JLL has entered the proptech world, developing an in-house tool that aims to help clients speed up the valuation process.
JLL’s new valuation tool called Valorem aims to finally address the technology discrepancy that hinders the real estate industry.
Through Valorem, users can seamlessly “manage their portfolio, property and valuation data, providing an automated valuation model” that “uses statistical models, valuations and JLL’s proprietary database to provide estimates of multi-housing property market values.”
JLL is just one of many companies that have begun leaning on automation and machine learning to develop valuations faster. However, this doesn’t negate the need for human valuation — it simply allows companies to have a quicker starting point.
Valorem will also give investors the ability “to monitor and report on market movements” that JLL says will help with accounting tasks.
According to JLL, human and machine valuations serve different purposes and functions.
“Instead of having to wait, our clients can quickly assess the value of properties and then determine if they would like to get a full traditional appraisal,” the company said.
Data and artificial intelligence have quickly become valuable assets to the real estate industry, which historically has lagged in terms of embracing modern technology.