JLL is spearheading the use of property technology (proptech) in Australia with the launch of a new automated way of providing residential property valuations.
Developed in-house in Australia, JLL’s Automated Valuation Model (AVM), it is believed to be the first property/valuation company to provide this service within the region.
An AVM is an algorithm-based computer program, which provides estimates of a real estate property market value at a point in time. JLL’s newly developed suite of analytical tools takes it a step further by combining data, analytics and real property intelligence from our valuation professionals.
JLL’s managing director, advisory and consulting – Australia, John Talbot said, “JLL is leading the analytics space by developing solutions that bring together data and analytics and real property intelligence from our national team of residential valuers.
“Putting an accurate value on a property is core to multiple aspects of our economy – and machine learning with predictive analytics tools that leverage the power of big data are increasingly becoming part of the process globally,” Talbot said.
The launch of AVM adds to JLL’s suite of proptech products currently in the market, including JLL Live (delivering an on demand same day valuation product) and the JLL Desktop (a product to date only provided by data companies).
JLL’s managing director, mortgage valuations – Australia, Bart Mead said proptech is changing real estate and the new AVM tool will provide significant change and choice in the residential valuations market in Australia.
“Our data analytics tools and valuation services, with real embedded property intelligence, will enable property owners and lenders to make their property related decisions with a high level of confidence.
“Until now the market has had to rely on AVM’s and analytics from technology and media companies which means that decisions are based on algorithms only and lack the input of the professionals who work on the ground and across the market every day.
“We’re leading the way as the only real estate services company to provide these data and analytics tools and services in-house in Asia Pacific,” Mead said.
Australian Property Journal