What is it?
Automated valuation model (AVM) is the name given to a service that can provide real estate property valuations using mathematical modeling combined with a database.
Most AVMs calculate a property’s value at a specific point in time by analyzing values of comparable properties. Some also take into account previous surveyor valuations, historical house price movements and user inputs (e.g. number of bedrooms, property improvements, etc.).
Where does "Public Data" come from?
Thanks to agent feedback, we realized that the valuation shown by RPR on the Valuation Pages does not match the valuation that agents see when they log into RPR:
- One AVM they make available for public consumption is based on public record data.
- One AVM they make available for agents is based on MLS data (called the RVM).
There was sometimes a 50% difference in value which causes a LOT of confusion with agents and consumers.
In order to better represent the data for you and your customers, we updated the AVM to show as Powered by Public Data:
I don't see 3 AVMs, why is that?
These AVMs are provided by third party, public data companies. At times, they could have a lack of public data on a given property. Though this is very rare, it can occasionally happen.