Zaxia provides valuations through the use of an automated valuation model (AVM) for commercial, or income-producing, real estate. For the calculation of the value of a given property, the model makes use of information input by the user, or operator. It also makes use of data and formulas that are housed in the system. Zaxia provides a report that details the analysis of value, with payment for reports through a credit card system.
Information input by the operator is maintained in confidence in the archives of Zaxia. The information input by the operator is accessible to the operator to update the valuation of a property at a later date. The inputs made by an operator, the Market Value Outputs shown to the operator, and Zaxia Reports made for an operator are not divulged to others.
Information input by large numbers of operators may be aggregated, or grouped, by Zaxia to produce average data concerning rent, vacancy, and expense levels for a given region or a property type. Aggregated data of this kind may appear in a Zaxia Report.
A Zaxia Report is intended primarily for the analysis of income-producing properties with simple income streams. It is less well suited to the analysis of properties that are leased at rates that differ from market rates or for properties at which rent levels are likely to vary widely in future years (as in the case of rental properties scheduled to experience substantial step rent increases). It is not suited to the valuation of properties that are usually non-income-producing, like development land, schools, and single-family houses.
Zaxia makes use of the inputs made by the operator for the description of the property that is implemented in the value calculation. The accuracy of the description of the property, including financial inputs made by the operator, is the responsibility of the operator.
The Market Value Output applies only to that part of the property that produces the income stream. If a property includes other substantial sources of value (i.e., surplus land that is not rented but that may be sold or developed), the value of these is not included in the Market Value Output.
The Market Value Output that is provided in a Zaxia Report is effective on the date that the report is made (rather than on earlier or future dates). Valuations are provided for properties in the Greater Boston area. Values are expressed in U.S. dollars.
The Market Value Outputs and Zaxia Reports are not reviewed by personnel at Zaxia before they are presented to the operator. They are the product solely of the operator's inputs, of aggregate data housed in the system, and of automated methods of analysis. Personnel at Zaxia test the system for accuracy. They do not review individual valuations. If a Market Value Output or Zaxia Report is to be used in financial decision-making, Zaxia recommends that the output or report be reviewed by an appraiser or other qualified real estate professional familiar with the method of analysis, so that the results may be tested for reasonableness.
The inputs made by the operator (the party accessing Zaxia on the Internet), as well as the value calculations and reports made by Zaxia from the operator's inputs, are kept in confidence by Zaxia. They can be accessed only by the operator and by staff at Zaxia. They are accessed by the operator by means of the file name and password maintained by the operator.
Zaxia aggregates, or groups, information from large numbers of operators to produce ranges and averages applicable to properties within a given property type. (That is, Zaxia may group inputs from a large number of operators. Grouped data may be used to produce a range of costs, for instance, of property insurance for small multi-family buildings in Greater Wichita.)
Adjudication of any disputes is in the court system of the state in which Zaxia maintains its home office.
Zaxia requires that the operator understand and agree to the terms of use explained above before making use of the automated valuation system. By making use of the system, the operator acknowledges his or her agreement to the terms.