IMPROVE YOUR
\nAPPRAISAL
\nWRITING SKILLS
\nAm\u00e9liorez vos
\nrapports d\u2019\u00e9valuation <\/p>\n
THE APPRAISAL OF
\nALTERNATIVE ASSETS
\nL\u2019\u00e9valuation des actifs
\nnon conventionnels<\/p>\n
ACCELERATING
\nINNOVATION
\nIN COMMERCIAL
\nREAL ESTATE
\nInnovation acc\u00e9l\u00e9r\u00e9e
\ndans l\u2019immobilier
\ncommercial<\/p>\n
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The Official Publication of the
\nAppraisal Institute of Canada \/
\nPublication officielle de l\u2019Institut
\nCanadien des \u00c9valuateurs<\/p>\n
Immobili\u00e8re au Canada<\/p>\n
Canadian Property
\nVol 62 | Book 2 \/ Tome 2 2018<\/p>\n
Canada\u2019s National
\nHousing Strategy <\/p>\n
Canada\u2019s National
\nHousing Strategy <\/p>\n
La Strat\u00e9gie nationale sur
\nle logement
\ndu Canada<\/p>\n
La Strat\u00e9gie nationale sur
\nle logement
\ndu Canada<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@aicanada.ca
\nmailto:info@aicanada.ca<\/p>\n
CANADA WIDE
\nAPPRAISALS<\/p>\n
LOCATIONS BRITISH COLUMBIA, ALBERTA, MANITOBA, ONTARIO AND NEWFOUNDLAND<\/p>\n
APPRAISAL AND CONSULTING SERVICES <\/p>\n
canadawideappraisals.com<\/p>\n
canadawideappraisals@gmail.com<\/p>\n
LT
\nD<\/p>\n
.<\/p>\n
http:\/\/canadawideappraisals.com
\nmailto:canadawideappraisals@gmail.com<\/p>\n
CDC Inc is a national full service
\nappraisal firm that innovatively delivers
\nappraisals; leveraging a virtual structure
\nto reduce costs, access the best people, <\/p>\n
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\na positive professional team, CDC Inc.
\nmay be the place for you!<\/p>\n
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CDC INC. is a national full service appraisal firm
\nT : 1.800.582.2315 <\/p>\n
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facebook.com\/cdcconsulting<\/p>\n
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\nmailto:info@cdcinc.ca
\nhttp:\/\/facebook.com\/cdcconsulting<\/p>\n
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Ready? <\/p>\n
Contact Kyle McCrary at:
\ncanada.careers@colliers.com
\nfor a confidential chat to learn <\/p>\n
more about our competitive
\ncompensation packages and <\/p>\n
the benefits of joining the
\nColliers Team. <\/p>\n
14 Offices
\n90 Professionals
\n4,500 Appraisals Each Year
\n1,250 Tax Appeals<\/p>\n
Interested in
\nbuilding value?
\nWe are actively seeking experienced
\ncommercial appraisers ready to take their
\ncareers to the next level.<\/p>\n
Accelerating success.<\/p>\n
Be inspired.
\nAt Colliers, we provide you with the tools to grow your business,
\nwhether you want to build a team and\/or become an asset type expert.
\nOur renowned educational platform, Colliers University, mentorship
\nstructure and innovative business model are just a few ways we can
\nhelp you build your career. <\/p>\n
Be collaborative.
\nWork with a fun and supportive team of professionals across North
\nAmerica who are ready to lend a hand and share their expertise.
\nThis gives you the opportunity to work on a variety of asset classes
\nwith the support of our specialty asset type leaders. <\/p>\n
Be entrepreneurial.
\nWe give you the freedom and flexibility to build and manage your
\ncareer. Our role is to give you every advantage necessary to
\naccomplish your work efficiently so you can take that next step. <\/p>\n
Colliers International Canada
\nValuation & Advisory Services<\/p>\n
collierscanada.com\/vas<\/p>\n
mailto:canada.careers@colliers.com
\nhttp:\/\/collierscanada.com\/vas<\/p>\n
The articles printed in
\nthis issue represent
\nauthors\u2019 opinions only
\nand are not necessarily
\nendorsed by the
\nAppraisal Institute
\nof Canada. Copyright
\n2018 by the Appraisal
\nInstitute of Canada.
\nAll rights reserved.
\nReproduction in whole
\nor in part without
\nwritten permission
\nis strictly prohibited.
\nSubscription, $40.00 per
\nyear. Printed in Canada. <\/p>\n
Les articles imprim\u00e9s dans
\nce num\u00e9ro ne rep\u00e9sentent
\nque l\u2019opinion de leur auteur
\nrespectif, mais ne sont pas
\nn\u00e9ces\u2013sairement endoss\u00e9s
\npar l\u2019Institut Canadien des
\n\u00c9valuateurs. Tous droits
\nreserv\u00e9s 2018 par l\u2019Institut
\nCanadien des \u00c9valuateurs.
\nLa reproduction totale ou
\npartielle sous quelque
\nform que se soit sans
\nauthorisation \u00e9crite est
\nabsolument interdite.
\nAbonnement $40.00 par
\nann\u00e9e. Imprim\u00e9 au Canada.<\/p>\n
* The Appraisal Institute of
\nCanada reserves the right
\nto reject advertising that it
\ndeems to be inappropriate.<\/p>\n
** The publisher and the
\nAppraisal Institute of Canada
\ncannot be held liable for
\nany material used or claims
\nmade in advertising included
\nin this publication.Indexed
\nin the Canadian Business
\nIndex and available on-line
\nin the Canadian Business &
\nCurrent Affairs database.
\nISSN 0827-2697<\/p>\n
Publication Mails Agreement
\n#40008249<\/p>\n
Return undeliverable
\nCanadian addresses to:
\nAppraisal Institute of Canada
\n403-200 Catherine St.,
\nOttawa, ON K2P 2K9.
\nEmail: info@aicanada.ca<\/p>\n
Director – Marketing
\nand Communications:
\nSheila Roy, Ottawa<\/p>\n
Communications Officer:
\nChelsea Connolly, Ottawa<\/p>\n
Publication management,
\ndesign and production by:
\nDirection, conception et
\nproduction par :<\/p>\n
3rd Floor \u2013 2020 Portage
\nAvenue, Winnipeg,
\nMB R3J 0K4
\nPhone: 866-985-9780
\nFax: 866-985-9799
\nE-mail: info@kelman.ca
\nWeb: www.kelman.ca<\/p>\n
Managing Editor:
\nCraig Kelman<\/p>\n
Design\/Layout:
\nKristy Unrau<\/p>\n
Marketing Manager:
\nKris Fillion<\/p>\n
Advertising Co-ordinator:
\nStefanie Hagidiakow<\/p>\n
07 Executive Corner
\nAn interview with
\noutgoing AIC President
\nRick Colbourne<\/p>\n
30 Professional
\nPractice Matters
\nReal Property Appraisal
\nStandard Rules:
\nStating, Describing and
\nAnalyzing Data<\/p>\n
36 Legal Matters
\nAppraiser Duty of Care \u2013
\nLessons Reinforced
\nRoyal Bank of Canada
\nv. Westech Appraisal
\nServices Ltd.<\/p>\n
40 Advocacy
\nAdvocacy In Action<\/p>\n
46 A Professional
\nAppraiser\u2019s Perspective
\nScott McEwen, AACI,P.App
\non the appraisal of
\nAlternative Assets<\/p>\n
53 Education
\nWhat competencies
\ndo appraisers need to
\nguarantee success? <\/p>\n
55 Designations,
\nCandidates, Students<\/p>\n
57 News
\n\u2022 AIC’s 2019
\n National Conference
\n\u2022 Top Appraiser
\n Under 40 Awards
\n\u2022 AIC’s new website
\n\u2022 In Memoriam<\/p>\n
09 Le coin de l\u2019ex\u00e9cutif
\nUne entrevue avec le
\npr\u00e9sident sortant de l\u2019ICE
\nRick Colbourne <\/p>\n
32 Parlons pratique
\nprofessionnelle
\nNorme relative aux activit\u00e9s
\nd\u2019\u00e9valuation immobili\u00e8re \u2013
\nR\u00e8gles : \u00c9nonc\u00e9, description
\net analyse des donn\u00e9es<\/p>\n
38 Questions jurdiques
\nDevoir de diligence de
\nl\u2019\u00e9valuateur \u2013 Le\u00e7ons r\u00e9it\u00e9r\u00e9es
\nBanque Royale du Canada
\nc. Westech Appraisal
\nServices Ltd.<\/p>\n
43 D\u00e9fense
\nD\u00e9fense des int\u00e9r\u00eats \u00e0 l\u2019\u0153uvre<\/p>\n
50 La perspective d\u2019un
\n\u00e9valuateur professionnel
\nScott McEwen, AACI, P.App
\nL\u2019\u00e9valuation des actifs non
\nconventionnels<\/p>\n
53 Education
\nQuelles comp\u00e9tences un
\n\u00e9valuateur doit-il avoir pour
\nassurer sa r\u00e9ussite ?<\/p>\n
55 D\u00e9signations,
\nstagiaires, \u00e9tudiants<\/p>\n
57 Nouvelles
\n\u2022 Congr\u00e8s annuel de l\u2019ICE 2019
\n\u2022 Prix de l’\u00e9valuateur par
\n excellence de moins de 40 ans
\n\u2022 Le site Web de l\u2019ICE
\n est nouveau
\n\u2022 En memoire<\/p>\n
Improve your
\nappraisal writing skills<\/p>\n
Am\u00e9liorez vos
\nrapports d\u2019\u00e9valuation <\/p>\n
Canada\u2019s National
\nHousing Strategy<\/p>\n
La Strat\u00e9gie nationale
\nsur le logement du Canada<\/p>\n
12<\/p>\n
22<\/p>\n
18<\/p>\n
COLUMNS CHRONIQUES<\/p>\n
Accelerating innovation
\nin commercial real estate<\/p>\n
Innovation acc\u00e9l\u00e9r\u00e9e dans
\nl\u2019immobilier commercial<\/p>\n
www<\/p>\n
Ready? <\/p>\n
Contact Kyle McCrary at:
\ncanada.careers@colliers.com
\nfor a confidential chat to learn <\/p>\n
more about our competitive
\ncompensation packages and <\/p>\n
the benefits of joining the
\nColliers Team. <\/p>\n
14 Offices
\n90 Professionals
\n4,500 Appraisals Each Year
\n1,250 Tax Appeals<\/p>\n
Interested in
\nbuilding value?
\nWe are actively seeking experienced
\ncommercial appraisers ready to take their
\ncareers to the next level.<\/p>\n
Accelerating success.<\/p>\n
Be inspired.
\nAt Colliers, we provide you with the tools to grow your business,
\nwhether you want to build a team and\/or become an asset type expert.
\nOur renowned educational platform, Colliers University, mentorship
\nstructure and innovative business model are just a few ways we can
\nhelp you build your career. <\/p>\n
Be collaborative.
\nWork with a fun and supportive team of professionals across North
\nAmerica who are ready to lend a hand and share their expertise.
\nThis gives you the opportunity to work on a variety of asset classes
\nwith the support of our specialty asset type leaders. <\/p>\n
Be entrepreneurial.
\nWe give you the freedom and flexibility to build and manage your
\ncareer. Our role is to give you every advantage necessary to
\naccomplish your work efficiently so you can take that next step. <\/p>\n
Colliers International Canada
\nValuation & Advisory Services<\/p>\n
collierscanada.com\/vas<\/p>\n
mailto:info@aicanada.ca
\nmailto:info@kelman.ca
\nhttp:\/\/www.kelman.ca<\/p>\n
http:\/\/aecvaluation.com<\/p>\n
How would you describe your <\/p>\n
experiences this past year <\/p>\n
from both a professional and <\/p>\n
personal viewpoint?<\/p>\n
RC: It has been a truly amazing year.
\nFrom a professional standpoint, the
\nexperience provided me with a unique
\nopportunity to observe and interact with
\nprofessionals from across the real estate
\nand valuation industry. From bankers and
\nlegislators to service providers and real
\nestate agents, I have been able to see the
\ninner workings of how the overall system
\nfunctions and how different segments of
\nthe industry interact with one another.
\nAs President of AIC, I have gotten to meet
\npeople, attend meetings and have access
\nto information that has given me a very
\nbroad and unique perspective. <\/p>\n
It has also been a year of personal
\ngrowth. No matter how prepared you
\nthink you are coming into a situation like
\nthis, there are challenges you face that
\nforce you to learn about every aspect
\nof the profession and about how you
\npersonally handle the challenges that <\/p>\n
An interview with
\noutgoing AIC President
\nRick Colbourne, AACI, P.App<\/p>\n
AIC has moved from seeking to be part of the conversation when discussions
\nabout the real estate industry take place, to being a sought after participant.<\/p>\n
W ith his one-year
\nterm winding down
\nas President of the
\nAppraisal Institute
\nof Canada (AIC),
\nRick Colbourne,
\nAACI, P.App knows
\nthat it has been a
\nremarkable year of
\nchallenges, change <\/p>\n
and growth for the
\nreal estate valuation
\nprofession, for AIC and
\nfor himself personally. <\/p>\n
A man of unfailing
\ncommitment to the <\/p>\n
betterment of himself
\nand those around him, he
\nreflects on his presidency
\nand shares his feelings <\/p>\n
related to the
\nexperiences of the
\npast year.<\/p>\n
you face. I have always held a belief that
\n\u201cyou are not learning, if you are not making
\nmistakes\u201d and I am sure I made my share
\nalong the way. Fortunately, I was able to
\nlearn from the experiences and they have
\nsubsequently made me a better person all
\naround. I can now apply this knowledge and
\nexperience to all aspects of my life. <\/p>\n
What do you feel have been the major <\/p>\n
accomplishments during the past year?<\/p>\n
RC: We were fortunate in that our
\npredecessors on the AIC Board of
\nDirectors worked extremely hard to put
\na strong and effective organization in
\nplace. Continuing to \u2018ride the crest of the
\nwave,\u2019 our challenge was to maintain the
\nmomentum that existed. I believe that we
\nhave been successful in doing that. AIC
\nhas moved from seeking to be part of the
\nconversation when discussions about the
\nreal estate industry take place, to being a
\nsought after participant in the discussions.
\nWe have a strong voice and influence
\nwithin the real estate and real estate
\ninvestment world. <\/p>\n
R
\nic<\/p>\n
k
\n C<\/p>\n
o
\nlb<\/p>\n
o
\nu<\/p>\n
rn
\ne<\/p>\n
,
\nA<\/p>\n
A
\nC<\/p>\n
I,
\n P<\/p>\n
.A
\np<\/p>\n
p<\/p>\n
Volume 62 | Book 2 \/ Tome 2 | 2018 7Return to CONTENTS<\/p>\n
EXECUTIVE CORNER<\/p>\n
We implemented the 2018-2020
\nStrategic Plan this past January, which,
\nafter consultation with our Members and
\nkey stakeholders, is an affirmation that
\nwe are on the right track, but need to
\nput more emphasis and vigor into a few
\nareas of our activities. We introduced
\nthe 2018 version of the Canadian
\nUniform Standards of Professional
\nPractice (CUSPAP), and worked with
\nour outstanding AIC staff to continue
\nmaking progress in our various Member
\nservice programs. An example of
\nthis is the newly implemented virtual
\nProfessional Competency Interview,
\nwhich demonstrates how we are using
\nnew technology and increasing efficiencies
\nto better serve our Members. <\/p>\n
While we are doing well with our
\nStrategic Plan, it is an ongoing and
\never-evolving process in which we are
\ncurrently focusing on professional
\nguidance, strengthening our education
\nand expanding our advocacy.<\/p>\n
Are there specific areas where <\/p>\n
you wish more could have <\/p>\n
been accomplished?<\/p>\n
RC: One of my personal goals had
\nbeen to have more diversity within our
\ngovernance structure, in particular, to
\nhave more women involved. We currently
\nhave only one female member on our
\nBoard of Directors, and I had been told
\nin the past that it was very challenging
\nfor a woman in our profession to gain
\nacceptance in what had traditionally
\nbeen a \u2018man\u2019s world\u2019. Fortunately, the
\nconversation is starting to change. I have
\nbeen hearing from increasing numbers
\nof female Members about their thoughts
\non important industry matters and
\nwhat they need to successfully advance
\nwithin the profession. I hope that more
\nwill be accomplished in this regard.
\nWhile we do have more women making
\nsignificant contributions at the committee
\nlevel, we still have a long way to go to
\nhave them form a genuine part of our
\ngovernance fabric.<\/p>\n
Can you describe your experiences <\/p>\n
working with the Board of Directors, <\/p>\n
the AIC national office staff, and the <\/p>\n
AIC members?<\/p>\n
RC: The Members on our AIC Board of
\nDirectors never cease to impress me.
\nThey give freely of their time; they are
\nfully engaged in what they do; they are
\nrespectful of the opinions of others;
\nthey are all pulling in the same direction
\ntoward common goals; and they have the
\nbest interests at heart of our members
\nand our profession. Simply put, they are
\na wonderful group of people with which
\nto work.<\/p>\n
Regarding our national office staff,
\nmy opinion of them is equally high.
\nThese individuals go above and beyond the
\ncall of duty on a regular basis. Our CEO,
\nKeith Lancastle and the team in the
\noffice are well versed in the systems and
\nprocesses that we have in place to serve
\nour Members. They are patient, tolerant
\nand efficient in carrying out their daily
\ntasks. I know for a fact that our Board of
\nDirectors would not be able to function
\nwithout the guidance and support of our
\noutstanding staff.<\/p>\n
As for our AIC membership, we
\ncurrently have over 5,400 Members
\nwho are true professionals involved in a
\ndiversified array of practices. Having met
\nmany of these individuals on my travels
\nacross Canada, I believe they look at our
\nour Board and our staff as people they
\ncan readily approach to ask questions
\nof, make comments to and generally
\nshare their feelings about their personal
\nsituations or the industry overall. They are
\nvery committed to their careers and to
\nthe valuation profession, and they seem
\nto be pleased overall with the direction of
\nour Institute. <\/p>\n
Was there anything that surprised <\/p>\n
you during your tenure as President?<\/p>\n
RC: In my training and experiences
\nthroughout the years, I have firmly come
\nto believe that communication is the key
\nto achieving a successful outcome in <\/p>\n
any endeavor. I would have to say that my
\nbiggest surprise was discovering that,
\nwhile you think communication has been
\ngood and people have gotten the message,
\nsuch is often not the case. Put another
\nway, never assume that people know what
\nyou think they know about a particular
\nsubject, and never underestimate the
\npower of good communication skills.<\/p>\n
Are there particular memories <\/p>\n
from the past year that stand out <\/p>\n
in your mind?<\/p>\n
RC: Without question, one of my fondest
\nmemories has been travelling across
\nthe country to meet our Members. I have
\nalso had the special privilege to meet
\nwith like-minded organizations across
\nCanada, the United States and in Europe.
\nThese visits to special destinations gave
\nme a glimpse of life in those areas.
\nWhether in Belgrade, Chicago, Houston or
\nLas Vegas, my preference has always been
\nto avoid the tourist approach by getting out
\nand walking around the neighbourhoods
\nto see how and where people actually
\nlive day in and day out. It has given me
\na more intimate perspective on these
\nwonderful places. <\/p>\n
Another memory that stands out
\nwas the meeting we had at TEGoVA
\n(The European Group of Valuation
\nAssociations), where more than 60
\nrepresentatives from countries around
\nEurope get together each year to discuss
\na variety of property valuation topics.
\nI will never forget the diversity of people,
\nlanguages and cultures all coming
\ntogether to share their common interest
\nin property valuation. It was an incredible
\nexample of what can be accomplished
\nwhen people come together with a
\ncommon purpose.<\/p>\n
Third on the list is the memory I
\nhave of the tremendous respect there
\nis around the world for AIC and our
\nMembers. Whether it is AIC as an
\norganization, our standards, our practices <\/p>\n
Continued on page 11.<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 8 Return to CONTENTS<\/p>\n
Comment d\u00e9cririez-vous vos <\/p>\n
exp\u00e9riences depuis un an, aussi <\/p>\n
bien sur le plan professionnel <\/p>\n
que personnel ?<\/p>\n
RC\u00a0: Ce fut vraiment une ann\u00e9e
\nextraordinaire. Du point de vue
\nprofessionnel, mon mandat a \u00e9t\u00e9 une
\noccasion r\u00eav\u00e9e d\u2019observer et d\u2019interagir
\navec des professionnels de toute l\u2019industrie
\nde l\u2019immobilier et de l\u2019\u00e9valuation. Des
\nbanquiers aux l\u00e9gislateurs, en passant par
\nles fournisseurs de services et les agents
\nimmobiliers, j\u2019ai d\u00e9couvert les rouages du
\nsyst\u00e8me, son fonctionnement et la fa\u00e7on
\ndont les diff\u00e9rents segments de l\u2019industrie
\ncorrespondent entre eux. En tant que
\npr\u00e9sident de l\u2019ICE, j\u2019ai rencontr\u00e9 des
\ngens, assist\u00e9 \u00e0 des r\u00e9unions et acc\u00e9d\u00e9
\n\u00e0 des informations qui m\u2019ont donn\u00e9 une
\nperspective tr\u00e8s vaste et tout \u00e0 fait unique.<\/p>\n
Cette ann\u00e9e en a \u00e9galement \u00e9t\u00e9 une
\nde croissance personnelle. Peu importe
\ndans quelle mesure vous vous sentez
\npr\u00eat \u00e0 entrer dans un tel sc\u00e9nario, vous
\nrencontrez des obstacles qui vous forcent
\n\u00e0 apprendre tous les aspects de la
\nprofession et \u00e0 g\u00e9rer personnellement les
\nd\u00e9fis qui vous attendent. Ma philosophie
\na toujours \u00e9t\u00e9 que \u00ab vous n\u2019apprenez pas
\nsi vous ne faites pas d\u2019erreurs \u00bb et j\u2019en ai
\ncertainement commis en cours de route.
\nHeureusement, j\u2019ai pu apprendre de ces <\/p>\n
Alors que s\u2019ach\u00e8ve son mandat
\nd\u2019un an \u00e0 titre
\nde pr\u00e9sident de
\nl\u2019Institut canadien
\ndes \u00e9valuateurs
\n(ICE), Rick
\nColbourne, AACI, <\/p>\n
P.App sait que ce
\nfut une ann\u00e9e
\nremplie de d\u00e9fis, <\/p>\n
de changements
\net de croissance
\npour la profession
\nd\u2019\u00e9valuateur <\/p>\n
immobilier, tant pour
\nl\u2019ICE que pour lui <\/p>\n
personnellement. Un
\nhomme \u00e0 l\u2019engagement
\nind\u00e9fectible pour
\ns\u2019am\u00e9liorer lui-m\u00eame <\/p>\n
et am\u00e9liorer son
\nentourage, il
\nrevient sur <\/p>\n
sa pr\u00e9sidence et
\npartage ce qu\u2019il ressent par <\/p>\n
rapport aux exp\u00e9riences acquises
\nl\u2019ann\u00e9e pass\u00e9e.<\/p>\n
exp\u00e9riences, qui ont \u00e9ventuellement
\nfait de moi une meilleure personne de
\nmani\u00e8re g\u00e9n\u00e9rale. Je peux maintenant
\nappliquer cette connaissance et cette
\nexp\u00e9rience dans tous les domaines de
\nma vie.<\/p>\n
Selon vous, quelles ont \u00e9t\u00e9 <\/p>\n
les principaux accomplissements <\/p>\n
l\u2019an dernier ?<\/p>\n
RC\u00a0: Nous avons de la chance, car
\nnos pr\u00e9d\u00e9cesseurs au Conseil
\nd\u2019administration de l\u2019ICE n\u2019ont pas
\nm\u00e9nag\u00e9 les efforts pour \u00e9tablir une
\norganisation solide et efficace. En
\ncontinuant de \u00ab surfer sur la cr\u00eate de la
\nvague \u00bb, notre d\u00e9fi consistait \u00e0 maintenir
\nl\u2019\u00e9lan qu\u2019ils avaient initi\u00e9. Je crois
\nque nous y sommes parvenus. L\u2019ICE,
\nqui autrefois cherchait sa place pour
\nparticiper aux discussions qui avaient
\nlieu sur l\u2019industrie immobili\u00e8re, est
\nmaintenant sollicit\u00e9e pour y prendre
\npart. Notre voix et notre influence
\nsont d\u00e9sormais incontournables
\ndans le monde de l\u2019immobilier et de
\nl\u2019investissement immobilier.<\/p>\n
En janvier dernier, nous avons mis
\nen \u0153uvre le Plan strat\u00e9gique 2018-
\n2020 qui, apr\u00e8s consultation de nos
\nmembres et d\u2019intervenants cl\u00e9s, est
\nla confirmation que nous sommes sur <\/p>\n
Une entrevue avec
\nle pr\u00e9sident sortant de l\u2019ICE
\nRick Colbourne, AACI, P.App<\/p>\n
R
\nic<\/p>\n
k
\n C<\/p>\n
o
\nlb<\/p>\n
o
\nu<\/p>\n
rn
\ne<\/p>\n
,
\nA<\/p>\n
A
\nC<\/p>\n
I,
\n P<\/p>\n
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\np<\/p>\n
p<\/p>\n
Volume 62 | Book 2 \/ Tome 2 | 2018 9Return to CONTENTS<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
la bonne voie, mais que nous devons
\nmettre plus d\u2019emphase et d\u2019\u00e9nergie
\ndans quelques-uns de nos champs
\nd\u2019activit\u00e9. Nous avons pr\u00e9sent\u00e9 l\u2019\u00e9dition
\n2018 des Normes uniformes de pratique
\nprofessionnelle en mati\u00e8re d\u2019\u00e9valuation
\nau Canada (NUPPEC) et travaill\u00e9 avec
\nle personnel exceptionnel de l\u2019ICE pour
\ncontinuer \u00e0 faire des progr\u00e8s dans
\nnos divers programmes de services
\naux membres. Prenons par exemple
\nl\u2019Entrevue virtuelle sur les comp\u00e9tences
\nprofessionnelles, en vigueur depuis peu,
\nqui d\u00e9montre comment nous utilisons
\nla nouvelle technologie et augmentons
\nles \u00e9conomies pour mieux servir
\nnos membres.<\/p>\n
L\u2019application du Plan strat\u00e9gique se
\nd\u00e9roule bien, mais c\u2019est un processus
\nvivant et changeant, alors que nous
\nvisons aujourd\u2019hui l\u2019orientation
\nprofessionnelle, la consolidation de
\nnotre \u00e9ducation et l\u2019expansion de nos
\nmoyens de d\u00e9fense.<\/p>\n
Croyez-vous qu\u2019on aurait pu en <\/p>\n
faire plus dans certains domaines ?<\/p>\n
RC\u00a0: L\u2019un de mes objectifs personnels
\n\u00e9tait d\u2019avoir une structure de
\ngouvernance plus diversifi\u00e9e,
\nnotamment avec plus de femmes.
\nPr\u00e9sentement, nous n\u2019en avons qu\u2019une
\nseule au Conseil d\u2019administration
\net je me suis laiss\u00e9 dire que c\u2019\u00e9tait
\ntr\u00e8s difficile pour une femme d\u2019\u00eatre
\naccept\u00e9e dans la profession, qui avait
\ntoujours \u00e9t\u00e9 un \u00ab monde d\u2019hommes \u00bb.
\nFort heureusement, la conversation
\ncommence \u00e0 changer. De plus en
\nplus de membres f\u00e9minins disent ce
\nqu\u2019ils pensent des enjeux importants
\nde l\u2019industrie et de ce qu\u2019ils doivent
\nfaire pour contribuer au succ\u00e8s de la
\nprofession. J\u2019esp\u00e8re que nous ferons
\nplus de perc\u00e9es \u00e0 cet \u00e9gard. Alors
\nque davantage de femmes font des
\ncontributions importantes au niveau des
\ncomit\u00e9s, il reste beaucoup \u00e0 faire pour
\nqu\u2019elles forment une partie significative
\nde notre tissu de gouvernance.<\/p>\n
Pouvez-vous d\u00e9crire comment vous <\/p>\n
avez v\u00e9cu le travail avec le Conseil <\/p>\n
d\u2019administration, le personnel du bureau <\/p>\n
national et les membres de l\u2019ICE ?<\/p>\n
RC\u00a0: Les membres du Conseil
\nd\u2019administration de l\u2019ICE ne cessent
\njamais de m\u2019impressionner. Ils donnent
\ng\u00e9n\u00e9reusement de leur temps, ils se
\nconsacrent enti\u00e8rement \u00e0 ce qu\u2019ils font,
\nils respectent les opinions d\u2019autrui, ils
\ntravaillent tous dans le m\u00eame sens vers
\ndes buts communs et ils ont \u00e0 c\u0153ur
\nl\u2019int\u00e9r\u00eat sup\u00e9rieur de nos membres et de
\nnotre profession. Somme toute, c\u2019est un
\nmerveilleux groupe de gens avec qui il fait
\nbon travailler.<\/p>\n
Mon opinion est aussi bonne sur les
\nemploy\u00e9s de notre bureau national, qui
\nfont souvent preuve d\u2019un d\u00e9vouement
\nexceptionnel. Notre chef de la direction,
\nKeith Lancastle et les membres de notre
\npersonnel connaissent bien les syst\u00e8mes
\net les processus en place pour servir nos
\nmembres. Ils sont patients, tol\u00e9rants et
\nefficaces dans l\u2019ex\u00e9cution de leurs t\u00e2ches
\nquotidiennes. J\u2019ai constat\u00e9 moi-m\u00eame que
\nnotre Conseil d\u2019administration ne pourrait
\npas fonctionner sans les conseils et le
\nsupport de notre personnel exceptionnel.<\/p>\n
L\u2019ICE compte actuellement 5400
\nmembres, de v\u00e9ritables professionnels
\nengag\u00e9s dans une batterie de pratiques
\ntr\u00e8s diversifi\u00e9e. J\u2019ai rencontr\u00e9 beaucoup
\nde ces personnes dans mes d\u00e9placements
\n\u00e0 travers le Canada et je crois qu\u2019elles
\nvoient nos membres de notre Conseil et de
\nnotre personnel comme des gens ais\u00e9ment
\naccessibles pour poser leurs questions, pour
\nfaire des commentaires ou, de fa\u00e7on globale,
\npour partager ce qu\u2019ils ressentent sur leur <\/p>\n
situation personnelle ou sur l\u2019industrie en
\ng\u00e9n\u00e9ral. Ils sont tr\u00e8s impliqu\u00e9s dans leur
\ncarri\u00e8re et dans la profession d\u2019\u00e9valuateur
\net ils semblent heureux de l\u2019orientation
\ng\u00e9n\u00e9rale de notre Institut.<\/p>\n
Avez-vous \u00e9t\u00e9 surpris par quelque <\/p>\n
chose durant votre mandat <\/p>\n
de pr\u00e9sident ?<\/p>\n
RC\u00a0: Dans ma formation et mon exp\u00e9rience
\nau cours des ann\u00e9es, j\u2019en suis venu \u00e0
\ncroire fermement que la communication
\nest la cl\u00e9 pour obtenir de bons r\u00e9sultats,
\ndans quelque entreprise que ce soit.
\nJe dirais que ma plus grande surprise fut
\nde d\u00e9couvrir que, m\u00eame si vous pensez
\nque la communication \u00e9tait bonne et que
\nles gens ont saisi le message, tel n\u2019est
\npas toujours le cas. Autrement dit, ne
\npr\u00e9sumez jamais que les gens savent
\nce que vous pensez qu\u2019ils savent sur un
\nsujet donn\u00e9 et ne sous-estimez jamais la
\npuissance de l\u2019aptitude \u00e0 communiquer.<\/p>\n
Des souvenirs pr\u00e9cis de l\u2019an dernier <\/p>\n
s\u2019imposent-il \u00e0 votre m\u00e9moire ?<\/p>\n
RC\u00a0: Sans aucun doute, j\u2019ai \u00e9t\u00e9 tr\u00e8s
\nmarqu\u00e9 par mes voyages \u00e0 travers le pays
\npour rencontrer nos membres. En outre,
\nj\u2019ai eu le grand privil\u00e8ge de rencontrer
\ndes organisations de m\u00eame mentalit\u00e9
\nau Canada, aux \u00c9tats-Unis et en Europe.
\nCes visites \u00e0 des destinations sp\u00e9ciales
\nm\u2019ont donn\u00e9 un aper\u00e7u de la vie dans ces
\nr\u00e9gions. Que je sois \u00e0 Belgrade, \u00e0 Chicago,
\nHouston ou Las Vegas, ma pr\u00e9f\u00e9rence a
\ntoujours \u00e9t\u00e9 d\u2019\u00e9viter l\u2019approche touristique
\nen sortant et en arpentant les quartiers,
\npour voir comment et o\u00f9 les gens
\nvivent le jour et la nuit. Cela m\u2019a donn\u00e9 <\/p>\n
L\u2019ICE, qui autrefois cherchait sa place pour
\nparticiper aux discussions qui avaient lieu sur
\nl\u2019industrie immobili\u00e8re, est maintenant sollicit\u00e9e pour
\ny prendre part. <\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 10 Return to CONTENTS<\/p>\n
LE COIN DE L\u2019EX\u00c9CUTIF<\/p>\n
or the professionalism of our Members,
\neverywhere you go on the world stage
\npeople talk about the Canadian appraisal
\nprofession. We are good at what we do and
\nthe world knows it.<\/p>\n
How did the challenges of fulfilling <\/p>\n
your President\u2019s role affect the <\/p>\n
challenges of your full-time career?<\/p>\n
RC: When I struck an agreement with
\nYoung and Associates that would allow me
\nto serve as AIC President, it was with the
\nmutual understanding that there needed
\nto be a 100% commitment to the demands
\nof the presidency. I certainly have to thank
\nthem for their cooperation in this regard.
\nBut the bottom line is that there is a <\/p>\n
definite price to be paid, both financially
\nand emotionally. The time commitment
\nrequired to serve as president definitely
\ntakes significant time away from the home
\nfront. Is it worth it? Absolutely, and it is an
\nexperience I will always cherish.<\/p>\n
What advice would you pass on <\/p>\n
to incoming presidents?<\/p>\n
RC: Recognize that you do not know
\neverything, but that you are surrounded by
\npeople who collectively do, and you should
\nreadily tap into that knowledge. Be patient
\nand do not feel that you have to weigh in on
\nevery discussion. Be part of the solution,
\nnot the problem. Self-awareness and self-
\nmanagement are critical. <\/p>\n
How do you see your role as <\/p>\n
Past-President in the year ahead?<\/p>\n
RC: The Past-President definitely has a
\nrole to play, particularly now that he or she
\nis Co-Chair of the Professional Practice
\nCommittee during that period. I see my
\nrole as being a mentor who offers support
\nto the incoming President by being a
\nsounding board and a non-judgmental ear.
\nI believe that all Past-Presidents have an
\namazing wealth of experience to share and
\nit is important that AIC takes advantage of
\nthat opportunity. <\/p>\n
une perspective plus intime de ces
\nendroits merveilleux.<\/p>\n
Un autre souvenir qui se d\u00e9marque
\nest la rencontre que nous avons eue
\n\u00e0 TEGoVA (The European Group of
\nValuation Associations), o\u00f9 plus de
\n60 repr\u00e9sentants de pays europ\u00e9ens
\nse rassemblent chaque ann\u00e9e pour
\ndiscuter de divers sujets touchant
\nl\u2019\u00e9valuation immobili\u00e8re. Je n\u2019oublierai
\njamais la diversit\u00e9 de gens, de
\nlangues et de cultures r\u00e9unies dans
\nun seul forum pour partager leur
\nint\u00e9r\u00eat commun pour la profession
\nd\u2019\u00e9valuateur. Ce fut un exemple
\nincroyable de ce que l\u2019on peut accomplir
\nen joignant nos forces dans un m\u00eame
\ndessein.<\/p>\n
En troisi\u00e8me place sur la liste de
\nmes souvenirs, je retiens l\u2019\u00e9norme
\nrespect dont jouissent l\u2019ICE et ses
\nmembres \u00e0 travers le monde. Que ce
\nsoit l\u2019Institut en tant qu\u2019organisation,
\nnos normes ou le professionnalisme de
\nnos membres, partout o\u00f9 vous allez sur <\/p>\n
la sc\u00e8ne mondiale, les gens parlent de
\nla profession d\u2019\u00e9valuateur canadien.
\nNous excellons dans ce que nous
\nfaisons et la plan\u00e8te le sait.<\/p>\n
Quelle influence les d\u00e9fis de votre <\/p>\n
r\u00f4le comme pr\u00e9sident ont-ils eu <\/p>\n
sur les d\u00e9fis de votre carri\u00e8re \u00e0 <\/p>\n
temps plein ?<\/p>\n
RC\u00a0: Quand j\u2019ai conclu une entente avec
\nYoung and Associates me permettant
\nde servir comme pr\u00e9sident de l\u2019ICE,
\nles deux parties reconnaissaient que je
\ndevais m\u2019engager enti\u00e8rement envers
\nles exigences de la pr\u00e9sidence. Je tiens
\n\u00e0 remercier mon employeur pour sa
\ncoop\u00e9ration \u00e0 cet \u00e9gard. Mais, tout
\nbien consid\u00e9r\u00e9, il y a d\u00e9finitivement
\nun prix \u00e0 payer, tant financi\u00e8rement
\nqu\u2019\u00e9motionnellement. Le temps que
\nj\u2019ai d\u00fb consacrer au service de la
\npr\u00e9sidence m\u2019a \u00e9loign\u00e9 du domicile
\nfamilial. Cela en vaut-il la peine ?
\nAbsolument, c\u2019est une exp\u00e9rience que
\nje ch\u00e9rirai toujours.<\/p>\n
Quels conseils donneriez-vous <\/p>\n
aux prochains pr\u00e9sidents ?<\/p>\n
RC\u00a0: Admettez que vous ne savez pas tout,
\nmais que les gens qui vous entourent savent
\ntout, collectivement. N\u2019h\u00e9sitez pas \u00e0 puiser
\ndans ce tr\u00e9sor de connaissances. Faites
\npreuve de patience et ne vous sentez pas
\noblig\u00e9 de donner votre avis dans toutes les
\ndiscussions. Faites partie de la solution,
\npas du probl\u00e8me. La conscience de soi et
\nl\u2019autogestion sont critiques.<\/p>\n
Comment voyez-vous votre r\u00f4le <\/p>\n
de pr\u00e9sident sortant durant <\/p>\n
l\u2019ann\u00e9e qui vient ?<\/p>\n
RC\u00a0: Le pr\u00e9sident sortant a d\u00e9finitivement un
\nr\u00f4le \u00e0 jouer, surtout maintenant qu\u2019il copr\u00e9side
\nle Comit\u00e9 sur la pratique professionnelle
\ndurant cette p\u00e9riode. Je me vois comme
\nun mentor offrant son soutien au nouveau
\npr\u00e9sident en lui donnant des sons de cloche et
\nen l\u2019\u00e9coutant sans poser de jugement. Je crois
\nque tous les pr\u00e9sidents sortants ont un riche
\nbagage d\u2019exp\u00e9riences \u00e0 partager et il est
\nessentiel que l\u2019ICE en profite. <\/p>\n
EXECUTIVE CORNERContinued from page 8.<\/p>\n
Volume 62 | Book 2 \/ Tome 2 | 2018 11Return to CONTENTS<\/p>\n
V
\nirtually every industry is currently
\nworking to create greater value
\nthrough process efficiencies,
\nbetter data and analytics, and <\/p>\n
new applications that help to streamline
\nbusiness and commercial real estate (CRE)
\nis no different. In an article I wrote last year
\nfor Canadian Property Valuation, I talked <\/p>\n
about how the CRE industry was
\nbeginning to recognize the benefits
\nof investing in technology and the
\noverall value of data and analytics.
\nValuations and Appraisals is a sector
\nof the industry where many aspects
\nare ripe for automation, so this year
\nwe are looking at the next phase of
\nhow the industry is adopting new
\ndisruptive technology, and which
\ntechnologies will have the most
\nsignificant effect on the appraisal
\nindustry specifically. <\/p>\n
With CRE\u2019s established position
\nas the fourth asset class, we are now
\nseeing an explosion of venture capital
\ninvestment in PropTech. Both real estate
\nallocations and PropTech investments are
\ncontinuing to grow, as, increasingly, firms
\nare recognizing they must start thinking
\ncritically about how technology can be used
\nto create efficiencies and enhance the ways
\nin which data and analytics are used. <\/p>\n
EMERGING\u00a0TECHNOLOGIES
\nThe 2017 Altus Group CRE Innovation
\nReport surveyed 400 CRE C-level and
\nsenior executives globally and discovered
\na big disconnect amongst this group when
\nit comes to technology and innovation,
\nand what is upcoming for the industry
\nin these areas. When asked about six
\nemerging disruptive technologies and their
\npotential impact on the industry, only a
\nminority of respondents recognized these
\ntechnologies as having the potential for
\nmajor disruptive impact.<\/p>\n
Of these disruptive technologies, two
\nstand out from a valuation standpoint:
\nArtificial Intelligence (AI) or Machine
\nIntelligence (also known as Machine
\nLearning) and Big Data and Predictive
\nAnalytics. There is no doubt in my mind that
\nthese technologies are going to upend the
\nappraisal profession, but only a quarter
\nof executives surveyed see these two
\ntechnologies as having the potential for
\nmajor disruption. <\/p>\n
Accelerating\u00a0innovation\u00a0\u00a0
\nin\u00a0commercial\u00a0\u00a0
\nreal\u00a0estate<\/p>\n
By\u00a0Colin\u00a0Johnston,\u00a0MBA,\u00a0AACI,\u00a0
\nP. App.,\u00a0FRICS, President of Research,
\nValuation and Advisory at Altus Group <\/p>\n
REAL ESTATE ALLOCATIONS AND PROPTECH INVESTMENT LEVEL<\/p>\n
CRE Investment Allocation PropTech Investment<\/p>\n
Source: 2017 Institutional Real Estate Allocations Monitor (Cornell University’s Baker Program in Real Estate \u2013 Hodes Weill & Associates
\nSource: Real Estate Tech Funding Reaches New Highs in 2016, CB Insights Research Briefs, January 2017<\/p>\n
$2665<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 12 Return to CONTENTS<\/p>\n
USING\u00a0AI\u00a0TO\u00a0OPTIMIZE\u00a0EFFICIENCY\u00a0\u00a0
\nThe most extensive benefit AI can offer
\nlies in mundane tasks that can be
\nautomated, and 52% of respondents see
\nValuations and Appraisals as one of these
\nareas. Take lease review for example: a
\ncompany in Sweden is working on a tool
\nthat optically scans leases and pulls out
\nkey terms like \u2018net rent,\u2019 which can cut
\ndown the review time of these documents
\nby 75%. Implementing AI and Machine
\nLearning in areas like this can generate
\nmajor cost savings and greatly increase
\nefficiencies in a firm. Technology is also
\nbeing used to normalize and standardize
\npractices across the industry, and
\nspreadsheets are a great example.
\nSpreadsheets are one of the fundamental
\ntools used by CRE professionals
\nand can be meaningfully improved
\nby technology. Products like ARGUS
\nDeveloper and ARGUS EstateMaster are
\nalready in market and using technology
\nto standardize and normalize the
\ndevelopment feasibility process. <\/p>\n
Altus Group and several other firms
\nare also working on enhancing automated
\nreport templates in ways that will make
\nthem more succinct, informative and
\nultimately interactive. Gone (or soon to be
\ngone) are the days of paper reporting. In
\n2018, our clients are consuming reports
\nin different ways than in the past, and
\ndifferent groups within a given firm
\n(i.e., finance, portfolio management,
\ndevelopment, risk, etc.) are utilizing
\nappraisal reports. What we are seeing <\/p>\n
now is a shift where reports are becoming
\nshorter in length, more graphic and visual,
\nand also more collaborative, pulling data
\nfrom various sources.<\/p>\n
HARNESSING\u00a0THE\u00a0POWER\u00a0OF\u00a0BIG\u00a0DATA
\nAs CRE transitions into a data-driven
\nindustry, firms of all sizes need to
\nembrace technology. Having the ability to
\naccess and collect Big Data is one aspect,
\nbut Big Data and Predictive Analytics go
\nhand in hand, and firms also need to be
\nable to process and interpret this data.
\nHow quickly can your firm sift through
\nyour data and extract key information,
\ntrends or patterns to provide meaningful
\ninsights? As the industry increases its use
\nof data, the answer to this question will be
\nthe difference between successful firms
\nand those left behind.<\/p>\n
A perfect example of how Big Data and
\nPredictive Analytics can be used to create
\nvalue lies in the rise of e-commerce and
\nthe related demand for distribution centres.
\nCompanies like Amazon use data to look
\nat where consumers are and they use that
\ndata in combination with other factors to
\ndetermine which locations provide the best
\nvalue for distribution centres. The growth
\nof e-commerce represents a fundamental
\nshift in CRE and the disproportionately
\nhigh costs associated with last mile
\nfulfillment gives valuation professionals
\nan opportunity to provide greater value for
\ntheir industrial clients in assisting them
\nwith things such as site selection criteria
\nand ultimately development strategy. <\/p>\n
ENHANCING\u00a0PERFORMANCE\u00a0
\nMANAGEMENT
\nAdvancements in technology provide
\na major opportunity for CRE firms to
\nimprove their operational efficiency and
\nperformance management and, in turn,
\nimprove shareholder and client returns.
\n56% of executives surveyed are already
\nbenchmarking valuations against
\ncompetitors, the market or the industry,
\nbut 72% see valuations as an area with
\nsignificant potential to conduct more
\nextensive benchmarking.<\/p>\n
We are also seeing systematic changes
\nin how valuation teams are set up across
\nthe country, as many firms shift to a
\nmore centralized model. Instead of using
\nregional teams to value assets across the
\ncountry, there may be a national portfolio <\/p>\n
Can be fully or highly automated across all
\nprocesses and workflows<\/p>\n
Debt Underwriting 61%<\/p>\n
59%<\/p>\n
54%<\/p>\n
53%<\/p>\n
52%<\/p>\n
39%<\/p>\n
29%<\/p>\n
Capital Markets Brokerage<\/p>\n
Property Management<\/p>\n
Valuation and Appraisal<\/p>\n
Acquisitions and Dispositions<\/p>\n
Leasing<\/p>\n
Asset Management, Budgeting and Forecasting<\/p>\n
PROCESSES WITH
\nPOTENTIAL FOR AUTOMATION<\/p>\n
No or only minimal
\nimpact on how business <\/p>\n
is conducted<\/p>\n
Potential for significant
\ncost savings but no
\ndisruptive change<\/p>\n
Will create major
\ndisruptive changes in the <\/p>\n
CRE Industry<\/p>\n
POTENTIAL IMPACT OF EMERGING DISRUPTIVE TECHNOLOGIES<\/p>\n
Smart Building Technology<\/p>\n
Artificial or Machine Intelligence<\/p>\n
Big Data and Predictive Analytics<\/p>\n
Augmented and Virtual Reality<\/p>\n
Blockchain Technology<\/p>\n
Driverless Vehicles<\/p>\n
35%<\/p>\n
28%<\/p>\n
24%<\/p>\n
18%<\/p>\n
15%<\/p>\n
9%<\/p>\n
45%<\/p>\n
34%<\/p>\n
34%<\/p>\n
27%<\/p>\n
23%<\/p>\n
18%<\/p>\n
20%<\/p>\n
38%<\/p>\n
42%<\/p>\n
55%<\/p>\n
62%<\/p>\n
73%<\/p>\n
0% 10% 20% 30% 40% 50% 60% 70%<\/p>\n
Volume 62 | Book 2 \/ Tome 2 | 2018 13Return to CONTENTS<\/p>\n
team which centralizes some of the
\nprocesses and creates efficiencies in that
\nway. As technology becomes more ingrained
\nin different aspects of the valuation
\nprofession, it will be crucial for firms to
\nexamine both their processes and structure,
\nto make sure new technology is being used
\nto derive maximum value for their clients. <\/p>\n
COMMERCIAL\u00a0VS.\u00a0RESIDENTIAL
\nThe commercial real estate industry
\nis lagging the residential sector in
\nadopting new disruptive technology,
\nsimply by the nature of the sectors.
\nThe residential market is much more
\nhomogeneous than the commercial
\nmarket, and is already using <\/p>\n
regression models, indexes and
\nvarious tools aimed at quickly
\nand accurately valuing residential
\nproperties. This is an interesting
\ntime for the commercial sector, as
\nwe are starting to see some of these
\nnew technologies come to bear,
\nand firms that will be successful
\nare already embracing new
\ntechnologies and figuring out how
\nto marry them with their existing
\nbusiness models. <\/p>\n
THE\u00a0WAVE\u00a0OF\u00a0THE\u00a0FUTURE
\nThe bottom line is that we, as an
\nindustry, need to embrace disruptive
\ntechnologies as the wave of the
\nfuture. We need to augment our
\nskillsets and think critically about
\nhow tools like AI and Machine
\nLearning can be used to replace
\nsome of the more mundane tasks.
\nWe are not going to be replaced by
\nrobots anytime soon, but factors like
\ncontinuing fee compression requires
\nthe automation of certain tasks to
\ncreate efficiencies.<\/p>\n
The CRE industry will change
\na lot in the next three to five years
\nand will look dramatically different
\nin 10 years. While successful firms
\nwill be maximizing their use of
\nautomation to create efficiencies,
\njudgment and market knowledge
\nare going to be more important
\nthan ever, particularly around data
\ninterpretation, feasibility analysis
\nand development, and redevelopment
\nstrategies. When increasing amounts
\nof the industry has access to data,
\nthe major competitive advantage
\nlies in how quickly you can interpret,
\nprocess, normalize and standardize
\nyour data to pull out meaningful
\ninsights that can inform your clients.
\nAs I mentioned earlier, our research
\nfound that over half of CRE executives
\nbelieve Valuations and Appraisals
\ncan be fully or highly automated, so
\nwe should be preparing now, and
\ncritically thinking about how AI,
\nMachine Learning and Predictive
\nAnalytics can be strategically
\nimplemented to build a sustainable
\ncompetitive advantage. <\/p>\n
Suite 101, 24 Inglewood Drive, St. Albert, AB T8N 6K4<\/p>\n
Please send resumes to: info@crvg.com
\nAACI & Candidates<\/p>\n
Tel: (780) 424-8856 \u2022 Fax: (587) 290-2267<\/p>\n
AREAS IN WHICH FIRMS ARE CURRENTLY BENCHMARKING THEIR
\nPERFORMANCE AGAINST COMPETITORS, THE MARKET OR INDUSTRY<\/p>\n
AREAS WITH SIGNIFICANT POTENTIAL TO
\nCONDUCT MORE EXTENSIVE\/IN-DEPTH BENCHMARKING<\/p>\n
VALUATIONS RETURNS LEASING OPERTATIONAL EXPENSES<\/p>\n
VALUATIONS RETURNS LEASING OPERTATIONAL EXPENSES<\/p>\n
56%<\/p>\n
72%<\/p>\n
49%<\/p>\n
70%<\/p>\n
22%<\/p>\n
80%<\/p>\n
14%<\/p>\n
69%<\/p>\n
Canadian Property Valuation | \u00c9valuation Immobili\u00e8re au Canada 14 Return to CONTENTS<\/p>\n