Kyabram, Victoria-based property valuer LG Valuation Services wanted to improve its service by taking away bias from the equation.
The company turned to long-time IT provider Advance Computing for an AI-powered solution to enhance its own proprietary valuation system, Valorise.
LG has been a customer for six years, tapping Advance to co-develop Valorise, a municipal valuation software solution. It also remains one of Advance’s three main product offerings aimed at the real estate sector.
As a Microsoft partner, Advance brought in Azure cognitive services, specifically Azure Machine Learning Service, Logic Apps and Application Insights.
“We found [Azure’s AI offerings] were a great fit for LG, especially on the software point of view, Advance Computing director Chris Motton told CRN.
“It was really just a case of spinning that up and turning the features on in their existing environments, as opposed to having to re-engineer something from scratch.”
One of the platform’s main features is identifying which data has the most influence on the accuracy of predictions, so LG can focus on collecting the right data to feed into Valorise.
LG chief executive Marcus Hann said the Azure platform is helping to enhance overall accuracy and ensuring valuations are free from bias.
“I think we're quite staggered as to how quick and easy and accurate it could be,” Hann said. He added the insights helped ensure property owners were not being overcharged for rates or land tax.
“We use the machine learning to inform us about errors with our models,” Hann said. “It is significantly increasing the confidence in the outputs we're able to put forward for councils.”
Motton said the Azure solution is also now part of its Valorise product, LG and other prospective customers should expect plans to further improve, adopt and rely on the models.
“It's also showcasing the talent that we have in regional Australia. This is a great example of using AI in local government, and the outcomes are fairer ultimately for the rate payer and I think everyone would appreciate that,” Motton added.