A tool that provides major improvements to the compliance and speed of valuations
InterVal is the latest SaaS cloud-based solution in the real estate industry. It helps valuers produce RICS & IVS standard-perfect reports in a fraction of the time of the industry norm.
The importance of valuations: 70% of total global wealth held in property assets
Real estate is the largest and most important asset class in the world and the accuracy of its valuations are extremely important. These valuations have a broad range of uses including for securitizing loans, mortgage originations, property sales and leasing, insurance coverage, audited financial statements and investment decisions.
Despite the importance of these valuations to our global economy, property valuers still rely on lengthy, manual and antiquated processes. With margins falling and legal liabilities rising, property valuers desperately require a tool to perform rapid standard-compliant valuations.
The idea to develop InterVal arose from its founders’ experience working in emerging markets for global financial organisations. After a series of Asset Quality Reviews on behalf of the International Monetary Fund and the World Bank, it became evident that there was a major requirement for a streamlined standard-compliant valuation tool.
“Valuations are one of the main bottlenecks in the financial sector.“, says Joachim Bertot, InterVal CEO. He adds, “facilitating standard compliance and reducing turnaround time will help increase deal-flow and foster the development of a more eﬃcient and transparent real estate market.“
Backed by a team of RICS valuers, experienced entrepreneurs and seasoned developers, InterVal has progressed significantly since its initial proof of concept presented to the RICS in 2019
What’s their special sauce?
Compared to other solutions, the critical strength of InterVal relies on its scalability. “A lot of great valuation products have emerged on the market lately. But most rely on Automated Valuation Model (AVM) technology, focus on calculation only and forget about the rest. Unlike them, our idea is to marry cutting edge technology to standard-perfect valuations and put it in the hands of all valuers, everywhere“, declares Emile Fremont, CPO.
Thanks to a highly flexible interface and endless customisation possibilities, the solution can operate in data rich areas like the UK and navigate data-poor environments with little to no public domain information.
The goal for the InterVal team was never to develop another AVM solution. AVM uses are limited geographically and lack transparency and accountability. InterVal was designed instead to provide a versatile valuation solution that keeps valuers in the center of the decision-making process.
InterVal gives valuers a multi-faceted tool to handle valuation projects from A to Z, both from a management and technical perspective. It arms valuers with the ability to generate attractive, engaging and comprehensive reports that cover the entirety of the valuation process.
The solution supports a wide range of residential, commercial and industrial properties. It also covers all standard valuation methods and approaches (Market, Income and Cost) so that valuers can take care of any assignments coming their way.
Over the past year, the team has conducted more than 200 demonstrations with valuers worldwide and received amazing reviews and feedback. The next stage for InterVal is to release a beta version in Q4 this year and invite valuers for a final check before the commercial launch. Meanwhile, the team has already published a series of screencast videos showcasing the capabilities of InterVal on their youtube channel.
The InterVal team already aims to build an ecosystem of products around InterVal and cater to more differentiated needs and user profiles. Some of these products include:
- An inspection app;
- A market data place;
- A portal to link clients with valuers using Interval: and
- A customised solution for banks and portfolio managers.
Earlier this year, the team joined the RICS Tech Partner Programme to engage with other proptech enthusiast companies and specialists. Dustin Rawlins, CTO, declared: “Joining the Programme further helped us integrate recognised property standards such as the IPMS database structure into the solution architecture and put an emphasis on new ESG features“.
The InterVal team are also looking to enter the insuretech industry and plan to develop tailored professional indemnity insurance (PII) products for their users. The goal of these products will be to significantly reduce the enormous premiums paid by valuers annually.
With over USD 500,000 invested to date, InterVal plans to raise seed capital in Q2 2022 to bring the solution to the next level. The team is already in discussions with UK based valuation audit groups and worldwide independent valuation practices to market the solution and ensure rapid adoption.
- Explainer Video – https://youtu.be/QBHIKNIKRXo
- Demo Video 1 – https://youtu.be/k69xpimhnuE
- Demo Video 2 – https://youtu.be/Q9RW9TtFGCQ