Real estate agents edition
Valuations are getting more expensive, model values are on the rise, and the industry is arguing over who gets to handle buyers' complaints.
Valuations up to 7% pricier: the model value moves closer to you
The official valuation report is getting more expensive. Meanwhile, the free AI valuation is more and more often becoming the starting point of a conversation with clients.
A standard home valuation could become 5 to 7 percent more expensive this year. At the same time, AI valuations are gaining ground, mostly because they are fast. Valuation tech company Altum AI says itself that a free AI valuation is no replacement for an official valuation report. But it is becoming an ever more accurate first step for homeowners who are thinking about selling. For you, this means your role is shifting. You will be checking and adding to figures that a model has already calculated.
Background for subscribersNow that official valuations are getting more expensive and free AI figures are becoming ever more accurate, a conversation with a client more often starts with a model value that is already there. Your work is shifting towards checking and adding to that figure with knowledge no model has: leasehold, a shared driveway, an extension without a permit, or a home split across two plots. At the same time, files are becoming more connected through a single API layer, and soon NRVT will also apply stricter digital oversight to what you submit. So make sure your supporting evidence is always concrete and traceable.
Flux (NVM) explains to valuers what AI actually does
Flux has been making valuation applications for sixteen years and is a subsidiary of the NVM. The company held a meeting on AI in the valuation profession. Commercial lead Ruben Troostwijk states that AI and machine learning basically do the same thing Flux has been doing for years: spotting patterns in data. According to him, AI mainly speeds up and improves the workflow of valuers, and does not replace them.
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