JLL launches new proptech valuation model for residential in Australia

AUSTRALIA – Global property services firm JLL is combining the property valuations knowledge and expertise of its team of valuers across Australia, with the latest technology, to launch a new automated way of providing residential property valuations to the market.

JLL’s Automated Valuation Model (AVM) has been developed in-house in Australia and JLL is believed to be the first property/valuation company to provide this service within the region. 

An AVM is an algorithm-based computer program, which provides estimates of a real estate property market value at a point in time. JLL’s newly developed suite of analytical tools takes it a step further by combining data, analytics and real property intelligence from our valuation professionals.

JLL’s Managing Director, Advisory and Consulting – Australia, John Talbot said, “JLL is leading the analytics space by developing solutions that bring together data and analytics and real property intelligence from our national team of residential valuers.

“Our AVM will significantly improve the service, products and support we offer our clients, as we can combine the power of artificial intelligence with the human intelligence of our experienced valuation professionals. 

“We are working towards a portfolio of analytics services, which will give our clients the ability to ‘self-serve’ across a portfolio or at an individual property level.

“Putting an accurate value on a property is core to multiple aspects of our economy – and machine learning with predictive analytics tools that leverage the power of big data are increasingly becoming part of the process globally,” said Mr Talbot.

The launch of AVM adds to JLL’s suite of proptech products currently in the market, including JLL Live (delivering an on demand same day valuation product) and the JLL Desktop (a product to date only provided by data companies).

JLL’s Managing Director, Mortgage Valuations – Australia, Bart Mead said proptech is changing real estate and JLL’s new AVM tool will provide significant change and choice in the residential valuations market in Australia.

“Our data analytics tools and valuation services, with real embedded property intelligence, will enable property owners and lenders to make their property related decisions with a high level of confidence.  Until now the market has had to rely on AVM’s and analytics from technology and media companies which means that decisions are based on algorithms only and lack the input of the professionals who work on the ground and across the market every day.

“JLL has invested heavily in technology and people to build our in-house analytics team.  We have assembled a team of experts who have an entrepreneurial technology background which is helping us to evolve our valuations business model.

“We’re leading the way as the only real estate services company to provide these data and analytics tools and services in-house in Asia Pacific,” said Mr Mead.