New Hometrack Valuer Service Speeds Up Property Valuations
Announcement posted by Hometrack 09 Mar 2010
Brendan Darcy, CEO of Hometrack Australia, said, “Hometrack Valuer represents a leap forward in electronic valuations. Using HTV, the Valuer seamlessly navigates a simple user-friendly interface that is rich with imagery and highly accurate housing data to produce an accurate and up to the minute valuation.”
Hometrack Valuer skilfully fuses a range of cutting edge technologies and information services to provide Valuers with a unique online application. Valuers can view a property from multiple angles, measure the dwelling dimensions, compare sales history and attributes, and complete a report with minimal effort, all from their computer.
Delivering a valuation tool to minimise the risk of fraud is one of the key drivers behind the development of the tool, Darcy explained, “All imagery and data is referenced from independent sources, and so is not susceptible to manipulation.”
Darcy said, “A continual challenge for lenders is escalations from offsite to expensive onsite valuations due to lack of information. Onsite valuations also add significant time to the Valuation process. Hometrack’s data covers 100 per cent of Australian residential properties, which dramatically reduces the need for escalations, saving considerable time and cost for lenders.”
HTV was developed for Valuers from the ground up, in conjunction with one of Australia’s largest valuation firms, the Opteon Property Group.
Nic Carr, Chairman of Opteon said, “Opteon is committed to providing best practice solutions to our clients. Through our relationship with Hometrack, we have been able to broaden the range of solutions we can provide to our clients at the highest level. HTV applies state of the art technology to a professional process that enables a Valuer to provide a quicker, more accurate and cost effective solution than currently exists in the assisted valuation space.”
ENDS
Contact Brendan Darcy, CEO, on 02 8257 1100 or Brendan.darcy@hometrack.com for more information on Hometrack, its products and services.
Media Contact:
Stephanie Ryan, Spectrum Communications, 02 9954 3299 or stephanier@spectrumcomms.com.au
Letitia Kennedy, Reputation Pty Ltd, 02 8252 7009 or LKennedy@reputation.net.au
Notes for Editors:
About Hometrack (www.hometrack.com.au)
Hometrack is a global leader in housing intelligence. Hometrack originated in the UK where it has more than 90% market share in automated valuations (AVMs). Hometrack has been in Australia since 2007 and has very quickly established itself as a leading AVM provider. Hometrack enables lenders, insurers and capital market participants to monitor and manage risk and enhance the way they do business.
What is the Hometrack AVM?
The key to Hometrack’s massive market share is the high degree of confidence users have in the rigour and accuracy of Hometrack Automated Valuation Model (AVM).
AVMs are computer-based systems which provide instant valuations on residential properties. Commonplace in the US and UK, they allow much of the administration and expense of the mortgage providing service to be streamlined, without sacrificing accuracy or risk parameters. In a risk-averse industry, Hometrack’s advanced methodology, constant technological innovation, and huge data input have built this confidence. The Hometrack Realtime AVM combines predictive modelling and technology with unique proprietary data and industry expertise to automatically value any property in Australia.
Hometrack’s model is backed by a number of predictive technologies including Neural Network, Linear and Non-Linear Regression, Econometric and Statistical Non-Regression-Based Time Trend, Data Mining, Statistical Discrete and Statistical Fuzzy Clustering, Probabilistic, Bayesian, and Optimisation approaches. Combined, these technologies enable any property to be valued either currently or historically, without regard to the existence of a prior valuation. Hometrack’s Realtime AVM delivers 'point of sale’ mortgage offers, which distinguishes its AVM from the ones currently available in the Australian mortgage and finance industry. The Hometrack AVM will deliver certainty for the customer and increase conversions for brokers and lenders.
What is Hometrack Valuer (HTV)?
Assisted (or desktop) valuations are performed by professional Valuers without the need for an internal inspection. Hometrack Valuer (HTV) takes assisted Valuations to a new level. HTV’s leading edge valuation software combines proprietary web mapping services, unique oblique imagery and a first class housing database. HTV has been designed from the ground up, in conjunction with the Opteon Property Group, one of Australia’s largest valuation groups.
HTV’s interactive design optimises the performance of the Valuer in searching and reviewing a subject property and in comparing properties. High resolution oblique and orthonormal imagery supports a virtual experience of “being there” by adding an authentic visual experience that supports the Valuer’s judgement during the valuation process.
HTV provides the ability to independently verify target property attributes. An exceptional feature of Hometrack Valuer allows the Valuer to measure all dimensions of the selected dwelling and the lot size on screen. Hometrack Valuer allows Valuers to “be there” without actually being there.
About Opteon
Opteon is one of Australia’s largest independent property valuation and property advice businesses. Opteon has 51 offices throughout Australia, including many in regional centres and provides valuation coverage to 90% of the nation’s population. Opteon provides over 700,000 valuations per annum to the banking industry, corporate Australia and all levels of Government, including 200,000 for mortgage purposes. Opteon’s team of nearly 300 Certified Practicing Valuers pride themselves on the quality and consistency of their work.