Author: Scott O’Dell, General Manager – Growth & Business Excellence
For more than a decade, Opteon has been investing in proptech solutions that deliver efficiency and quality improvements in the residential, commercial, government and energy efficiency valuation services we provide. This investment includes proprietary technology, best-in-class licensed solutions and a skilled team of IT and innovation professionals.
Opteon now uses artificial intelligence (AI), including large language models (LLM), and robotic process automation (RPA) in most areas of its business. These span back-end operations and quality assurance to inspection bookings, customer management and intelligent document processing.
Our Halo valuation management system has been the technological backbone of our business for some time. It allows valuers to seamlessly manage the end-to-end valuation process in one place and supports customer connectivity through system-to-system integrated channels with lenders. After using Halo to transform our residential valuation workflows, we then used it to become market leaders in the commercial space.
We have recently developed an intelligent document processing solution. It combines RPA automation, AI and machine learning to process the documents that come with a valuation order. By rapidly extracting relevant information from these documents, this solution has helped us accelerate the valuation process and achieve market-leading turnaround timeframes.
We are also achieving other significant process improvements using proptech. For example, we have developed a proprietary automated scheduling tool that makes it more convenient for customers to book valuation visits. The automated self-serve booking system now makes and confirms roughly 70% of all valuer appointments.
Another compelling efficiency example is seen in the way we are using system automation to receive, verify and allocate valuation jobs within 45 seconds – regardless of the volume of instructions. This process used to take our administration staff up to two hours for each job.
We also use technology to add an extra layer of rigour and efficiency to our quality control processes. Our quality control tool audits inputs instantly to highlight any areas in valuation reports that require secondary verification. This saves the quality team significant review time, helps avoid human error, and contributes to the speed with which we deliver valuations to our customers.
While AI and RPA solutions are a key part of our business, they are not enough on their own. AI solutions aren’t perfect yet, which is why we carefully wrap other system and human verification processes around them and use them as tools to improve our efficiencies and quality.
These tools make it possible for our talented valuer team to avoid spending time on low-level tasks like data entry and allow them to focus on delivering value through analysis and insight. This input is a crucial component of an accurate valuation, as valuers rely on many data points that only become available through their local knowledge and valuation expertise.
People also play a crucial role in our quality control process. So, while our quality tool solution offers a high level of accuracy, the ‘last mile’ to assure quality is achieved through real person verification – in other words, the expertise of highly experienced valuers.
There’s plenty of commentary speculating about how technology developments will evolve the property valuations industry. Opteon is ready for the disruption and welcomes it to the industry.
In the short-term, there’s no doubt the use of AI and other proptech solutions will increase the automation of repetitive, time-consuming tasks and improve workflow optimisation, quality control and risk management functions across the sector.
Regardless of where the technological developments go, one thing is certain. AI-powered tools won’t replace the need for experienced valuers.
Without question, Opteon’s investment in proptech has created significant efficiency and quality improvements. In turn, we pass on those benefits to lenders by providing high quality, competitive valuation services. By continuing to take a committed, careful approach to developing proptech solutions that enhance how our experienced team of valuers provides accurate valuations, we plan to remain innovation pioneers to deliver value to our customers.
scott.odell@opteonsolutions.com
DISCLAIMER
This article is produced by Opteon Property Group Pty Ltd. It is intended to provide general information in summary form on valuation related topics, current at the time of first publication. The contents do not constitute advice and should not be relied upon as such. Formal advice should be sought in particular matters. Opteon’s valuers are qualified, experienced and certified to provide market value valuations of your property. Opteon does not provide accounting, specialist tax or financial advice.
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