Aqueous Asset, a Los Angeles-based fintech company, announced the launch of its AI-powered multifamily valuation SaaS platform AVA, according to a press release.
The company says AVA will change the way commercial real estate owners, developers, investors and brokers do business by enabling instant commercial real estate valuation analysis and data-informed real estate investing decisions.
AVA (short for Aqueous Valuation Algorithm) currently includes 4.3 million multifamily properties across the country, all cross-checked using local comparison information, and can determine valuations within a 98% accuracy of actual sale price, according to the release.
The platform is expected to introduce additional property types in the future.
“In the commercial real estate world, just about every action and decision requires a property valuation. AVA brings the commercial real estate market into the 21st century by completely transforming the traditionally cumbersome, lengthy and expensive appraisal process. AVA’s powerful technology empowers any professional with a competitive edge by enabling faster and smarter decisions,” Aqueous Asset Inc. CEO Nick Segal stated in the release.
The platform is intended to streamline the traditional commercial real estate appraisal process, with services including analysis of comparable sales, current market rents and other information included in property valuations.
The platform offers reports in less than 10 seconds, requiring users only enter an address to gain detailed valuation reports, which also includes series of projected rent rolls and supporting sales and lease comparison.
While large platforms like Zillow and Redfin have been successful at digitizing residential real estate appraisal, Aqueous says the $16 trillion U.S. commercial market has been slower to adopt these technologies.
Unlike competing proptechs like Bowery, which are designed to create valuations for accurate and efficient for appraisers, AVA is designed to be easy to use and intuitive for anyone in need of detailed valuations, according to Commercial Observer.
Aqueous says the AVA will also enable property owners to maximize their asset value by giving specific insights into capital improvements and how they will affect rent roll and total building valuations.