Westmarq is seeking to establish itself as an independent challenger in the property valuation market following a change of ownership and the launch of its new brand.
The surveying business said its independence would allow it to invest in technology, infrastructure and staff while developing valuation services around the differing requirements of mortgage lenders.
Mortgage Soup reported Friday how Westmarq marked the rebrand with an event at London’s Sky Garden, where its management team set out plans to expand the business and argued that greater competition was needed in the valuation sector.
CALL FOR GREATER COMPETITION
Richard Sexton (main picture, right), managing director at Westmarq, says: “We’ve got a duopoly in the market, but this stifles innovation. We’re not in that space. We offer something else.
“The change in ownership means we can now look at the business differently. Previously, the business was seen as non-core and, as a result, we were effectively treading water. That’s changed. We have the ownership, management focus and investment behind us to build the business we want to build.
“The rebrand is an important part of that. Westmarq gives us an identity that reflects the business we are becoming and the proposition we want to take to lenders.”
The company plans to combine physical and desktop valuations with greater use of property data, automation and machine learning. It has offered desktop valuations since 2017.
Its Property Decision Engine uses property and risk data to determine which valuation route should be used for individual cases, with professional oversight applied where properties or circumstances require closer assessment.
Jamie Elliot (main picture, middle), chief operating officer at Westmarq, says: “We want to stay nimble and innovative. There shouldn’t be a one-size-fits-all approach because lenders have different requirements and different risk appetites.
“We’re here to facilitate lenders. We want to build the technology and capability that allows us to respond to what they need, without becoming overly corporate in the process. We don’t want to lose that flexibility as we grow.”
TECHNOLOGY AND PROFESSIONAL JUDGEMENT
Elliot says the company’s investment in technology is intended to improve the efficiency of valuations rather than replace professional judgement across all cases.
He says: “Success for us is about getting the most out of the technology and infrastructure we have, while continuing to provide the quality and professional expertise that lenders need.
“Technology should make the valuation process more intelligent and efficient. It shouldn’t mean applying the same approach to every property. The value comes from knowing where technology can do the job and where you need experienced professional judgement.”
Westmarq also intends to place greater emphasis on working with lenders to develop valuation services around their individual requirements.
Paula Matthews, strategic relationships director at Westmarq, says: “If there’s one word, I’d want lenders to associate with Westmarq, it’s partnership.
“We don’t want to be a supplier that simply receives an instruction and sends a valuation back. We want to understand what lenders are trying to achieve, work with them on their requirements and build relationships that allow us to develop the service around them.”
Main picture: Tommy O’Sullivan, managing partner, Beach Equity; Jamie Elliot, chief operating officer, Westmarq and Richard Sexton, managing director, Westmarq.
