This article provides details about Automated Valuation Models (AVMs) to provide estimated valuations for properties in Class including: 

1. Overview 
2. Fair use policy
3. RP Data
4. PropTrack

Overview

Class has an integration that enables access to free automated valuation estimates through two providers, RP Data and PropTrack. Automated valuation estimates are only available for residential properties. 

PropTrack and RP Data provide Automated valuation estimates with similar characteristics including:

• Estimated valuation amount
• Confidence levels
• Comparable property sales in the suburb
• PDF valuation report which is tagged and saved and in Class the DMS

PropTrack and RP Data also have features unique to each provider:

• PropTrack - Allows retrospective valuation e.g. previous 30 June to be obtained. This allows more accurate estimates when a valuation is requested later in the financial year. 
• RP Data - Provides a historical view of price % increase/decrease for a suburb for apartments and houses. 

Fair use policy

Class provides up to 3 free automated valuations per entity per financial year across any providers and different properties.

The request date is used as the reference point to calculate the limit on the number of valuations. The request date may show a few days before the actual date the valuation was requested, which reflects the last date PropTrack and RP data update their data.

RP Data

Navigate to Fund Level > Investments > Browse Holding Accounts > Select the Property you wish to revalue

Verifying the address is a pre-requisite to obtaining a Property Valuation Estimate with RP Data. Refer to Setting up a Property Account for guidance

1. Select the property
2. Click Property Valuations 
3. Click Request Automated Valuation
4. A new window Select Provider will open, select RP Data
5. Review (or amend if required) the property attributes e.g. number of bathrooms. bedrooms etc...
6. Click Request button
7. The Maintain Property Valuation screen will provide the Estimated valuation for the property
8. The Reliance Indicator refers to the Forecast Standard Deviation (FSD), the lower the percentage the more reliable or accurate the valuation is likely to be. The FSD for RP Data will display a number with a confidence level:
   

   FSD %	Confidence Level
   <8	High Confidence
   9 - 10	Medium High Confidence
   11 - 14	Medium Confidence
   15 - 16	Medium Low Confidence
   >17	Low Confidence

    
9. Supporting documentation link - you can download the PDF valuation report from here
10. You can Approve, Save or Reject the valuation, by selecting the relevant button. 
    

PropTrack

Navigate to Fund Level > Investments > Browse Holding Accounts > Select the Property you wish to revalue

Verifying the address for PropTrack occurs during the workflow it is not a pre-requisite. 

1. Click Property Valuations 
2. Click Request Automated Valuation
3. A new window Select Provider will open, click Select for PropTrack
4. The address will pre-populate if an address has already been recorded under that property.
   Ensure the property Address Status is verified on PropTrack
5. You may require to type in and select a verified address from the Current Address drop down list based on the PropTrack's record
6. Click Next button
7. You can edit the Effective Date to request a retrospective valuation for any date up to 5 years ago. This will default to 30 June of the oldest open Financial year
8. Review (or amend if required) the property attributes e.g. number of bathrooms. bedrooms etc...
9. Click Request button                   
10. The Maintain Property Valuation screen will provide the Estimated valuation for the property
11. The Reliance Indicator refers to the Forecast Standard Deviation (FSD), the lower the percentage the more reliable or accurate the valuation is likely to be. The FSD for PropTrack will display a number with a confidence level:

    FSD %	Confidence Level
    <=14	High Confidence
    15 - 20	Medium Confidence
    21 - 29	Low Confidence
    >30	Very Low Confidence

12. Supporting documentation link - you can download the PDF valuation report from here. This is a sample valuation report from PropTrack.
13. You can Approve, Save or Reject the valuation, by selecting the relevant button.

The property valuation documents provided by the valuation providers are also saved to Fund documents page automatically via Fund > Fund documents.

What's next

To revalue commercial properties refer to Property Valuations