Paul Marshall

Twenty years ago, home valuations as part of the bond approval process were a time-consuming affair. They involved a physical visit to the property by an evaluator from the bank, and the subsequent writing and filing of a report, all to inform the loan decision. But then there was a data-driven disruption.

Collaborating with a geographic information systems (GIS) consultancy, a small group of entrepreneurs created an automated valuation model that would shorten the lender approval period. In 2005, Lightstone was formed by Anthony Miller, Trevor Holmes and Andrew Watt, and later merged with the GIS consultancy. According to Paul Marshall, MD, Lightstone Property, the three founders saw an opportunity to streamline the valuation process by creating an “algorithmically, analytically determined value, based on whole datasets.” He says the idea was to make life easier and the task faster for estate agents and home buyers, and improve efficiencies, thus making banks more competitive. “It was very much around the automated valuation model, servicing bank needs. From there, the business grew, because as we worked with the banks, we started to understand other efficiency enhancements we could provide.”