In this article you will learn about how to manage paid property valuations through Class including:
- Approving a Paid Property Valuation
- Paid Valuation screen
- Statuses
- Notifications
- What you can Manage in the PropTrack Portal
- Navigating the PropTrack Portal
Approving a Paid Property Valuation
Once the valuation is completed, the valuation report and details will be made available in the Property Valuation screen and the valuation report will be saved in the Class Document Management System.
You can approve or reject the valuation from the Property Valuation screen, refer to the page here for more details.
If you have any questions about the valuation report, you have 90 days from the date that the valuation is issued to raise a query. Please contact Class support and provide all relevant details to help us assist you promptly.
Paid Valuation Screen
Navigate to Fund Level > Investments > Browse Holding Accounts > Select the Property > Property Valuations > Paid Valuation
- Job ID: A unique reference for the valuation request
- Effective date: The date the valuation applies to
- Request date: The date when the valuation was obtained
- Requested by: The user who submitted the valuation request
-
Type: The type of value obtained:
- Desktop
- Short form
- Status: Indicates the current progress of the requests, before to list in table below
- Fee (Inclusive GST): The final fee for the valuation, including GST
- Notifications: Updates or alerts related to the valuation request
Statuses
| Status | Description |
|---|---|
| Not submitted | The valuation request is in draft and not yet submitted |
| Request submitted | The valuation request has been submitted to PropTrack but no response has been received yet |
| Initial | The valuation request has been submitted and acknowledged. It hasn't been assigned to a valuer firm yet. |
| Instructed | The valuation request has been assigned to a valuation firm |
| Accepted | A valuation firm has reviewed and accepted the request to value the property |
| Assigned | The valuer firm has assigned the job to a valuer (person) to complete the job |
| InProgress | The property inspection is in progress (short form only) |
| Inspected | Valuer has finished the property inspection (short form only) |
| Valuation Completed | The valuation is complete |
| Pending Cancel | A request to cancel the valuation from Class has been received, no response has been received yet from the valuation firm |
| Cancelled | A valuation request has been cancelled by the valuer |
| Declined | The valuation request was declined by a valuation firm and will be reassigned to another valuation firm for review. Reasons for declining could include that the valuer doesn't provide coverage in this area or has insufficient information to complete the valuation. |
| Ended |
Valuation request was ended due to having one or more reasons making it currently ineligible to obtain a valuation at this time: Current reasons include:
|
| Errored | An error occurred when submitting the valuation request. The error details can be viewed via the Notifications column on the “Paid Valuation” landing page |
Request can be cancelled without incurring a fee under the following statuses, which change based on the valuation type:
| Valuation Type | Status |
|---|---|
| Desktop | Initial |
| Instructed | |
| Accepted | |
| Short form | Initial |
| Instructed | |
| Accepted | |
| Assigned |
For cancellations that are requested when a valuer has attempted to conduct a site visit a fee will apply. Refer to details here.
Notifications
Notifications are used to communicate the change in progress of statuses and any questions raised by valuers. When a new notification is received, a red dot will appear on the view icon.
Navigate to Fund Level > Investments > Browse Holding Accounts > Select the property > Property Valuations > Paid Valuation
- Click view on the landing page
- Review the notifications for any Action Required alerts
- Select "Manage in PropTrack portal". You will be redirected to the login page, where you can then see the required actions under Order Activity.
What you can Manage in the PropTrack Portal
There are some actions that you are able to complete directly through the PropTrack portal. Manage in PropTrack portal will be used for following reasons :
- Change the site contact details after creating the order
- Add documents missed at the time of placing the request
- Add additional notes for the request
- Respond to a notification from the Valuer firm for a requests for user action for service change or adding more documents
- Respond to a requests to approve the cancellation of the order from a Valuation Firm.
Once a Valuation request is submitted, details such as the property address and site contact cannot be edited. However, additional documents can still be uploaded via the Documents tab in the Proptrack portal.
Navigating the PropTrack Portal
Navigate to Fund Level > Investments > Browse Holding Accounts > Select the property > Property Valuations > Paid Valuation
- Click the action ellipses on the table and select "Manage in PropTrack Portal"
- Class will redirect you to the login page, and a verification code will be sent to the email address associated with your Class account
- Navigate to the Order details tab and select edit order to update any information after the request has been submitted
- Navigate to the Documents tab to upload any files that were missed when placing the request
- Navigate to the Messages tab to provide any additional information or instructions related to this request
What's Next?
Find out about ordering Automated Valuation Estimates for Properties here.