DCW Group Looks at the Future of Property Forecasting

Posted by DCW Group - Property Consultants on 21st February 2022 -

The history of property forecasting is certainly complex; until the 1980s, it’s been said that this was largely based on intuition and instinct.

We now rely on data sets, statistical procedures, and numerical insights to determine the future of our sector, public demand, and the profitability of a project. As our priorities have changed since Covid 19, so too will the ways by which we determine need, demand, suitability, and success.

As the owner of a property consultancy business and with over 20 years of industry experience, Dean Ward, CEO and Founder of DCW Group shares his experience understanding how the sector is changing and which new forecasting developments promise to continue aiding businesses’ success.

1. Collaboration will be key.

“Unfortunately, lots of property portals now are providing somewhat of a false positive with regards to the housing market. Most property portals rely on estate agents’ insights, more specifically listed property values, as opposed to actual sales prices. This means that any of their subsequent predictions surrounding the future of property and buyers’ trends aren’t entirely reliable.”

“Collaboration will be the key to our industry’s recovery and in the future. We will rely on one another more, we will always endeavour to be prepared for the unexpected and our projections will come to be increasingly resilient and reflective of the wider industry, instead of our own books and budgets in isolation.”

2. Local demographics will become a top priority.

“The needs of buyers have change, local demographics will become a leading priority; we’ll be led by insights into people’s living, including how much they earn and their needs for what they need from a new home, especially as working from home is becoming a long-term reality for lots of professionals.”

3. Machine learning will lead the way.

“Machine learning occurs when artificial intelligence has been implemented within a system, giving it the ability to learn and improve from experience, instead of having to be explicitly programmed. I foresee this becoming a prominent part of property forecasting over coming years.”

4. Technology will become more commonplace, alongside intuition.

“Our industry is known to be traditional and lots of developers and contractors remain a little apprehensive about relying too heavily on technology. Intuition is a huge part of our business and numbers can sometimes feel detached from the personal nature of property development. However, technology will become more commonplace as the benefits of due diligence platforms prove to be undeniable.”

 As the creator of DCW Insights Dean is undoubtedly familiar with the technology that’s shaping the future of property and how developers operate. Here’s how Dean explains how it can help developers (watch the video here )  

5. The data we rely on will expand.

“As technology begins to lead the way and, to make more informed predictions and estimates, the data we rely on will expand. Ultimately, our due diligence will become more intricate as we endeavour to avoid any further hiccups or delays whilst we work to overcome the obstacles ensued by the covid pandemic.”