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The Role of Property Appraisal in the 4th Industrial Revolution
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4차산업혁명에서 전문서비스업의 변화와 감정평가의 역할

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Type
Academic journal
Author
Journal
KOREA APPRAISAL SOCIETY 감정평가학논집 감정평가학논집 제17권 제3호 KCI Accredited Journals
Published
2018.1
Pages
27 - 41 (15page)

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The Role of Property Appraisal in the 4th Industrial Revolution
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Property appraisal has been responsible for producing market information and supplementing the function of market as a part of public intervention on the imperfect market. Recently, emerging various big data services for real-estate markets become a threat for property appraisal industry. The introduction of the automatic evaluation model based on the big-data is expected to compete with existing property appraisal services in the private sector. Its substitution on public appraisal activities, such as property taxation, might be limited in order to ensure property rights, but big-data in the real-estate market could be an external pressure to streamline and systematize the appraisal business. Since the opening and sharing of public data and price information is inevitable, appraisal information that does not embrace and utilize big data will lose market competitiveness. Therefore, property appraisers should accept and manage big data actively, produce various real estate information for the people, and strengthen their position as a real estate market information specialist.

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