The analytics company has launched Evra, a platform which offers instant, data-driven valuations for US multifamily properties.
Evra uses GeoPhy’s automated value model, an algorithm developed using property transaction and income datasets, combined with alternative data sources that capture information such as quality of life, safety, and more. The model uses supervised machine learning, with GeoPhy claiming it to be 50% more accurate than traditional valuation.
Previously, GeoPhy provided the AVM valuations via a spreadsheet to large enterprise users.
Teun van den Dries, co-founder and CEO of GeoPhy, said Evra and the GeoPhy AVM are the result of “years of development in collaboration with real estate investors and lenders, industry experts, and talented data scientists”.
Aimed at commercial real estate professionals, and used for property screening, diligence, asset management, and risk management, Evra aims to save users time, reduce costs, and provide them with better-informed decisions.
In addition, users are also able to gain insight into how property, market, and location characteristics contribute to the valuation.
Willy Walker, chairman and CEO of Walker & Dunlop said: “As one of the largest real estate finance companies in the US, we are very large consumers of data and valuations. Evra completely changes that workflow for us.”
Automated valuation models are among the emerging trends predicted to sweep through the industry’s professional ranks in the coming years. PlaceTech spoke to several players in the valuation sector to seek their thoughts on the threats and opportunities to this position.