Big Data Application in Automated Valuation Model for Valuation Process

Abstract

This research paper will firstly introduce the function of a property valuation in Malaysia and relating valuations needs to the institutional investors and bank. The valuation standards and bases together with the valuer skill sets were discussed in this paper. Thereafter, this paper will be describing the advance of technology like introduction of data and big data in Valuation, blockchain, artificial intelligence and automated valuation system (AVS), automated valuation models (AVM) and other type of potential advance technology. Furthermore, this paper will describe of the changing client expectations such as sustainability and value, long term value, valuation uncertainty and delivery time. Provided that the Automated Valuation Model have given the added value like the valuation uses in future roles, the valuation process in the future, the valuation standards, valuation approaches and basis of value and the skills of the Licensed Valuer. This research will be covering the Literature Review of different papers, reports, insights, journals and articles. Thereby, introduction of the Automated Valuation Models to the users in the Valuation Sector in the Business industry. The conclusion of the paper will summarize the evolution of the Automated Valuation Models (AVS) from the Traditional Valuation Models.