20 Minute AI Appraisals Are Coming

[ucbruin]

How many times have we read Forumites say they know the market area so well....
That they don't even need to "see" the subject to determine a value....

 

[Tom D]

You don't see things in your day to day work that computers would have difficulty with? If that is the case then I question what you do and how you work.

They just had a quantum computer find an answer that would take a million years for a normal computer to do. Everyone's a value expert now, so what's difficult about that. The perception that a computer could be better, will be stronger than the actual problems it may cause. We are standing on the beach, wih a tidal wave coming at us and wondering what would be the difficulty with it and what i will do and work at that moment. Run appraiser, run.

Just look at the covid vaccine, oh wait it not really a vaccine, but the faked perception was accepted by a lot of people.

 

[Vermonter]

You don't see things in your day to day work that computers would have difficulty with? If that is the case then I question what you do and how you work.

You don't see computers improving exponentially everyday? If that's the case, then I question what you do or how smart you are.

 

[Zoe]

There are so many variables in the appraisal process, it is hard for the computer to correlate all the variables including the best comparables.

There is no computer that compares to the human brain. The human brain is literally the most sophisticated computer.

Just look at geography differences alone within the subject market. Market value on real property is constantly changing.

 

[Joe Flacco]

The problem is you old heads never learned how to apply appraisal methods to all the new data since modern MLS.

If you think what you do doesn't have any value over automated processes then yes you should be worried.

 

[Vermonter]

The problem is you old heads never learned how to apply appraisal methods to all the new data since modern MLS.

If you think what you do doesn't have any value over automated processes then yes you should be worried.

Doesn't matter if what we do has value over automated processes. That added value diminishes daily.

When the two overlap and all things are equal, the AI hype train wins over the old heads every time

 

[J Grant]

Are you sure that book on AI you keep referencing is from this decade?

Glorify it all you want, but reality is all an appraiser does is data collection, data entry, data analysis and data reporting. All things on the top of the list of jobs current AI can easily replace.

If that is what you do, compile data and report it, then you are not developing an appraisal - even if you managed to earn a license. An appraiser is supposed ot analyze and apply market-derived reasoning, not simply do a fuflil a checklist of rote steps -

 

[J Grant]

Doesn't matter if what we do has value over automated processes. That added value diminishes daily.

When the two overlap and all things are equal, the AI hype train wins over the old heads every time

Quite the pronouncments you are making - to tray out an AI-trained assistant and tell it to do an appraisal and then show us the results !

 

[Vermonter]

If that is what you do, compile data and report it, then you are not developing an appraisal - even if you managed to earn a license. An appraiser is supposed ot analyze and apply market-derived reasoning, not simply do a fuflil a checklist of rote steps -

You didn't even read my comment you quoted-

Glorify it all you want, but reality is all an appraiser does is data collection, data entry, data analysis and data reporting. All things on the top of the list of jobs current AI can easily replace.

And I'm not even saying an AI appraisal would be superior to a human appraisal, just that there is going to be a point where they will be good enough for the end user to be done with us. And that time is approaching faster than any of us think.

Quite the pronouncments you are making - to tray out an AI-trained assistant and tell it to do an appraisal and then show us the results !

Just because you or I don't know how to train an AI to perform an appraisal, doesn't mean it can't be done. These videos aren't appraisal specific, but lay out how you can use multiple agents to perform more complex task like an entire appraisal report-

 

[Joe Flacco]

Look at the Pacific Palisades thread and data. I don't think that AI is going to be able to pick up on those micro level differences. What is observed there is a really great example of buyer / seller behavior for urban residential properties. What you see there is what happens everywhere at the micro level. That is just how residential real estate is.