Valocity launches property valuation app to enable post-COVID valuations

Leading PropTech innovator Valocity has launched Valocity Connect, a mobile property valuation App for the post-COVID-19 world which empowers valuers and lenders to remotely and safely inspect and value properties.

The Mobile App is the first in Australia to enable occupiers to take and share time-stamped, geo-location validated photos of the property, providing credible evidence of the features and condition of the property without the need for a physical inspection. The Mobile App also operates with bank-grade security, ensuring it meets the rigorous privacy and security standards of financial institutions.

This announcement comes at a time when the company is accelerating growth in Australia, including a new partnership with the Australian Property Institute (API), to launch a solution for valuers called APIX. APIX cross-references and aligns disparate data sources to provide comprehensive Australian property analysis in an intuitive digital platform. 

In addition to Valocity Connect and the API Partnership, Valocity is also releasing the first cloud based digital Commercial Property Valuations Platform in Australia.

Valocity chief executive cfficer, Carmen Vicelich said Valocity has innovated for the Australian market in close collaboration with the industry to create new ways of solving old problems through technology and data.   

“We are delighted to today launch Valocity Connect, a mobile platform which will enable the property industry to digitise and streamline valuations, improve efficiencies in the mortgage application process and reduce the risk of COVID-19 transmission for both valuers and occupiers,” she said.

“The platform enables occupiers to capture, verify and share all the data valuers and lenders require in a customisable and configurable template, and then seamlessly share this information in a bank-grade secure end-to-end digital process.”

“In our extensive discussions with industry stakeholders we have heard loud and clear that the industry is ripe for this sort of digital innovation. Valocity Connect was designed in close collaboration with these industry partners and will equip lenders and valuers with the mobile tools they need to both operate in the post-COVID landscape, and thrive in the new decade.” 

Top Australian property valuation firm PRP is the first global customer of the platform, and PRP CEO Greg Sugars said Valocity Connect will be essential for the COVID valuation market.

“We were absolutely delighted to introduce the Valocity Connect App to our business during the crisis and it really allowed us to reduce the number of access refusals. The Valocity Connect App is easy to use, customisable to our stringent requirements, but most importantly provided bank grade security for all data stored and transmitted.  

“Utilising the App, occupants undertake the internal inspection on our behalf by taking geocoded photos, and completing a PRP-designed questionnaire. The feedback has been great and it has helped us move through the backlog of delayed valuation instructions, particularly for the banks we work for, where turnaround times are so important.”

Since launching in New Zealand in 2013, Valocity has rapidly become a leading provider of innovative and data-led solutions to the property sector in Australia, New Zealand and India, including partnerships with ING Australia, Bank of New Zealand, ASB Bank, Pepper Money, and the Australian Property Institute. 

Valocity has powered more than half a trillion dollars in loan decisions through its innovative property valuation platform, One Smart Platform, and was recently named the Global Fintech Startup of the Year 2019 at the India Fintech Awards.