Welcome to our company!
Virtual Valuation Assistant provides today’s realtors with a new kind of valuation tool. Virtual Valuation Assistant takes the flawed implementation of an Automated Valuation Model (AVM), and improves on it by adding the knowledge and experience of local real estate professionals by allowing the real estate professional the power of selecting the data.
Download our FHA Quick Reference Guide
Take advantage of this short reference for common items from the FHA 4000.1 handbook and then start your free trial of Virtual Valuation Assistant.
Virtual Valuation Assistant
PROBLEM WITH AVM's
What sets VVA apart from other AVM’s? By bringing in a “human-element” we can narrow down the search to properties and areas that are most relevant to the property being valued. Unlike AVM’s that select homes based on set factors (distance, GLA, bedroom/bath count) that may end up including areas that are not at all comparable to the subject’s development/neighborhood, or possibly foreclosures (often times based on public records), the realtor is in charge of the data used (see the “Hints” page on how to get the most out of VVA) and can “scrub” the data prior to loading into the program. The number of homes that can be loaded is virtually unlimited, making mass amounts of data easily considered in the estimation of the home/subject’s value.
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USE YOUR DATA
The more data the better. One method often used by appraisers is the “Paired Sales Analysis” – the idea behind this method is to find 2 properties, alike in all manners but 1 – difference in sales price is the value placed by the market on that one difference. This is a flawed method due to many other variables present that cannot be accounted for looking at only 2 properties (buyer/seller motivations being a large one). With VVA, the Realtor has the potential to compare 100’s of properties in this manner at one time, looking at several “value predictors” (bedroom count, bathroom count, car storage, GLA, etc.).
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POWERFUL FLEXIBLE SEARCHES
Run the program on multiple searches. Start with the immediate neighborhood, homes comparable in size (+-20%), similar in age (+-10 years). Expand to include all neighborhoods that a buyer may want to compare against the subject property (use only the neighborhoods that have comparable quality/age/sized homes with similar market appeal and market acceptance – this is where the realtors market knowledge makes Virtual Valuation Assistant far superior to stand alone AVM’s.
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FLEXIBILITY
Ability to select data being used in the valuation. Where AVM’s such as “Zestimate” select comps for you and give a value, our system allows the Realtor to select the sales most comparable to the subject property. There are no “preset” parameters – Realtors can choose to use whichever neighborhoods or areas in their market that are deemed comparable/competing areas, and create a large database of information for our program to give an opinion of value.
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ACCURACY
Quality and Condition cannot be taken into consideration with a traditional AVM. With our system, Realtors can select the comp data that is most similar to the subject’s quality and overall condition. In addition, our system provides an opinion of value range with a “Most Likely”, “Low” and “High” – this gives the user an additional avenue to place the home at the upper or lower end of the range based on their knowledge of the home.
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Human Input
The users of our program provide the data by using Multiple Listing Service (MLS) or any large data base that can be exported to an EXCEL (.csv) file. This allows the user to not only use the most comparable sales, but select those sales from the most comparable/competing neighborhoods from within the market. Data sets can be “scrubbed” to correct any flaws in the data; the data can then be uploaded to our website for an opinion of value range.
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AVM's Today
With most of the AVM’s on the market today, you provide an address, it kicks back an opinion of value. With this method, you have no control over what sales data was used to estimate the opinion of value. And what if the data is incorrect? There is no way to correct the data being used with no input from the user other than the subject address.
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Quality/Condition
One factor that is not a variable in most MLS’s is quality/condition. Virtual Valuation Assistant deals with this problem by presenting the user with a value range that is easy to read/understand. This range is reflected in a curve, showing the most likely and high/low prices the data suggests. Based on the subject property’s quality, upgrades/updated, overall condition as well as combining with the other tools the realtor uses to value, the Realtor uses his/her market knowledge to determine price point.
