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Choosing an AVM: What They Include and How They Can Vary Depending on Your Data Provider
Automated Valuation Models (AVM) have many benefits, however, your AVM success can depend on the data provider.
Many AVMs only produce a property value. This could be the only data you are looking for — but what if you could use an AVM that tells you more?
It is possible depending on the provider. For instance, an AVM from Purview offers extra features to lenders and brokers. It includes not only the property value, but also:
- All legal homeowners.
- Registered mortgages.
- Sales history.
- Aerial imagery.
Lenders can also access Fraud Check, which points out if properties are owned by companies, powers of sale, flags potential issues, and points to other key factors that can signal fraud.
Knowing this information sooner can help validate the deal you are working on and mitigate risk. AVMs often bring the best benefit when they are used at the application stage — which is exactly when you will want to know the other property information as well.
By achieving more with one tool, you can save time, save money, and enhance your client relationships.
Choosing an AVM Data Provider
The AVM you choose can vary by provider. As we mentioned, some providers only include a property value with their AVM.
The first question to ask when evaluating a provider is what else is included, if anything.
The second to consider is the data source itself. You want to make sure that the information you are receiving through the AVM is accurate, up to date, and comprehensive. If you are reviewing the sales history, for example, you want to make sure that includes all sales, even private transfers or FSBO (for sale by owner) sales.
We can only speak to the Purview AVM, which receives its data from provincial land registries. The information you receive through Purview includes all sales, is up to date, and is data you can trust to be precise.
By choosing an AVM that gives you more, and is fuelled by reliable data, you will be empowered sooner, be more efficient, and be able to focus on only the deals that are the most likely to close.
Access a Purview AVM today. Call 1-855-787-8439 or visit www.purview.ca.
Purview is just one of Teranet’s Financial Services Solutions; stay tuned for our upcoming portfolio unveiling!« Back to Blog