Technology has become an integral part of the property valuation service which also plays a significant role in the real estate market. The accelerated adoption of technology has made this industry more competitive than ever before.
According to a real estate company’s research, four major technological disruptions will have a range of impacts on the property valuation service.
- Big Data
Big data has been around for a while. This technology is a massive and diverse set of data collected from various sources, such as social media, to determine what the customer needs. Big data is frequently stored in computer databases and analyzed with software specifically designed to handle large, complex data sets.
For instance, Z1Data, is the first Cambodian home-grown company to use artificial intelligence (AI) and big data to analyze data in the real estate industry. The company has teamed up with DevMaster, a large data-leveraging company in the United States, to develop up-to-date data on the local real estate market.
- Interpreting data
Data interpretation refers to the process of using the data received from various sources to determine the significance, meaning, and conclusion. This allows real estate agents to property evaluate the property that matches the current trends.
- Automated technology
With the growth of databases, there is a greater demand for automated machines that don’t require human supervision. It has increased the need for the Automated Valuation Model. AVM is a software-based tool used in residential and commercial real estate to determine the value of a property.
- Intelligent Valuation Platform
The valuation platform offers a wide range of property appraisal criteria. It helps smoothen the valuation process and allows agents to provide reliable results. Recently, VTrust Appraisal has launched Indication Plus, a digital real estate appraisal in Cambodia that provides a standard report evaluation. The platform permit users to check the property’s price in any location across the country. Reliable property valuation platforms enable financial institutes; and banks to determine the payback ability of the lenders, the proper amount of the loan to provide, and minimizing risk.