Covid-19 is pushing property valuers to innovate

CoreLogic is gathering and sharing new Valuer Insights on the latest in innovation and best practice from leaders and experts across Australia’s property valuation industry.

In its recent article it says that even in this uncertain environment with COVID-19, Australian valuation firms are finding new ways to strengthen their businesses for the future.

The subsequent decline in property sales in 2020 seems to have slowed with the market already showing signs of recovery says CoreLogic, and the worst seems to be over for the property valuation industry.

Many organisations are taking advantage of emerging opportunities to overcome the challenges of 2020 and to prepare their businesses for the future.

Meanwhile, CoreLogic says it has focused on exploring new ways that we can help valuation firms boost efficiency and profitability.

For instance, its new Data platform can help valuers get a competitive edge by tapping into streamlined search functionality and market-leading data. Valuers can view previously undisclosed sale prices, which is very helpful in markets with lower transaction volumes, as seen during the COVID-19 era. By accessing the most recent sales evidence, valuers can achieve greater accuracy in their assessments.

“Innovation continues at CoreLogic, with new data assets coming online to provide the key information valuers need to make their assessments. Rather than having to access data from multiple sources, valuers can enjoy efficiency gains by getting all the information they need in real time, all in one place”.

What’s more, says CoreLogic, is that its virtual solutions like CoreLogic’s ValConnect Upload Portal have helped the industry persevere through the pandemic and come out relatively unscathed, unlike many other sectors. The portal has been widely used by many valuation firms during the COVID-19 lockdowns, and has also been embraced by numerous lenders, as some of the smaller firms didn’t have their own solutions in place.

This tool has apparently been particularly helpful during the second-wave lockdown in Victoria, as it has supported valuer health and safety while maintaining continuity of supply.

These solutions should should provide an added value for clients requiring valuations so that they get a better understanding of what’s happening in the market, instead of just being given valuation reports containing static numbers that may need to be further explained.