Real Estate Valuation or property valuation services are quite significant as every property is unique and accurate assessment of its internal and external conditions becomes important in determining its economic worth. A proper valuation requires the consideration of several aspects as well as documentation management. Focused on detailed analysis and inspection of internal and external conditions of the property as well as of related legal document, Valuation specifically requires great accuracy. With tis in consideration, there are several different avenues where technology may be integrated in property management and Valuation.
Mr. Aryan Singh, Chief Technology officer, TensaX Innovation Lab elaborated on the significance of ValTech or Prop Tech or Technology integrated Property management and assessment. Highlighting these aspects at the 16th Professional Valuers Conference 2021 in Jaipur, organized from 26th November – 28th November 2021, he further detailed why it is time to integrate advanced applications so as to bring improvement and ease the process of valuation.
So what all can be managed by ValTech or PropTech? The process of Valuation, from its initial client contact to final delivery of the valuation report, has several demanding tasks in the list. Ranging from detailed communications, site inspections, data collection all the way to detailed documentation, analysis and writing, each step of the process can benefit from the assimilation of technology. This can lead to lead to overall increased accuracy, along with an ease in data representation, transparency, sharing and storage.
At TensaX Innovation Lab, the research team has been working on ValueHub, a NextGen Valuation Tool that allows for easy workflow optimization for the entire team. Operating as a central system that can act as a database, task management/assignment tool as well as general workflow management, ValueHub has the potential to ease overall workflow based on individual requirements of the company. Artificial Intelligence (AI) powered tools are also being designed that may be utilized for Land Evaluations, Plant & Machinery Valuations, and for Auto Insurance Valuations. Overall, technology integrated valuation schemes are the next step in convenient and easy to manage valuations.
