A new franchise uses the internet to speed up the process of property valuation

Property investors will soon be able to obtain valuation reports more quickly to help them decide whether to make conditional offers on properties - thanks to a new franchise system using automated business systems.

There was a positive response last week to the launch of the new system at The Property Institute conference in Wellington. It's been developed by a new valuation franchise company, Property In Depth, and the first few keen franchisees may be signed up in a few weeks, director Steve McNamara said.

He and fellow company founder Steve Tucker unveiled their plans for the new franchise last Thursday and hope to have it up and running in a few weeks.

The two men are promoting the efficiency of using a wireless internet-based report writing system. As a result some valuers will be able to increase the amount of work they do or use the time they save for other activities in pur- suit of "work-life balance," Mr McNamara said.

The franchises will cost $45,000 and there will be 40 franchise areas based on the boundaries of territorial authorities.

Mr McNamara estimates that people who use the software will reduce reporting time about a third.

The franchisees will be supported by a nationwide brand and marketing.

Mr McNamara said the increased efficiencies will be a boon to clients too. It will eliminate the often significant delays between requesting a valuation, waiting for a site inspection and the subsequent writing of reports in the office.

The turnaround time should be hours instead of days and this is likely to speed up some transactions where buyers are contemplating making conditional offers.

Mr Tucker and Mr McNamara are senior members of the Property Institute.

In 1999 Mr Tucker set up a company specialising in depreciation apportionments for property investors, called Valuit Asset Appraisals. He was joined a year later by Mr McNamara, who said its pioneering use of Technology and new business systems prompted the formation of the new franchise.

WIRELESS: Steve Tucker (left) and Steve McNamara's franchise is based on pioneering use of new technology

Chris Hutching

The National Business Review, July 15, 2005. Page 42