Valuation as a Service (VaaS)
The patented valuation engine of the world’s largest and most sophisticated mass appraisal jurisdiction.
Valuation as a Service – VaaS – is the analytical valuation engine for the world’s largest and most sophisticated mass appraisal jurisdiction, Ontario, Canada. Developed and refined by MPAC over a period of 5 years and at a cost of several million dollars, VaaS is a high-speed, flexible analytical engine designed for the property assessment and taxation domain. Delivered as a 100% cloud-based, fully Open Source offering running on Amazon Web Services on a “pay for what you use” basis, this patent protected and exceptionally disruptive valuation technology eliminates the need for local hardware and expensive software licenses which may cost jurisdictions millions of dollars and many months on a critical path timeline. This means we can deploy for you a custom assessment and valuation solution in record time, with little or no upfront costs or training requirements.
- Rapid deployment time
- Cost effective as no vendor software or hardware to buy
- Multitude of use cases ensure VaaS relevant for any jurisdiction in the world
- Handles a diversity of data sets, including non-traditional data if property data is not available
- Developed and supported by North America’s largest assessment jurisdiction, MPAC
- Proven effective
- Permits greater frequency in valuations
- Unique “try-before-you-buy” engagement model via proof of concepts managed by Axilogic
VaaS is much more than simply a Cloud-based Computer-Assisted Mass Appraisal (CAMA) offering. Today, all other commercial CAMA offerings, whether software or cloud-based, are nearly 100% reliant on high quality property state and condition data, with valuations generally derived from the interplay of five key variables: location, lot dimensions, living area, age of property and quality of construction. Until recently, absent high quality, structured property data, a jurisdiction was unable to move forward with a progressive system of property assessment and taxation. With VaaS and the combined Axilogic/MPAC “Big Data” analytical expertise, we can use non-traditional datasets to render quality valuations, therefore ensuring that even the smallest or least developed jurisdictions enjoys the substantial benefits associated with property taxation while avoiding the enormous upfront expense and effort of collecting property data.
VaaS can efficiently process:
- Large quantities of data
- Data in any format and in any location
- Incomplete and/or low quality data sets
- Non-typical data for property valuation:
- Property state and condition
- Sales transaction data from land registry
- Social media data
- Demographic data (age, religion, gender, etc.)
- Socioeconomic data (e.g., school ratings, crime statistics, traffic data, weather data, transportation data)
- Unstructured data (free form text)
- Image data (property images)
- Spatial data (parcel fabrics)
- And more….
VaaS is designed to support any model type that can be run in the globally standard R statistical language. Models include but are not limited to:
- Typical linear regression models.
- Risk models.
- Behavioural predictive models (e.g., models that monitor inspector and collector results to identify and reduce non-compliance, abuse and fraud).
- Self-learning models that evolve themselves based on streams of input data
The flexibility, power, cost effectiveness and speed to readiness of VaaS is paramount and enables more than a dozen use cases that span the gamut from VaaS as a platform to consolidate and centralize assessment regimes in a country, perform quality assurance and reduce IT spend and vendor dependency, to a tool that can be used to optimize tax yield, adjudicate the veracity of Stamp Duty remittance and establish a first-of-a-kind property assessment and valuation regime.
Through the terms of our Joint Venture with MPAC, we are empowered to establish and support VaaS sites around the world, including in the most advanced countries to the smallest of developing nations. Please see our document, VaaS Use Cases, for more information on the many ways in which VaaS can be deployed in jurisdictions large and small.
AXILOGIC ASSESSMENT CORPORATION, 10620 YONGE STREET, BOX 30608, RICHMOND HILL, ON, CANADA, L4C 3C9
AxiLogic Assessment Corporation is a proud member of Axilogic Group (www.axilogicgroup.com)