The provider of an automated valuation system has introduced a new feature to allow agents to amend the valuation if there is an anomaly.
The tool called MyPal - an add-on to the ValPal valuation tool produced by Angels Media, publisher of Estate Agent Today - is free of charge and gives agents the chance to provide their own estimate for the valuation of a property if they believe the automated result is insufficiently accurate.
Angels Media says the aim is to provide consumers with a more rounded estimate of the value, while using agents’ knowledge and experience to improve ValPal's algorithm.
“We generate thousands of valuations for agents' clients each month, so there is always going to be the odd anomaly and it's beneficial for all parties that agents can now flag up anything they think needs changing" explains Craig Vile, director of The ValPal Network.
When the agent receives an instant online valuation lead, MyPal now provides them with the option to report the valuation if they think there is an inaccuracy. The new information will then be checked, weighted and, if accepted, fed back into the algorithm which already incorporates over 43 million pieces of data.
The agent feedback will then go on to influence the estimated online valuation of the property in question as well as similar properties in the local area.
“So as time goes on the data is going to become increasingly valuable and accurate because it will integrate agents’ expertise along with the data we already get from the Land Registry, portals, conveyancers, floor plans and many other sources. We believe this will make ValPal easily the most accurate automated valuation system out there” says Vile.
This ability to change the automated valuation data is thought to be the first of its kind in the industry.
The ValPal Network consists of over 800 agency brands with over 4,000 offices; since January 1 this year consumers have requested over 59,000 sales valuations and almost 10,000 lettings valuations through members of network.
Two additional new products - MovePal and PortalPal – provide agents with the opportunity to generate additional revenue from their leads by referring prospects to a range of industry suppliers.