Property Valuation in the Postnormal & The Future Role of the Valuer. Independent Objective Authoritative The home for property professionals in Australia

API’s Strategic Goals The fulfilment of our vision is underpinned by delivering on our 6 strategic goals, under the leadership and accountability of the CEO Broaden our membership base – National Manager Membership Lead the industry; set the agenda – National Manager Membership Develop and educate every member – National Manager Education Champion professional standards - National Manager Professional Standards & National Manager Compliance Provide a home for our members - National Manager Communications Build the brand equity for API - National Manager Communications

The API Today/Tomorrow – The Big Issues Industry Consolidation “70% of practising Valuers work for 20 companies” Increasing Use of Technology “Expectations are increasing – more for less” Who Owns the IP/Data “It’s a commodity for sale” Commodification of Professional Product “What is the future of the profession?”

The API Today/Tomorrow – The Big Issues An API/RICS Strategic Alliance “Far more in common than differences” The Digital Evolution “BitCoin & Blockchain are here to stay” New Standards & New Professional Qualifications “What is it that the future professionals in our industry need to know?”

Questions in my head…. When I think about the future the questions in my head are….......

The Postnormal

From Space of Place to Space of Flows & From Ownership to Utilisation

The Future of Professions Source: Susskind & Susskind The Future of Professions (Oxford UP 2016

Trust machines

The Future of Financial Services

Big data and increasingly borderless markets will change the nature of valuation Big data is changing the dynamics of professions (algorithms are used in standardised processes) Intelligent systems that ‘learn’ can connect real time analytics and transactions Banks want to control IP associated with valuation (can use big data to generate own valuations) In a globalising world what is market regulation? Who decides who or what qualifies as valuer/ valuation? Push by USA for a common global standard? The introduction of Blockchain technology introduces a systems based trusted 3rd party process

The Future Role of the Valuer

From Valuer to Property Professional? Different Role: Market analysis, new and commercial developments, investment Multiple valuations required: current, near future, future future. Knowledge base different: Big data analysis, horizon scanning for environment challenges, financial analysis skills. International economic capacity. Requires significant review of Education: Post grad qualification Nature of sector changes: Most specialist, fewer participants

Forum on the Future Given our conversations and the information in the papers What have we missed? What do I like about the future before us? What don’t I like about the future in front of us? What would make some of this future happen? What would stop this future from occurring?

Issues for API What are the top 3 future focused issues that API must address?

One more thing….. If, following this forum, you have further ideas/reflections about the future please contact Charlotte Whiteley API Senior Projects Officer 02 6122 8718 cwhiteley@api.org.au