Published : Sept. 27, 2016 - 17:04
Korea Appraisal Board is gaining momentum in its rise to be the nation’s No.1 real estate market manager since it reached record-high profits through a tech-based turnaround.
Last year, the state-run agency gained its highest 137.4 billion won ($125.2 million) in sales while net business profits recorded 15.5 billion won. According to KAB, its credit was rated “A” and selected as a recognizable public service provider by the government.
The Korea Appraisal Board’s real-time market-watching application (Korea Appraisal Board)
The fast-paced achievements were thanks to inner innovation that grilled the traditional management system, KAB officials said. Prior to the turnaround, the KAB was staggering from a profit drop and strained company structure that recklessly expanded the business scope while less expertise followed. Since it handed over the appraisal sector to private organizations, the agency adopted high-end technology to provide precise real estate market data and maximize work efficiency.
Smartphone applications were newly developed in a bid for field investigation that cut down on 18.7 billion won of labor cost. Inaccurate data were severely revised and reflected to another real estate market watching application in order to offer quality information in real time.
KAB is now on track to develop an artificial intelligence-based property assessment system, expected to largely reduce 200 billion won of annual expenses on the assessment, the officials added.
By Song Ji-won (
jiwon.song@heraldcorp.com)