CoreLogic pivots in the new normal with new digital property inspection service
CoreLogic will be rolling out new customer solutions as part of its strategy to reshape its business to meet new customer needs following the impact of COVID-19.
“We recognise that all businesses are under considerable pressure. But we also see that there are seams of significant opportunity and we as a business are pursuing to help our customers navigate this unique and challenging environment ,” CoreLogic International CEO Lisa Claes said.
Claes recognises that the market is evolving rapidly and with that comes the need to pivot organisational focus and reprioritise spend and investment.
As part of this process CoreLogic has already shelved some of its initiatives but at the same time is now eyeing new opportunities.
Key among the initiatives is its Collaborative Distance-Based, Interactive valuation solution.
On Monday, CoreLogic rolled out the service branded as the ValConnect Upload Portal to its customers on Monday.
“It has certainly been a challenge for traditional face-to-face property valuations given the social distancing requirements now in place,” Claes said.
The solution is the output of a collaborative effort between its global parent and local business and allows virtual valuer property appraisals.
Claes is also seeing the appetite shifting towards other forms of property valuation including desktops, curbside assessment and automated valuation models.
“While these valuation types were never niche in the banks property risk armoury, these distance methods are currently gaining more prominence.”
Given CoreLogics deep expertise in the area of valuation methodology, the business will also be looking to partner with other industry expertise including the Australian Property Institute with whom we are working closely to define new industry valuation protocols for valuations without a physical inspection and established valuation firms to help support these new approaches.
Deeper digital enablement including automation and the use of robotics are also being accelerated to enable CoreLogic to expand the automation of its workflow as well as deliver an enhanced customer service.
“It’s something that any business should do anyway and it has always been our focus but the current environment dynamics has certainly accelerated these efforts –efforts which won’t wane post the COVID-19 crisis,” she said.
As most of our customers crave clarity in these times of uncertainty, particularly around the demand for our data and analytics solutions has deepened –a demand we are well placed to meet as it is simply about extending the firm’s DNA.
Benchmarking and market insights are equally becoming critical in the current climate.
With data from Corelogic’s new property listings stack and utilising some of the metrics in its market trends product, Corelogic is looking at solutions to identify where real estate agencies are over/under performing in geographical regions.
This insight allows for the real estate franchises to adjust their strategies in these areas to maximise their earning potential and help win listings in these areas.
“In times of crisis and stress as we are in today, comparative analytics become more critical.
“Businesses need to be able to make the right decisions based on the facts.
“This could be extended to brokerages as well. Our data universe and the analytics it supports has progressed significantly to be able to provide a highly granular view of performance.”
CoreLogic also has plans to continue its work with government, assisting all levels, from federal, state to local councils in their efforts to keep all Australians healthy, homed, and employed during this crisis .
“We are uniquely placed to assist all levels of government and have been doing that for years. In this current environment data becomes even more critical and will be crucial as one of the datasets to help guide the deployment of the federal government’s stimulus package .”
Despite the “herculean efforts” of the government, banks and other industry stakeholders, Claes acknowledges that going forward not all business will survive the severe brunt of this crisis– a view also echoed by the big bank CEOs.
“Some businesses however will thrive.
“These will be characterised by all the hallmarks of agility, a great customer focus and the ability to harvest and harness solutions that meet the customer need.
“We are listening and working very hard to earn the right to be included in this cohort.”