E-valuer reports now powered by the new IntelliVal AVM

Date: 30 May 2017

We are very excited to announce a major enhancement to the AVM (Automated Valuation Model) powering the E-valuer reports on QV.co.nz – introducing IntelliVal.
 
What is IntelliVal? 
IntelliVal is super-smart tech that’s what!  It’s an ‘Automated Valuation Model’ (or AVM) which enables us to provide an instant estimation of a property’s value, based on comparable recent sales, rating valuations, local listings and other data. 
 
What’s the difference? 
QV.co.nz has always used an AVM to deliver our E-Valuer calculated estimates of value. IntelliVal is simply a technology upgrade on what we’ve been using to deliver these. 
 
What’s the benefit to me? 
IntelliVal delivers some pretty impressive benefits: 
  • Improved accuracy! Testing shows 72% of estimated values measure within 10% of the sales price. This means you may obtain a better understanding of what your property may be worth. 
  • More estimates have high confidence via better predictability of the Forecast Standard Deviation (FSD) over time. You can have greater confidence in the estimated property value when the confidence is high. 
What’s the FSD you may ask? When we provide your E-valuer, we also provide a confidence scale in the figures. This relies on the FSD. Sounds complex, but essentially it’s an indication of expected accuracy. 
 
Will I notice anything new? 
Not at all. E-valuers are still called E-valuers, it’s just the calculations that are done in the background to deliver them that’s changing.  There will be a shift in estimated values, FSD and value tracking for some properties due to the upgraded AVM, but it is likely to be similar to what might be seen for any individual property week to week. 
 
Why are you introducing a new AVM? 
Because we are committed to delivering you the very best data technology for your property decisions. The new model means we can respond more quickly to changes in the market and its data, making it much easier to continually improve our ability to estimate property value which is good news for you! 
 
Because most of the banks use E-valuer reports to support their lending decisions, it makes sense for QV.co.nz to use the same AVM model to enable you to have informed, consistent conversations with your bank. 
 

Tags: QV.co.nz, AVM, IntelliVal, property values


Comments:

5 Comments

Darren Corowa:
was it e value that changed all our house details on QV after we listed it on trademe but didn't change the RV to match?
QV had 2 bedrooms 1 bathroom at RV $235000. But after we listed on trademe it made all the corrections to a 4 bedroom 2 full bathroom but didn't change the RV. So we now have our house undervalued by $60-$80K at a time when we're trying to sell. Thanks but the flaws in the system can E-off thanks.
Amy Barbara (New Zealand)
12:27 PM 20 June 2017
Hi Darren

Your RV only changes every 3 years and is not based on bedrooms and bathrooms but floor area - bedrooms and bathrooms can be updated on QV.co.nz by clicking update your details while on your property, this won't impact your E-Valuer or your RV .

For more information on Rating Values click here https://qvgroup.qv.co.nz/rating-values
Mel Ruru:
We have received one of the new e values and do not quite understand it. Value of that particular property is well below any of the properties it was compared to. Everything in the area sold for a lot more and this property is bigger, has more bedrooms, more land, not as old, was sold many years ago for a lot more. So not quite clear why this is so low?
Amy Barbara (New Zealand)
12:23 PM 20 June 2017
Hi Mel

Sometimes there are anomalies if we had your address we could look into it further - if you email help@qv.co.nz the team could look into it for you
Mel Ruru (New Zealand)
02:59 PM 02 June 2017
We have received one of the new e values and do not quite understand it. Value of that particular property is well below any of the properties it was compared to. Everything in the area sold for a lot more and this property is bigger, has more bedrooms, more land, not as old, was sold many years ago for a lot more. So not quite clear why this is so low?
Darren Corowa (New Zealand)
07:32 PM 01 June 2017
was it e value that changed all our house details on QV after we listed it on trademe but didn't change the RV to match?
QV had 2 bedrooms 1 bathroom at RV $235000. But after we listed on trademe it made all the corrections to a 4 bedroom 2 full bathroom but didn't change the RV. So we now have our house undervalued by $60-$80K at a time when we're trying to sell. Thanks but the flaws in the system can E-off thanks.
Rod (New Zealand)
04:49 PM 30 May 2017
Nice work