The API and Value Australia, part of the PEXA group, have signed a Memorandum of Understanding to work collaboratively towards a shared goal of fostering technology advancements, solutions and standards for the valuation industry.
Over the last year the API has undertaken an extensive research and consultation project, to understand the macro environment of the acceleration of technology and data-based change and its potential impact to the property profession. Whilst still in its final stages of development, the early findings of the report highlight the increasing role that technology is playing in the property eco-system globally.
Whilst technology presents many exciting opportunities for members and will enable members to better leverage their highly specialized skills and knowledge, it is imperative that the high standard of professional practice is maintained and that standards in relation to these technology-led inputs are developed. It is with this in mind that API is excited to work with PEXA to identify what standards might be needed, tools developed and how these might apply to current and emerging technology solutions.
“We often see technology solutions released to market impacting professional advisory services without collaboration with the governing industry body. We are very pleased to have the opportunity to represent members interests and work with PEXA to co-create opportunities that support members and their clients. Working together will ensure better outcomes going forward, as it is clear that data and technology solutions will continue to be developed to address existing and future clients’ requirements” said API CEO, Amelia Hodge.
With this MOU now in place the API will begin working with PEXA to identify what specific projects or opportunities can be developed to deliver value to our members. As with any of our projects the API will undertake extensive consultation through our State Committees and other advisory groups in order to ensure that any solutions are truly industry led.
We look forward to working together with Members and PEXA to build a stronger and sustainable future for valuation professionals Australia wide.
CEO, Australian Property Institute