JLL’s Valuation Group, an arm of large commercial real estate service firm Jones Lang LaSalle, announced the launch of its new property intelligence and technology tool, Valorem, according to a press release.
Valorem will provide a single tool for clients to organize and manage their portfolio, property and valuation data, and will offer the ability to collaborate and share information among team members.
In addition to the tool’s portfolio tracking and interactive risk assessment features, Valorem will also provide a new Automated Valuation Model (AVM) to provide real-time multi-housing rental market value to clients. The algorithm-based AVM uses JLL’s proprietary database and statistical models to provide estimated property market values, and will allow investors to monitor and report on their portfolio’s market movement for accounting and underwriting purposes.
Data points included in the valuation analysis include comparable transactions, current asking prices, historical price movements and property attributes.
“Our U.S. appraisal teams are the leading specialists in the field. Speeding up the loan underwriting process is of paramount importance to our clients, and, with the assistance of Valorem and AVMs, they can instantly assess opportunity and risk,” stated Charles Fisher, of JLL Valuation Advisory’s Global Products team, in the release.
Valorem and AVM add to JLL’s proptech and property intelligence tools available to its JLL Valuation Advisory professionals and clients, which also currently includes its Performa ESG scoring product. The firm also stated in the release that a multi-housing capital value AVM has been developed and will also be released soon.
JLL currently employs over 2,000 valuation professionals across over 50 countries to provide insight and real-time data on changing market dynamics and trends before it happens.
It says that while Valorem and AVM provide an “always on” option for clients, it “does not negate the need for human intelligence in valuations, as the technology is only one significant part of the larger picture of a property’s value.”
In other recent proptech news, Baselane launched its landlord banking platform to help simplify rental property finances. Snappt also raised a $100 million Series A to combat fraud in rental application documents.