Discover the Enhanced AVM by National Property Group
Understanding property value is pivotal for any party in the real estate lifecycle, be they a real estate agent, broker, investor, or homeowner. One tool for efficient property value estimation is an Automated Valuation Model (AVM).
At National Property Group, we’re continuously innovating on our advanced AVM that backs up it’s valuations with relevant comparable properties. It is a symbol of our commitment to elevating our services and refining customer experiences.
Exploring World of AVMs
An Automated Valuation Model is an innovative property valuation method that blends the fields of data analytics, machine learning and Artificial Intelligence on to provide a property value estimate. Interestingly, the roots of AVM stretch back to the 1980s. At that time, large lenders used them to manage their vast portfolios. Today, AVMs are a linchpin in the property industry, making property valuations quicker and more efficient.
AVM: A Revolutionary Tool in the Property Industry
More recently, AVMs are transforming the property industry. More than just tools for getting to a value, they are shaping relationships between real estate professionals and their clients, helping them to grow their businesses through automation, saving time and helping to manage risk.
National Property Group’s Unique AVM
There are various types of AVMs. Each has a unique way of assessing property values:
- Hedonic Model: This model focuses on the individual characteristics of a property. For instance, it may consider the number of bedrooms, property type, and location.
- Statistical Model: This type harnesses the power of artificial intelligence and machine learning. It delves into vast databases to predict property values.
- Comparable Model: This method evaluates properties by comparing them to similar ones that have recently been sold.
At National Property Group, we’ve developed a unique AVM approach that blends the strengths of these approaches. Simply put, we’ve built a smart system that backs its price estimates with real-world comparable sales, adjusted based on hedonic attributes and market factors.
It considers attributes such as size, bedrooms, bathrooms, street, suburb, and location to build up a view of the variance between these attributes. It then uses these to revalue comparable properties in combination with real-time market trends to generate an estimate.
With recent research resulting in significant upgrades to our AVM, we’re now able to provide the industry:
- Great coverage of properties across the nation
- Excellent AVM estimates for properties in low turnover areas and in localised “hot-spots”
- A more responsive AVM that follows the market in near real-time
These upgrades are now available to clients who consume our AVM through the National Property Data platform and via our APIs.
National Property Group’s Role in Transforming AVM Use
Our focus at National Property Group extends beyond just offering a service. We aim to work in partnership with real estate professionals across Australia to drive their business forward.
Our AVM doesn’t just churn out numbers. Instead, it offers data backed insights tailored to the unique complexities of the Australian market.
See for yourself how our unique AVM can streamline your property transactions. In today’s competitive real estate landscape, it provides the edge you need.