Comp Cruncher

[Lloyd Bonafide]

Comp Cruncher, ZAIO, AVMs, Zillow, etc: they are all kind of similar. They all try to estimate the value of a property without an appraiser actually going inside. Some charge a price for the service and some don't. The one that involved appraisers was a total disaster, (ZAIO) .

I guess they all have their place to some extent, but I don't need or want them. There is and always will be a need for appraisers to personally inspect a property. That's how buyers do it 99.9% of the time, right? What buyer wants to buy a property without looking inside? To be accurate on the value, an appraiser needs to go inside also.

 

[The Warrior Monk]

Amazing. This is why you are vendors and not in control of your industry. You are a labor pool being harvested. Not that CC is the answer, but new technology that you could leverage comes along and what to you do? Hitch up your Amish team and gotomeeting to decry the advancement.

Some people do, in fact, just bash everything that comes along. However, there are many others that investigate what comes along to determine whether or not it is useful.

On this forum, Zaio is the epitomy of this. There were many very insightful discussions on the matter, which in the end turned out to be correct.

Also, there are two parts to the discussion in the real world. One is usefulness. The other is profit. If you embrace the technology but can't make a profit, you'll end up riding that Amish buggy anyway.

Meanwhile, the work is going to non-appraisers that you could be doing but you wont even try, cuz it's not what you are used to, then want the government to save you?

The problem with the non-appraisers doing the work is that you end up with a non-appraisal. I'm sure there are some non-appraisers doing a fine job, but all of what I've seen is pure, unadulterated, bilous garbage. If that is the standard, it is quite simply impossible to compete with that as a competent, ethical appraiser.

Ever heard of free market dynamics?

Sure...shortages of competent appraisers are starting to manifest.

What are you offering to clients besides "just say no, to avm and BPO " cuz, well, I'm an Appraiser, and that should count on it's own, right?

Clients that want an AVM/BPO don't want an appraisal, and in my own case I can't be bothered try to convince them that they need a $45 appraisal. I'm sure some will...knock yourself out.

BTW, how many of these "appraisals" that you are advocating do you do yourself per annum?

 

[Caterina Platt]

Hello,

Well, here's my take for what it's worth. I just sat through the webinar put on by Valocity and Bradford. I have to call BS on a few things stated.

First, this product was touted as something that could be used in divorce cases. Well, I suppose if you're going to attempt supporting your value with a minimal product, but not something most of us who do divorce work will feel comfortable with.

Most of all, Bradford's representative tried to claim this regression model would work in areas with minimal data such as rural properties. Wow. Anyone who's done any work with statistics and rural properties has to know that can't be accurate.

While I can certainly agree that we appraisers need to come up with a product that suits our clients needs and it may not always be the full Cadillac version, I agree with what others have stated thus far, I'm seeing shades of Zaio with this particular product.

I have other questions:

Will there be a potential for data mining from our reports by Bradford?

Where does Bradford's 'robust' data come from?

Are we going to be unwittingly perfecting Bradford's data in our reports? Does it get delivered through their servers?

I'm not sold on this product.

I talked with Alamode a few minutes ago, and they have a competing product in the works. No ETA as of yet, but they're on it.

We'll see.

 

[LI-Appr]

Comp checks for $100 anyone?
Then you don't need a cruncher or an AMC. But what fun would that be. Valoocity and Bradford would not make money. I am sure 1st AMER will come up with something.

 

[Caterina Platt]

Honestly, I don't see this as the garden variety $45 dollar desktop attempt at comp checks like Rels was trying to pass off. I do see a viable product niche that could develop here say in the $175-250 range.

In a car analogy, I'd say we'd be looking at the Ford Taurus rather than the Yugo. We are hearing that clients would rather have an appraiser involved than utilize BPOs. Is that due to E & O? Sure, probably to some degree but also for the reasons we appraisers have been hollering that the BPO is inferior. No professional standards, minimal training, unreliable results, etc. BPOs are the Yugo at best. Far more likely to be lemons. The Yugo was junk. The Taurus was a sufficient vehicle with a good reliability rating and broad market appeal. Not top of the line, but then not all clients could afford or required the Caddy.

I'm just not sold on this Valocity/Bradford partnership thing. $500 training, $25 per report, a marketing schpiel that isn't entirely credible. It left me feeling like I'd been 'seminared'. 'Please get with Brian TODAY to take advantage of our limited time discount. Get on board!!'

 

[lmurry]

Caterina,
I have read your comments an I will get to them shortly. First I want to address Kpmalone's comments. I do not understand people to would sit back and deny themselves opportunities because they think someone else is getting ahead. You sit on your duff and complain about Bradford while the AMCs rip you off. I really want to say you are ignorant, but perhaps you are just not thinking.

Now Caterina, I was not privy to the webinar because I just put in an application to Valocity. But I was on a webinar for two hour before that event and for the past three weeks.
1. Those of us who have certified to use this appraisal software are well aware that it is not the be all to end all. It is not the best for rural areas; it is not the best for unique properties; It is a good initial report for litigation of all kinds in the discovery phase. If a more complex inspection is warranted than an inspection is done at extra charge. That means it can be used in divorce.

2. The reports do not go to Bradford. They go to the client the same as a 1004 or any other report. Bradford is not the client; and, it doesn't get delivered through their server.

3. The data is imported from your local MLS.

4. If it is sooooo bad, why is Ala Mode working on a competitive software?

5. I am not sure what Zaio is or was. I understand that the company was selling territories or something like that. I can tell you that if you want to compare it to something you are familiar with it would be the 2055, except you don't have to drive by unless the client request it.

6. For myself I am marketing for Helocs and any other valuation service that do not involve GSEs.

Now you might wonder what kind of result am I achieving. Well it is an uphill battle, mainly because the attitudes like the ones that have shown up here since I brought the whole subject up. I would bet that most of you have never even seem the CVR.

Finally, not everyone is capable of being a visionary, pioneer or trailblazer. If you think the software is not for you, then stay away.
I hope that answered some of your questions.

 

[TJSum]

The Taurus was a sufficient vehicle with a good reliability rating and broad market appeal. Not top of the line, but then not all clients could afford or required the Caddy.

But when an appraisers signature, license and E & O are on the line, can the appraiser afford not to produce a Caddy? When an appraiser signs off on the value, IMO the client is seeking a caddy at Taurus pricing.

 

[Caterina Platt]

Imurry,

Don't take my cynicism personally. Really. I do see a need for this type of product. I'm just wary of folks who are all too happy to seperate us from our money. Which, btw, your comments are interesting. Part of the webinar stated there were clients waiting in the wings for this product. You shouldn't necessarily be having to beat the street to recoup your investment.

Hmmm.

 

[Caterina Platt]

But when an appraisers signature, license and E & O are on the line, can the appraiser afford not to produce a Caddy? When an appraiser signs off on the value, IMO the client is seeking a caddy at Taurus pricing.

Scope of work and extraordinary assumptions.

 

[lmurry]

I just had an after thought. Is this about the CVR or is this a Ala Mode/ClickForm conflict? This is ultimately about survival or a personal and professional level.