As property valuation practices become more standardised globally with new countries joining the IVSC (International Valuation Standards Council) every year, local property valuers struggle to meet a series of increasingly complex and heavy standards (RICS / IPMS / ICMS). The additional time, cost and complexity of fully adopting the standards are most often cited key barriers to their implementation. This is leading to parallel markets in property valuations of those large firms that have the capacity and ressources to abide to the standards and those property valuers who are pushed to abide by the IVS but struggle to do so. There are an estimated 120,000 Chartered Surveyors with the RICS (Royal Institution of Chartered Surveyors) and approximately 300,000 IVSC valuers internationally. As poor adoption of standards becomes more prevalent and litigation goes up, there is a need for a software solution in which standards are baked-in by design. We didn’t want to create merely another calculation software but wanted to include all aspects of an assignment covered by the IVSC and the RICS.
The InterVal software guides local property valuers through an easy to follow decision tree architecture through all aspects of an assignment including the Terms of Engagement, the Valuation Report, the Audit Report and the Inspection Report. In addition to which it provides client and valuer management, assignment tracking, comprehensive training on use and standards and team supervision features. It now takes a semi-trained valuer approximately 1 hour (excluding inspection) to provide a fully standard compliant valuation compared to the industry standard of 2 to 4 days. Future integration of AI and Machine Learning algorithms will allow to not only speed up the process but also reduce human errors.