Local technologies to enhance property valuations
Property valuation does not come this easy. The entry of new technology in the property industry is shaping the real estate industry. The rise of technology has seen several developments in the local and regional economy being moved to the Internet of Things.
Technology innovations have grown and improved lives over the years and they continue in Botswana. Thus, Vantage is driving technology adoption in the real estate space. Several technological advancements that have come over the years catapulted the industry capabilities to another level.
Gosmartvalue is an automated property valuation platform that supports decision making through availing critical real estate information such as land rates and sales trends. The platform enables self-service Instant Valuation Reports and Detailed (Traditional) Valuation Reports. The platform which is widely used by property valuers is a flagship solution of local real estate firm Vantage Properties led by real estate guru Sethebe Manake.
"The future of real estate is a bright one; the technology that's now available to valuers is an exciting and convenient shift that is making life easier for the industry players and their clientele. Traditionally most of the work valuers did was manual and time-consuming which was often less efficient both in terms of service turnaround times and operational efficiencies. With Gosmartvalue valuers can reach a wider clientele. The strength of the platform lies in the data analysis and research tools that we use", said Manake.
Vantage Properties is the only company which has taken this route Sethebe argued further stating that the world is living in a digital era which has resulted in the majority of the population having easy access to digital platforms that can easily assist them with acquiring vital information about real estate. From the statistics, 43% of buyers start the home buying process by looking online, 92% of the buyers use the internet, 50% of buyers use a mobile website or app in their home search.
In explaining the concept Manake told BizTech Africa that “typical valuations take into account the same set of variables; location, plot size, bedrooms, bathrooms, other property features and the state of the property. Our algorithm takes into account the size of the built up area, age and other factors that influence value such as crime rates, amenities, and demographics over, liquidity of the buyer market for that locality as well as prevailing lending trends
There are two streams of undertaking a valuation on the platform: Instant Valuation where the user inputs information following the prompts, and Detailed Valuation this is where the user inputs the information above then selects a valuer on the platform to carry out an inspection to prepare a bank valuation.
“We empower our customers, while many other companies are still finding their footing in the digital arena, using the information they have to empower their clients; we are ahead of the curve, translating data into tangible benefits,” explained Manake.
"In pursuit of simplifying and offering the best technology-driven services to consumers, Vantage developed Gosmartvalue, an instant valuation platform that estimates the value of one's property for residential property. We designed this platform for the general public, investors and financers, developers so that they have a simpler way of determining and assessing opportunities.”
Sellers and buyers alike generally use the same set of tools and methods for determining the value of properties. With the increased insight provided by our reports, we give clients more information, and therefore more power, when it comes to negotiating deals with even experienced sellers. Both regular buyers and property developers have negotiated using exclusive data from our reports, and in doing so, have saved plenty Pula's and ensured a better ROI, she said.