The Korea Appraisal Board has released People’s Real Estate Compass, an app tailored to meet house buyers’ needs.

Thanks to its two years of innovation, the Korea Appraisal Board (KAB) chalked up its best-ever sales of 137.3 billion won in 2015 and 15.5 billion won in operating profit, another record. KAB received the top grade A in the 2015 management evaluation of public entities for the second straight year. The board also made such feats as earning the top grade in an integrity survey for the second straight year.  

Despite such charming performances, KAB does not rest on its laurels. 

The board is taking next-step innovations measures. KAB has already revealed a plan to develop a real estate appraisal and evaluation system based on artificial intelligence. The system is designed to address poor and false real estate appraisal and evaluation issues and lower evaluation fees for loans secured against real estate to one-tenth of the current levels, thus benefiting many low-income earners and SMEs. 

KAB, a public entity, moved into the “innovative city” of Daegu in August 2013. The board has so far implemented policies to enhance the quality of residents’ livelihoods and promote the development of the local community by hiring manpower from the region, strengthening volunteering activities to local society and supporting regional SMEs. 

KAB CEO Seo Jong-dae has set his top management priority to customer-first policies since taking office. 

KAB Earns ‘A’ for 2nd Straight Year in 2015 Gov. 3.0 Initiative Evaluation Survey

KAB leads in the provision of real estate information services tailored to comply with the Government 3.0 Initiative.

KAB ranked 3rd in the 2015 evaluation into 116 public entities on execution outcomes of the Government 3.0 Initiative. The evaluation was conducted and announced by the Ministry of the Interior on June 11. The board obtained an excellent “grade A” for the second straight year.

In particular, KAB was given higher points as the board was credited with the release of People’s Real Estate Compass, real estate information apps and contributing to improving private companies’ management performances by opening public real estate data to the private sector.

The real estate market information app provides 25 kinds of real estate information in real-time, including real estate prices, market trends, transaction information. 

The release and utilization of public data to the private sector involves the sharing of an address system for dong units and data on practical jeonsae and weolsae transactions with Jikbang, the No. 1 real estate information app. It has helped Jikbang, which has introduced a system to distinguish false real estate put on the market, succeed in attracting 38 billion won in investments from Goldman Sachs.

“KAB is out as an organization specializing in real estate to provide real estate services tailored to meet public demands,” said KAB CEO Seo. KAB plans to spread its excellent practices and operational methods, based on the outcomes of the evaluation, he added. 

The board set up a booth, titled “Reliable, Useful Real Estate Compass, KAB,” at an exhibition of practices, best products and services of the Government 3.0 Initiative.

The event took place at the COEX in Samseong-dong, Seoul from June 19 to 22. 

Spectators were given a chance to experience the real estate market information app and the public housing management information system (K-apt) at a special kiosk KAB installed at the booth. 

They also tried out “My Home Planner,” a housing design service tailored to meet individuals’ needs.

The KAB headquarters in Daegu. (Photos: KAB)