
Artificial intelligence does not replace the property valuer. It augments the valuer, provided the valuer keeps control of the tools and remains aware of his or her responsibilities.
Our mission, tomorrow as today, remains the same: to provide sound, reliable and contextualised valuations. What is changing is the way we achieve it. Tomorrow’s valuer will need to be as much a technician as an analyst, as curious about data as a guarantor of its proper use.
At Frerault Expertises, we are gradually integrating these technologies, without ever losing sight of the essential point: valuation remains a human profession, in the service of other humans.
Towards an intelligent blending of skills Rather than worrying about being replaced, property valuers should see AI as a demanding team-mate.
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