Alternative valuation services have become a game changer for the valuation industry in recent years, allowing valuers to complete remote and alternative valuations with the aid of big data and an enhanced experience for the end-user. 

At CoreLogic, we’ve seen first-hand how the banking and finance industry has been using our ValConnect product suite to complete a range of alternative valuations with great success. For example, an internal valuations team at one of Australia’s major lending institutions uses the platform daily to complete over 200,000 residential and commercial assessments every year.

Desktops and alternative services deliver accurate appraisals thanks to enhanced data aggregation capabilities built into the system and have been proven to speed up the valuation process by eliminating the time required to conduct extensive site visits. 

Until recently, desktop assessments were limited to urban areas with rural properties still needing to be valued in person and on site, taking a considerable amount of time and expense – and slowing down the process for buyers and borrowers. However, due to the growing availability of geo-spatial data and aerial imagery, CoreLogic has been able to meet demand for a rural desktop assessment, completing the suite of alternative valuation service offerings within the ValConnect platform. 

CoreLogic Rural Desktop is a fully integrated service that leverages big data to power a single platform solution for rural valuations. Like the original residential offering that focused on urban appraisals, this most recent addition to the ValConnect product suite delivers a data-enabled platform with an integrated mapping solution and  a concise, summarised report format. 

In addition to this, it also offers enhanced geo-spatial capabilities, a rural-specific research portal, rural methodology worksheets and customised data capture fields that are specific for rural valuations. 

CoreLogic Rural Desktop is also powered by CoreLogic’s Customer Data Store, which allows clients to tailor their user experience by combining their company data with CoreLogic’s data. Cyber security is of course paramount, and encryption ensures that client information, environments and networks remain private and protected at all times. 

Brokers, banks and real estate professionals have long recognised the advantages of digital platforms such as ValConnect, and the role they can play in streamlining the customer experience. As buyers and borrowers prioritise speed and efficiency, big data can improve turnaround times, deliver cost savings and support smart decision-making. Now that rural desktops are a reality, property professionals can reap the benefits across the full spectrum of real estate and deliver a streamlined and efficient process for all types of customers.