Some tips and reminders to help you when using the AVM
When to Input the Minimum Property Attributes
In an area which you suspect will have a limited rental market such as rural areas where the private rental market is slower, or where social housing rentals make up a large proportion of the market, try to input the minimum criteria only (address, house type, house style and bedrooms). This should widen the search and help increase the number of properties used in the algorithm that meets some similarities with the subject property.
When to Input Further Property Attributes
The levels of detail initially input on to the property assessment section can heavily influence the quality of the comparables found. In more urban areas where there is a lot of rental activity, try to be more specific and input more attributes such as year built, floor area and parking provision – this will increase the accuracy of the comparables found and subsequently help to improve the confidence rating of the estimated rent.
Always Remember To Un-tick The Yield Calculation
Un-ticking the yield calculation - Don’t forget that we recommend that where the AVM produces valuations on both a yield and comparable basis that you un-tick the yield calculation so that the valuation is based only on comparables. If the yield is left in it may reduce the value below the value indicated by the comparables and return a lower level of confidence. Always make sure you un-tick and press recalculate before reviewing your comparables. There is no additional charge for recalculating after un-ticking the yield valuation.
The Recalculate Button
After making any changes to the comparables selected or the yield calculation always remember to hit the recalculate button. You can do this as many times as you wish during the initial search without incurring any further charge.
Pay Attention To The Warning Screens
In areas where there is a general lack of comparables or you are trying to value a property which has individual characteristics you may be prompted by a warning screen advising of the lack of comparables and asking you if you want to continue. If you decide not to continue you won’t be charged for the search. If you do continue you may find that there are only a couple of comparables which in some instances may not be exact matches with the property you are valuing. On other occasions there may not be any comparables shown and the estimated market rent might be solely based on the yield method of valuation.
Will I Be Charged For Changing The Property Attributes
If you’re initial search returns a result with a confidence rating of A-C and you decide to make changes to the property attributes you will incur a further charge. If however your initial search returns a result outside of this range you can change the property attributes with the exception of the number of bedrooms.
Viewing Historic Searches
Remember all searches you undertake are stored on the AVM. If you therefore leave a page in error or forget to save/print out the AVM you can view the search by selecting Valuations and then Rental Valuations. If the report isn’t instantly available search for it by reference or date. You can view any historic report but if you decide to make any changes to the property attributes or update the search then you will incur an additional charge.
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