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Property Valuation

Challenges faced by the property valuers

In continuance to our past blog, I wish to share few more points on #challenges faced by the Property valuers.
As we know, making a property valuation reports involves gathering a lot of information from various sources which the maker ensures is procured at time. In today’s article I would like to put across the challenges that a report maker faces while preparing a valuation report.
It’s all about time, how soon the data reaches the backend team. As per the process, the engineers send the image of the visit sheets via mail or whatsapp or handover the visit sheets manually at the office. The maker of the report ensures relevant documents are received from the client / Institutes and engineers to prepare a report.
It’s a tough time game, if the raw data procured at the visit does not reach the backend on time than indirectly it impacts the TAT. Here, what happens is even after receiving the visit sheet from engineers which is filled in their own handwriting; it becomes a tedious task for the maker to get the same information encrypted into the report and thus the maker needs to coordinate with the engineer several times. Parallely, getting complete property documents from the client, due diligence from the brokers is also a part of the process. Finally when the report is drafted after a proper research and deep dive the same is prepared in specific format as per client’s requirement via mail merge.
“Mail Merge” is very vital and time consuming step here. Once the report is done it is saved on the Google drive manually. Well, to sum it up I find this whole process really comprehensive and lengthy. “Lengthier the process, higher is the risk of error at each stage”.
The scenario has now changed completely, things are moving on much higher pace. Digitalization is the need of the hour in each industry. Thanks to the Property Valuation Software, it’s not only simplifies field engineer’s work but is also very helpful to the backend. Valuation method remains unchanged but with a different approach. Yes, you heard it right. Even I was quiet eager to know the details as to how cloud based software can benefit the report maker at the backend to fetch a proper standardized report as the final output.
Once the field engineer feeds all the data in the application via his mobile, the same will be available to the back end Team. As complete data is on Cloud the maker of the report can see the live data in the software, verify it and can start preparing the report. This omits the step of waiting for the visits sheets to reach the maker or coordinating with the engineers to understand the details handwritten by them in visit sheets. Data is now readily available in standardize format via software. Once the report is prepared by maker, same can be vet by the seniors and Principal Valuers. Only then the valuation report can be generated in required Institute format and a hard copy (PDF) report can be released to the client.
We not only save a lot of valuable time here but it also reduces the possibilities of error. So ultimately technology has proven to be successfully to change the game completely and help boost the productivity with quality in minimum cost and time.
I am excited and wish to know more features and benefits of such software/applications ASAP.
How about you all, do you people also feel the same and wanted to know more. Let me know your inputs on this write up so that I shall post the next blog on this topic.

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