Property Valuations

This article covers property valuations in Class including;

1. Automated valuations
2. Confidence Levels for automated valuation
3. Unable to obtain valuation report
4. Manual property valuations

Automated valuations

Ensure the property address is first verified with RP Data, refer to Setting up a Property Account for guidance. 

We will guide you through the process of obtaining an automated property valuation from RP Data CoreLogic.

Automated valuations can only be obtained for residential properties. To revalue commercial properties refer to Manual Property Valuations

Navigate to Fund Level > Investments > Browse Holding Accounts

1. Select the Property you wish to revalue, by selecting the Holding Account.
2. Click Property Valuations 
3. Click Request Automated Valuation. 
4. A new window Request Automated Valuation will open, here you can amend the property attributes e.g. number of bathrooms. bedrooms etc. 
5. Select Request Automated Valuation button
6. The Maintain Property Valuation screen will provide the Price/Valuation of the property
7. The Forecast Standard Deviation (FSD) will display a number from 1 to 30 along with a confidence level
8. Supporting documentation link - you can download the PDF valuation report from here.
9. You can Approve or Reject the valuation, by selecting the relevant button. 
   
   
   

Confidence levels for automated valuations

The Reliance Indicator refers to the Forecast Standard Deviation (FSD), the lower the percentage the more reliable or accurate the valuation is likely to be. The below table reflects the confidence levels as provided by RP Data based on the FSD that returned with the property valuation.

FSD %	Confidence Level
<8	High Confidence
9 - 10	Medium High Confidence
11 -14	Medium Confidence
15 - 16	Medium Low Confidence
>17	Low Confidence

Unable to obtain valuation report

When requesting an automated valuation from RP Data, after the address has been verified, you may encounter an error message after requesting an automated valuation because it is not available. 

Some of the common reasons that valuations are not available are that the property is a new build or off the plan or it could be based on the property type not supporting residential valuations. 

In these scenarios you can try requesting a valuation again in the future. 

If you have been able to obtain a valuation from RP Data for the same property in the past, you may wish to email a copy of that previous valuation to them at [e-mail] and request that they update the details of the property to enable this Automated Valuation to occur. 

Manual valuations

This section will guide you through the process of entering a manual property valuation.

Manual valuations can be used when you do not wish to use RP Data CoreLogic to revalue the property, or for commercial property valuations.

Navigate to Fund Level > Investments > Browse Holding Accounts

1. Select the Property you wish to revalue manually by selecting the Holding Account.
2. Click Property Valuations 
   
   
   
   
3. Click New
4. Enter the following details
   1. Valuation Source = This is where the property valuation was obtained from
   2. Valuation Status =Confirm the status of the valuation, this can either be "Approved" or "In Progress" if the valuation is yet to be approved. 
   3. Price/Valuation = This is the total amount of property valuation.
   4. Effective Date = This is the Date from which you wish to use the valuation amount obtained.
   5. Valuation Date  This is the date when the valuation was obtained or sourced. 
   6. Valuation Type = Use the drop-down to select the valuation type that reflects the type of value obtained
   7. Reference = Optional field, you can enter a reference of where the valuation was sourced from.
   8. Supporting Document = Optional, you can upload documents pertaining to the valuation obtained by selecting Choose File.
      
       
      
      
5.  Click Save
   

What's Next?

Learn how to process a Period Update