News | 01 May 2023
PRESS RELEASE: Cyclomedia makes it as a finalist in the IRRV annual Appraisal Awards
Each year, the Institute of Revenues Rating and Valuation (IRRV) awards panel looks for organizations which have demonstrated excellence in the world of appraisal. With 6 different awards given in the “Excellence” category, the awards look to “build upon the successful schemes of recent years”.
Cyclomedia submitted a microsite outlining the solutions we offer and providing evidence to prove their success and value. And, due to our contributions to streamlining the appraisal process, we became a finalist for two different awards in 2022– Excellence in both Innovation and Rating & Valuation.
Keep reading for a glimpse of what we submitted!
The IRRV Excellence Award for Innovation highlights the work of organizations that have been innovative in implementing projects, products or procedures in the field of I.T., a partnership, or a change in working practice that has been adopted and implemented within the organization. Over 30 years ago, Cyclomedia created one of the first automated methods for capturing images of properties.
Through patented research and development, we are the industry’s first and only provider of 100-megapixel, parallax free imagery, resulting in an average positional accuracy of ±10 cm (±1 σ) and the ability to measure from the images captured with a relative accuracy of ±2 cm. As a data capture and insights provider with expertise in property valuation projects, Cyclomedia's approach enables professionals to more precisely and efficiently do their job without leaving the office, thus overcoming obstacles such as lack of transportation, time, or potentially dangerous sites. Our imagery combined with LiDAR data offers a best-in-class 3D model of any given location, making “innovative” the perfect word to describe our solutions.
“During the height of the pandemic from June 2020 through May 2021, DOF employees were primarily working from their homes. Assessors were encouraged to use technology, data feeds, and other electronic means to review sales and permits, capture construction status, and value income properties all from the safety of their homes. This included relying heavily on Cyclomedia street-level captures as well as aerial/oblique imagery.”
— Cyclomedia Customer
Rating & Valuation
The IRRV Excellence Award for Rating & Valuation looks for organizations to demonstrate they have excelled in the area of rating and/or valuation. It must be evident that the competing organizations are facing up to the ever-changing world and preparing for the challenges that lie ahead. Our solution has been successfully deployed to valuation professionals ranging from small county councils to large metropolitan cities–and even nationwide in the Netherlands!
As the world continues to change and technology evolves, valuation professionals are being asked to do more with less–less time, less resources, and more work to do. While the workload of valuers is continuing to increase, the number of staff and resources is not keeping pace. This creates a need for new, creative solutions in order to streamline the assessment process.
By having a 3D model of their jurisdiction at their fingertips, professionals no longer need to spend the time and money it takes to visit each location they must evaluate. Cyclomedia’s solutions allow them to view properties and measure them accurately right from their desktop, as well as keep an automated inventory of their assets, with substantial cost savings.
“I can say with 100% confidence that adding Cyclomedia technology to our portfolio of assessment tools has enabled us to be at par, or even exceed, the productivity of similar sized counties with field personnel up to 20% larger."
— Buncombe County, North Carolina, USA
Cyclomedia’s innovative solutions have helped thousands of Rating & Valuation professionals streamline their work in an efficient, cost-effective manner, so it’s no surprise that we were finalists in the IRRV awards. If you ask us, our solutions are nothing short of ‘excellent’!