20 Minute AI Appraisals Are Coming

[cashcatz]

I had a conversation with two smart young guys backed by ycombinator last Friday. They are really green when it comes to the appraisal industry but are working on a very interesting app for inspection that uses a combine of lidar, vision image classification and natural language note taking. So you can walk around and talk/dictate at the same time lidar maps out the interior and camera takes photos and annotates them.

If anyone is in the Bay area and willing to chat with them and try the app in person (iPhone only), send me a PM and I'll put you in touch.

 

[J Grant]

I had a conversation with two smart young guys backed by ycombinator last Friday. They are really green when it comes to the appraisal industry but are working on a very interesting app for inspection that uses a combine of lidar, vision image classification and natural language note taking. So you can walk around and talk/dictate at the same time lidar maps out the interior and camera takes photos and annotates them.

If anyone is in the Bay area and willing to chat with them and try the app in person (iPhone only), send me a PM and I'll put you in touch.

IT sounds cool and I might use it one day - but - I have been doing this a long time and note that the more help appraisers get, the less money they make - it does not increase fees or volume and tends to decrease fees as a non appariser can click a key or use an app. What appraisers sell is their market expertise and experience from field work integrated with analysis that WE do -and accomplishing any of it 15 minutes faster is not putting money in our pocket, especially since we have to pay for these products.

It might benefit CDC collectors more -or benefit appraisers at some point if there are any left -

 

[Non Sequitur]

I had a conversation with two smart young guys backed by ycombinator last Friday. They are really green when it comes to the appraisal industry but are working on a very interesting app for inspection that uses a combine of lidar, vision image classification and natural language note taking. So you can walk around and talk/dictate at the same time lidar maps out the interior and camera takes photos and annotates them.

If anyone is in the Bay area and willing to chat with them and try the app in person (iPhone only), send me a PM and I'll put you in touch.

They are working on a similar app, and he is a resi appraiser so I would think that puts him ahead of the curve. And I'm not sure how far along they are but Opteon was working on a field based app with the idea to submit the report right after inspection.

 

[J Grant]

They are working on a similar app, and he is a resi appraiser so I would think that puts him ahead of the curve. And I'm not sure how far along they are but Opteon was working on a field based app with the idea to submit the report right after inspection.

How can you submit a report right after inspection if you have not done the analysis yet?

And even if you can, do you think that ability will increase volume or increase fees? Figures that computer geeks and profiteers are developing these apps, they are not appraiser and they just see $ in it, - they might be disappointed on that end.

 

[cashcatz]

and he is a resi appraiser so I would think that puts him ahead of the curve.

Maybe, maybe not. The lidar / machine learning / image classification things take hard tech skills.

Opteon was working on a field based app

Their Jaro order management app is terrible. They poorly copied some features from Appraisal Inbox (my platform) and they charge $15 per order which is insane.

they just see $ in it, - they might be disappointed on that end.

You are correct about this, there's no money in it. At least, not very much

 

[J Grant]

We get so much help now ! !Who knew we needed it, right?

All these people are willing to do the work for us!! Use our app, they say. Trust our software chart of dots that look like toddler art or a chart that looks like an EKG for market condition adjustments !! WE have an app that makes all the adjustments, or even picks comps and writes comments with a prompt !! And an army of CDC collectors stands waiting to do the inspection!!

We can sit in pajamas at home all day! Just press a few clicks, and send.

The catch is we made $20 for each order and only got three orders a week. Uh oh, they just shut off my utilities because I couldn't afford to pay the bill and so the report won't be sent - so murh for efficiency.

 

[glenn walker]

RCA is our premier high tech appraiser located in the Bay Area of California and he could test drive this and report back with a 65 page AI enhanced thesis on if and when this Gizmos ready for marketing. Lol

 

[cashcatz]

Well this does not give me a whole lot of confidence in whatever it is that Aivre is doing:

 

[Non Sequitur]

Well this does not give me a whole lot of confidence in whatever it is that Aivre is doing:


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I haven't tried it yet but plan on test driving this week. From the little research I've done, they have some VC money behind them.

 

[cashcatz]

I haven't tried it yet but plan on test driving this week. From the little research I've done, they have some VC money behind them.

I've seen too many VC funded appraisal tech funded companies get their butts handed to them. This industry is just not large enough to justify anything other than bootstrapped self-funded. Unless their plan is to harvest our data and resell it (the most common play) and/or try to replace appraisers.