More than 70% of valuation clients are unsure of who owns the data produced in a valuation report, according to a study conducted by real estate research group Liquid REI.
The Commercial Property Valuations: A Time of Change report surveyed leading valuation clients within the property sector to ascertain the growing importance of data to the property valuation process.
Released today, the report not only reveals that there needs to be much more clarity around data ownership in this sector, but that data will continue to become an integral part of the valuations process going forward.
Out of those surveyed, 88% said that the sector will become more data driven in the future and 92% said the way valuers use data and technology will become an important factor in choosing who they work with.
Dan Hughes, of Liquid REI and author of the report, said: “A strong theme emerging from the report is the important role of data in future valuations, both the way we value a building and the value of the property itself.
“There is a clear need for valuers to embrace the use of data to win work in the future, but there is also a feeling that at times, they are being slow to do so.”
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