Australia and New Zealand’s largest independent property advisory firm Opteon has responded quickly to the COVID-19 pandemic, launching a zero-contact virtual property valuation solution for the Australian market that enables lenders to fully meet regulatory requirements for the security of their lending portfolios.
The solution is a new Virtual Valuation that uses a combination of visual verification aides and a guided interview to provide the valuer with key information about the property and its current state, which can be used to create a full valuation report.
Augmented with insights from Opteon’s team of experienced valuers, the Virtual Valuation comprises the same quality of data and accuracy as the onsite valuation that lenders are required to obtain to manage risk to their portfolios.
Opteon has commenced discussions regarding the Virtual Valuation solution with major lending partners who are equally ready to embrace the change, particularly as Opteon’s Virtual Valuation can be relied upon with the same confidence as existing onsite valuations and does not impact the lender liability position.
Opteon is acutely aware of its role in helping to keep the property industry thriving during this period of global uncertainty. Opteon’s CEO Chris Knight said:
“Opteon wants to enable lenders to keep operating as normally as possible, and we know we can help them manage their risk profile with this solution. Lenders can be assured that this solution meets all regulatory requirements so that they can continue to approve mortgages with confidence.”
Knight points out that this solution has been a part of Opteon’s roadmap for some time, as the market-leading firm sought innovative ways to provide property valuations and advice.
“Opteon has always played a key part in the evolution of the valuation industry. While the current environment has accelerated the implementation of this solution, we have long known that a virtual solution is the way forward for the industry.
“Additionally, we take the safety of our customers and our people very seriously. We’ve acted quickly with this solution because the health of every individual in our community is paramount in these challenging times,” said Knight.
Innovation is a key element in the ongoing success of Opteon, which has grown substantially over the past five years and offers commercial, agribusiness, residential and government property valuation, advisory and specialist property services with coverage in over 94% of Australian postcodes.
“We’re proud that we’ve been able to bring a zero-contact valuation solution to the market so quickly, and that we’re able to fully support our customers and the broader property industry through this pandemic,” said Knight.
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