Frequently Asked Questions
Welcome to our FAQ page, where we answer your most common questions about AccuVal, the technology behind it and more.
If you can’t find answers to your questions, please feel free to contact us
That’s absolutely true, and it is one of the main reasons for AccuVal to exist: to challenge the status quo and prove it wrong.
AccuVal has been designed to be used by everyone. It’s for beginners with zero real estate experience, as well as for experts who need to accelerate or automate their property valuation process.
Right now, AccuVal can value any residential property in England and Wales, including properties that have never been listed. In fact, AccuVal can also value properties that don’t exist, such as a house after expansion or new block of flats that’s still under construction!
One of the primary design goals for AccuVal is ease of use, and this includes simplifying the data requirement. At the time of writing this FAQ, AccuVal only requires the property’s postcode, type, number of habitable rooms and internal floor area (we have another search tool with over 30 million properties to help find out these data). Optionally, the age and energy rating can also be provided for better valuation accuracy.
That could be a bit challenging for AccuVal (and for human agents with local experience too). AccuVal relies on learning from comparable properties data. Properties that are extremely different will most likely need manual adjustment. The data and insights provided by AccuVal should be a good place to start.
The interactive web app takes about 5 seconds to generate a valuation. Most of this time is used to generate (yes generate, not simple date retrieval) the valuation evidence and supporting information.
The API takes less than 0.1 second and it can serve many requests in parallel.
We get that. A human valuer is expected to “justify” their valuation. In other words, the reasoning behind it. However, it’s usually very subjective and ambiguous (such as this property is worth x amount because it’s a new build and close to a train station). While computers don’t “talk” in the natural human language, they are quite good with numbers. AccuVal communicates not only “what” but “how” each factor impacted the valuation in an objective and transparent way that’s consistent and easy to understand.
Yes and no. The interactive web app is completely free and (quite uniquely) doesn’t require registration or sharing personal information. In fact, we don’t record your IP address so we can’t track anything. However, for repeated and automated business use, there is a commercial API, which is behind a subscription wall. You need to contact us to get an API key.
Indeed! Your 40-year-old AVM (Automated Valuation Modelling) is a rudimentary form of artificial intelligence. Therefore, it’s more accurate (technically speaking) to describe AccuVal as a Machine Learning platform. Machine Learning is relatively new in the valuation market. AccuVal is the only valuation platform that has successfully used Machine Learning for high valuation accuracy.
AccuVal consists of a proprietary master database that we put together from many different (and indeed unrelated and incompatible) sources. The data is fed into Artificial Neural Network (aka Deep Learning) Machine Learning algorithm. The ML learns how property prices are made up, what factors impact the prices and by what degree. AccuVal is trained with millions of sold property samples as well as location data.
For instance, AccuVal is able to figure out that the presence of a train station may have a sizable impact in a rural town, but less so in Central London (where every property is close to a station or more).
This is a work in progress. We are working on it and have already published our initial findings here. The short answer is yes. It will be coming soon.
We can’t freeze time forever, can we?
AccuVal is the name of our flagship product. The business name is REEXM and we are going to register it as a limited company in England very soon.