To do so, it has to rely on technology, a key factor that allows to optimize the buying process, while managing the increasing demands of Casavo's clients, without delays – in the last 6 months alone, online valuations have quadrupled in number.
Right from the start Casavo has focused on technology and transparency, two factors that summed up in the choice of providing an online valuation tool for real estate properties, active throughout Italy. Casavo has been one of the first company to introduce a free online valuation system, without registration, which has represented a little revolution in the market. Today, two years after Casavo’s birth, it decided to make an additional step forward and present EVA, its new platform of algorithmic assessment of properties, to the public.
At present, more and more payers within the sector have understood the importance of a free valuation tool, making it available to their customers. Therefore, Those at Casavo decided to take a further step, with the goal to offer the most precise valuations on the market, to be even more trustworthy and transparent. The new algorithm system uses internal data, concerning transactions that have already been concluded, and publicly available data, such as geographical data and the ones related to price changes of recent months. This has allowed us to increase our accuracy by almost 20%, also thanks to some unique features that will be discussed in this article.
As mentioned already, evaluating a house means comparing its features with the ones of a very similar property, that has already been sold or bought in the past. Based on the value of a transaction, similar to the property evaluated by Casavo, it will make corrections to determine the value of the property itself.
This is what EVA does, Casavo owned property valuation platform, which has just replaced its previous version and it’s available on its website for free. By entering the datas of your property, the platform EVA will make an instant valuation of it. At the moment, this platform carries out valuations only for the cities in which Casavo operates, while the valuations for the other cities are still being managed by the previous version of its valuation algorithm.
To elaborate valuations, the platform uses data based on real transactions, carried out in the past and directly managed by Casavo. EVA examinates the details of the property it is evaluating and identifies similar properties in the system. Moreover, since each property is unique, this platform exploits artificial intelligence to adapt the property’s features to transactions, present on the database, that have been carried out already. For instance, if your house has an additional bathroom compared to a very similar house, already sold, the A.I. is able to calculate the impact of this bathroom on the final value of the property.
Following the introduction of this platform, Casavo's valuations will take into account new parameters and environmental factors, such as:
Moreover, Casavo used a library that allows its agents to understand the importance of the variables used by the model. This library is called SHAP and it helps the company to understand which the impact of different factors on the final valuation value will be. For example, in the picture below, you will be able to see that closeness to universities is a very relevant variable and, therefore, the properties which are closer to universities are evaluated with a higher price, while the farthest ones have a lower price.
Compared to the past, platform EVA is not based on a publicly available database, but uses data concerning actual past transactions directly managed by Casavo or by its partners: this allows the company to use good, reliable data for its valuations.
In order to make its valuations even more accurate, the Casavo team is working to further improve the platform. One of EVA’s development potentials lays in the use of images of properties during the valuation process, to get more details that can affect the final value of valuation.