Thought leadership
theroleofaitextgenerationinvaluationreports
At Envalue, we have developed an innovative approach to improve our valuation reports and boost the efficiency of our valuers. By combining AI-driven text generation with hard data from public sources, we generate accurate and informative text for our reports. This ensures that valuers can spend more time analysing and validating data rather than on time-consuming preliminary research. The only input required from the valuer at this stage is the address details. Text is generated immediately based on this information. In this blog, we explain how we use AI text generation, which prompts work and which don’t, and what the results of different prompts are.
Always the most up-to-date and reliable information
The data & analytics team continuously collects data from various sources, such as Statistics Netherlands (CBS) and the National Spatial Data Infrastructure (BAG), to ensure that our AI (which is linked to ChatGPT) always has access to the most up-to-date information. This enables us to generate structured, accurate and up-to-date texts that meet the requirements of a valuation report. The use of correct and up-to-date data is essential for generating reliable valuation reports. This means our clients can rely on the accuracy of the reports they receive. Valuers check this data and supplement it where necessary. This further enhances reliability.
Using the right prompts
An important part of AI text generation is providing the right prompts. Simply entering a query for the desired information into an AI text generator is not precise enough. As a result, the generated text deviates from the desired outcome and lacks sufficient detail. The prompt we use for an automatically generated location description in Figure 1 is shown opposite.
Figure 1
The result of this prompt shows that it was not specific enough. The words highlighted in red in Figure 1 are words we would prefer not to have in the valuation report and contain outdated data.
The right prompt and the role of ChatGPT
To achieve the best results with AI text generation, we opt for carefully crafted prompts. This ensures that the generated texts contain specific and accurate information that is relevant to valuers and clients. An example of a suitable prompt that we use for an automatically generated property description can be found opposite.
Figure 2
This prompt, combined with our most recent data, produces accurate and well-formulated text that forms the basis for our valuation reports. Figure 2 shows an example of an accurately formulated property description generated from this prompt.
The future of AI in valuations
The integration of AI-powered text generation based on reliable data is transforming the way valuations are carried out. It enhances the valuer’s efficiency, leaving them with more time for data analysis and validation. By utilising advanced AI technologies, we remain at the forefront of the market and offer our clients the best possible service. In the future, we see opportunities to expand similar automation, for example in the form of sustainability assessments (such as analyses relating to solar panels) and market analyses. Envalue also continues to invest in the development of AI technologies to ensure the quality and reliability of valuation reports.