Since the recession, little has been heard of AVMs and the threat posed to property professionals but they are now back in fashion.
What are the implications for you and your role?
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When Automated Valuation Models (AVMs) were first introduced, there was great concern about their reliability and how they might affect the role of residential valuers but during the recession, AVMs went quiet. Now the market is more active they are once more being widely utilised and their potential applications are much wider than simply for mortgage valuations. Some lenders even see them as a partial answer to a perceived shortage of valuers.
Before using or advising a client to use an AVM, you need to ensure you understand their reliability and any other areas of potential risk. Using the RICS Information Paper Automated Valuation Models, explore their practical implications; discuss best practice and how AVMs are likely to be used in the future.