Denver-based Integrated Asset Services, LLC said Wednesday that it had rolled out a new “Conditioned Valuation Model” (CVM) — a first-of-its-kind integration of automated transparent property analytics with human observation. The CVM is uniquely positioned along the continuum of existing property valuation products between the widely-used Automated Valuation Models (AVM) and Broker Price Opinions (BPO), the company said in a press statement. At half the price of a standard BPO, the new CVM targets those business applications requiring more than an AVM but less than a BPO. “Black Box” AVMs often don’t disclose supporting data and valuation methodologies, leading to what IAS characterized as “questionable and unsubstantiated property values.” “Traditionally, the industry has had the choice of a more expensive human-based solution, or faster and riskier automated solutions. But the current mortgage industry requires these two valuation approaches interact intelligently and at the right price point,” said Dave McCarthy, CEO of Integrated Asset Services. “We’ve combined revolutionary valuation technology with objective third party property inspection services to produce what we believe to be the first humanized automated valuation for residential property at a reasonable price.” The CVM product is the first entry in a new suite of IAS Integrated Valuation Solutions that IAS plans to roll out in the months ahead. The valuation formula integrates accurate, transparent property data from IntelliReal, IAS’s technology partner, and provides accurate real estate intelligence supported by comparable sales, neighborhood analysis, current neighborhood sales, and active listings. These analytics are then combined with a hands-on inspection performed by a third-party property inspection firm, including photos on the subject and its neighborhood condition, occupancy status, and conditions that impact value. The data resulting from the third party inspection directly influences the automated valuation estimate, solving a long standing problem of the AVM: the lack of real-time property condition information. “The market has suffered by blind reliance on traditional AVMs. Today’s market requires transparency and innovation in the approach to valuations, including the integration of human observation,” said Ric Miles, CEO of IntelliReal. “With a 14 year track record of delivering quality valuations and services nationwide, IAS is ideally positioned to deliver this new type of integrated solution.” IAS has been busy this year. The Denver-based firm launched its own IAS360 Home Price Index last year, which pulls pricing data down to specific neighborhoods, and recently rolled out CDA Credit Due Diligence Analytics, a due diligence service for the mortgage industry. Write to Paul Jackson at [email protected].