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A new digital platform highlights the environmental pay-offs of making valuation fully remote.
Developed in collaboration by CoreLogic Australia and valuation firm Opteon, SMARTval is a platform that aims to deliver precise digital valuations as quickly as one business day and eliminate the need for physical inspections.
By leveraging CoreLogic’s property market data and Opteon’s local valuer expertise and professional indemnity insurance, the new digital valuations solution provides a strong risk profile across all applications and valuation mixes.
Notably, SMARTval meets International Valuation Standards (IVS) by applying existing valuation data from the CoreLogic valuation ecosystem. The platform facilitates remote valuations through CoreLogic’s established valuation platforms, ValEx and PropertyHub.
The newly built SMARTval platform also includes automated quality assurance checks and can generate dynamic digital reports incorporating images for sales evidence, mapping, floor plans, and market trends.
CoreLogic Australia general manager for valuations, Carl Pinto, described the new platform as a “genuine game changer” for the industry with its “power to provide a digital valuation for every risk profile”.
“We know the mortgage and valuation industry is under pressure to meet changing customer expectations and retain their existing customer base, all while staying competitive,” Mr Pinto said.
Amid the “crowded” mortgage sector, he lauded the new platform as “a data-driven solution that can help businesses stand out” by “slashing valuation turnaround times, speeding up the loan approval process and leaving more time for sourcing new business”.
Internal modelling indicates that up to 40 per cent of valuations requiring full inspections can be completed within one day, with Great Southern Bank (GSB) and NAB reportedly being early adopters of the digital solution.
Mr Pinto highlighted several additional advantages of the platform, including a decrease in travel requirements, a reduction in carbon dioxide emissions, and support for environmental, social, and governance (ESG) targets.
From an environmental standpoint, he explained “remote valuations make sense” as they help reduce emissions and support companies to meet crucial ESG targets.
“With an estimated 1 million valuations completed each year, C02 emissions from driving to inspections add up substantially,” Mr Pinto said.
And while the platform is touted as an “industry-first solution”, Mr Pinto noted consumers “also win” from its launch, highlighting that both home buyers and bank customers would equally benefit from a “less stressful, quicker and more efficient valuation process”.
“A quicker valuation means consumers can make reliably informed choices with confidence when it comes to home purchasing decisions and refinancing,” he stated.
With the platform’s introduction into the industry, Mr Pinto added the platform’s launch also presents an opportunity to “unlock vast potential to drive data-powered hybrid models”.
“[This fosters] a dynamic ecosystem that connects property professionals and data as the needs of our customers evolve,” he said.
CoreLogic executive for product, data and analytics Tim Jenner lauded Opteon for its “proactive and future-forward approach” to help create the platform.
“For any disruptive technology to have a lasting and positive impact, it must provide genuine industry-specific solutions,” Mr Jenner said.
He highlighted the valuation firm had “identified what the existing industry needs to modernise and move forward”, adding “this is a significant leap forward in possibilities for valuers, lenders and consumers”.
Opteon’s chief executive, Chris Knight, said after performing thousands of virtual valuations during COVID-19, the company had been inspired to create a more efficient valuation solution.
“SMARTval’s innovation came about after we utilised data and technology to streamline processes and maintain accuracy,” he explained.
“By leveraging the local valuer’s expertise with digitisation, we’ve developed a more efficient valuation solution for everyone to benefit from,” he added.
Opteon managing director for Australia and New Zealand Scott Chapman described the platform as “a solution designed with the broader industry in mind”.
“The green benefits are also significant given our industry has been seeking environmentally friendly solutions to support climate change and SMARTval contributes to this goal, saving the industry millions of kilometres in driving time each year,” he said.
