SMARTval will help drastically improve processing times on property valuations.
Leading property data and analytics company, CoreLogic Australia has unveiled a transformative digital valuations solution, SMARTval, to help drastically improve processing times on property valuations.
Developed in partnership with Opteon, one of Australia’s largest valuation firms, the platform delivers accurate digital valuations in as little as one business day, without the need for physical inspections.
Powered by CoreLogic’s best-in-class property market data and Opteon’s local valuer expertise and professional indemnity insurance, SMARTval ensures a strong risk profile on all applications and valuation mixes.
CoreLogic Australia General Manager, Valuations, Carl Pinto described the new platform as a ‘genuine gamechanger’ for the industry with the power to provide a digital valuation for every risk profile.
“We know the mortgage and valuation industry is under pressure to meet changing customer expectations and retain their existing customer base, all while staying competitive,” Mr Pinto said.
“This is a data-driven solution that can help businesses stand out in the crowded mortgage sector by slashing valuation turnaround times, speeding up the loan approval process and leaving more time for sourcing new business.”
SMARTval’s remote valuations are delivered through existing CoreLogic valuation platforms channels, ValEx and PropertyHub, with internal modelling demonstrating the potential to convert as many as 40% of all full inspection valuations down to a one-day turnaround time. Great Southern Bank (GSB) and NAB are among the first banks to take up the new solution.
Mr Pinto said additional benefits include a reduction in travel commitments, C02 emissions and support for Environmental, Social and Governance (ESG) targets.
“With an estimated one million valuations completed each year, C02 emissions from driving to inspections add up substantially,” Mr Pinto said.
“From an environmental standpoint, remote valuations make sense, they help reduce emissions and support companies to meet crucial ESG targets.”
Mr Pinto said home buyers and bank customers would equally benefit from a less stressful, quicker and more efficient valuation process.
“While this is an industry-first solution, consumers also win,” he said.
“A quicker valuation means consumers can make reliably-informed choices with confidence when it comes to home purchasing decisions and refinancing.
“With the launch of the cutting-edge SMARTval platform, we unlock vast potential to drive data-powered hybrid models, fostering a dynamic ecosystem that connects property professionals and data as the needs of our customers evolve.”
CoreLogic Executive, Product, Data & Analytics, Tim Jenner praised industry partner Opteon for its pro-active and future-forward approach to help create the platform.
“For any disruptive technology to have a lasting and positive impact it must provide genuine industry-specific solutions,” Mr Jenner said.
“Opteon’s involvement in the creation of SMARTval means it combines our tech and data with their specific industry knowledge. They have identified what the existing industry needs to modernise and move forward and this is a significant leap forward in possibilities for valuers, lenders and consumers.”
Opteon’s Chief Executive Officer, Chris Knight said after performing thousands of virtual valuations during COVID, the company had been inspired to create a more efficient valuation solution.
“SMARTval’s innovation came about after we utilized data and technology to streamline processes and maintain accuracy,” he said.
“By leveraging the local valuer’s expertise with digitization we’ve developed a more efficient valuation solution for everyone to benefit from.”
It’s a solution designed with the broader industry in mind, Opteon Managing Director, Aus & NZ, Scott Chapman said of SMARTval, highlighting it produced high quality, insured solutions in a much faster time than conventional valuations.
“The green benefits are also significant given our industry has been seeking environmentally-friendly solutions to support climate change and SMARTval contributes to this goal, saving the industry millions of kilometres in driving time each year.”
Opteon General Manager – Growth & Business Excellence, Scott O’Dell said SMARTval was a prime example of how the company was challenging the status quo and actively protecting the valuation industry’s future.
“We’re extremely proud to be at the forefront of innovation partnerships in the industry,” he said.
“Our priority is to make the valuation process more accessible and client-friendly, while respecting the vital skills of the valuation professional and maintaining the highest quality standards.”
SMARTval meets International Valuation Standards (IVS) by seamlessly applying existing valuation data within the CoreLogic valuation ecosystem. The newly built SMARTval platform includes automated quality assurance checks and can generate dynamic digital reports incorporating images for sales evidence, mapping, floor plans and market trends.
For more information visit corelogic.com.au/software-solutions/smartval.