CoreLogic Australia, a leading property data and analytics company, has introduced an innovative digital valuations solution called SMARTval. This platform, developed in collaboration with Opteon, one of Australia’s largest valuation firms, aims to significantly reduce processing times for property valuations. By leveraging CoreLogic’s superior property market data and Opteon’s local valuer expertise and professional indemnity insurance, SMARTval ensures a robust risk profile for all applications and valuation mixes.
Carl Pinto, General Manager of Valuations at CoreLogic Australia, described SMARTval as a true gamechanger for the industry, offering digital valuations that cater to every risk profile. Pinto acknowledged the pressure faced by the mortgage and valuation sector to meet evolving customer expectations while staying competitive. He emphasized that SMARTval, as a data-driven solution, can help businesses stand out by slashing valuation turnaround times, expediting the loan approval process, and allowing more time for generating new business.
SMARTval enables remote valuations through CoreLogic’s existing valuation platforms, ValEx and PropertyHub. Internal modeling has demonstrated the potential to convert up to 40% of full inspection valuations to one-day turnaround times. The solution has already been adopted by banks like Great Southern Bank (GSB) and NAB.
In addition to faster processing times, SMARTval offers several other benefits. It reduces travel commitments and carbon dioxide emissions, aligning with Environmental, Social, and Governance (ESG) targets. With an estimated one million valuations conducted annually, the elimination of travel-related emissions is a significant environmental gain. Pinto emphasized that home buyers and bank customers will experience a less stressful, quicker, and more efficient valuation process.
Pinto also emphasized the advantages for consumers, stating that a faster valuation empowers them to make informed decisions with confidence when purchasing homes or refinancing. The launch of SMARTval unlocks substantial potential to drive data-powered hybrid models, creating a dynamic ecosystem that connects property professionals and data, addressing the evolving needs of customers.
Tim Jenner, CoreLogic’s Executive of Product, Data & Analytics, commended Opteon for their proactive and forward-thinking approach in contributing to the platform’s development. He emphasized that SMARTval’s lasting positive impact was a result of combining CoreLogic’s technology and data with Opteon’s industry-specific knowledge. By identifying the industry’s modernization needs, Opteon played a pivotal role in pushing the boundaries for valuers, lenders, and consumers.
Chris Knight, CEO of Opteon, explained that SMARTval’s innovation was inspired by the company’s experience with thousands of virtual valuations during the COVID pandemic. Utilizing data and technology to streamline processes while maintaining accuracy led to the creation of a more efficient valuation solution.
Scott Chapman, Opteon’s Managing Director for Australia and New Zealand, emphasized that SMARTval was designed with the broader industry in mind. He highlighted its ability to provide high-quality, insured solutions in significantly less time than conventional valuations. Chapman also underscored the environmental benefits, as SMARTval contributes to the industry’s goal of supporting climate change by saving millions of kilometers in driving time each year.
Scott O’Dell, Opteon’s General Manager for Growth and Business Excellence, saw SMARTval as an example of the company challenging the status quo and actively safeguarding the valuation industry’s future. O’Dell expressed pride in being at the forefront of innovative partnerships in the industry and highlighted Opteon’s commitment to making the valuation process more accessible and client-friendly while upholding the highest quality standards.
SMARTval adheres to International Valuation Standards (IVS) by seamlessly integrating existing valuation data within the CoreLogic valuation ecosystem. The platform includes automated quality assurance checks and generates dynamic digital reports that incorporate images for sales evidence, mapping, floor plans, and market trends.