JLL has teamed up with CSIRO-backed start-up Digital Agriculture Services (DAS) to launch the first desktop assessments for rural and agricultural real estate.
The JLL-DAS Rural Desktop Appraisals solution is being developed in Australia and JLL is believed to be the first property company to provide this service within the region.
The solution will combine the ‘Property Intelligence’ and expertise of JLL’s team of valuers across Australia with the DAS Rural Intelligence Platform to provide desktop based estimates of farmland, agricultural and rural property market values, at any point in time.
JLL’s managing director, mortgage services – Australia, Bart Mead said proptech is not just changing residential or commercial real estate – it is also transforming rural real estate.
“This new service will speed up the process of valuing or re-valuing agricultural land remotely, delivering complete, compliant appraisals that are cost-effective, create more choice and improve customer service for quicker mortgage and investment decisions.
“This service adds to JLL’s suite of proptech products currently in the market and is part of a continued agribusiness expansion for JLL in Australia. Put simply, we are delivering a solution that no one else is bringing to the rural appraisal segment,” Mead said.
DAS CEO Anthony Willmott said that while real estate was the world’s largest asset class, the process of valuing farmland can take weeks, with rising appraisal costs.
While some companies have been providing banks with desktop valuation solutions for residential properties for years, the market for agriculture – an $58 billion asset class – is still nascent.
“Putting an accurate value on agriculture and farmland property is core to our economy, and we are combining advancements in technology, big data and AI with JLL’s property intelligence, deep experience and unmatched service and quality with advancements in technology, big data and AI to create a completely new solution underpinned by unique data-driven insights.
“We capture thousands of data points including a year-over-year analysis of the productivity, climate, crop type, land use and drought impact of any agricultural land in Australia, helping simplify the friction-fraught process of assessing the risk and sustainability of agricultural land.” Willmott concluded.