Appraiser Genie Is Awesome!

[Jerred Batten]

One of the RA companies last year put together this wonderful presentation about how good their product was. They had a professional video where the subject property was located in a very cookie-cutter area of Denver, CO.

It turns out that their slick presentation resulted an adjusted range of values for the comps that was WIDER than the unadjusted range of the comparables.

If these companies can't get these things to work in a cookie-cutter neighborhood with hundreds of sales how is it going to work when there are limited sales.

I have not seen a successful demonstration of one of these products yet.

It should also be remembered that one has to be able to explain how the program works and know about statistical analysis in order to use it in reports.

I am just waiting for someone in a legal case to use one of these programs, it will be a fun day in court.

As with every industry today, it's moving to computer based, that's a fact. Genie is simply a calculator, nothing wrong with using a calculator.

 

[Michigan CG]

Genie is simply a calculator, nothing wrong with using a calculator.

No it isn't simply a calculator. Can you get out a piece of paper and duplicate the results?

 

[Jerred Batten]

No it isn't simply a calculator. Can you get out a piece of paper and duplicate the results?

Yes, you could. They use formulas from the Columbia Institute and Appraisal Institute which are clear as day in the software. I'm just saying, they don't just whip up calculations for the exact reason that you need to understand it and it needs to be legit.

 

[Elliott]

Just like CU can try to second guess an appraiser and usually misses the mark, it is doubtful a statistical analysis is capable of picking up the realities and subtleties of a local market. I don't use Total, but my software does a UAD/CU check for rules and consistency and doesn't tag me for $5. Its nice to push a button and have info populated, but then you have to worry if its right.

 

[Eli]

Yes, you could. They use formulas from the Columbia Institute and Appraisal Institute which are clear as day in the software. I'm just saying, they don't just whip up calculations for the exact reason that you need to understand it and it needs to be legit.

That don't impress me when it comes to statistical analysis. Now, relative to appraisal methodology and recognized techniques and methods of appraisal practice, I would have a different opinion. If they sat on a board of doctors of statistics and economics, I would be impressed a little more. Not a great deal more depending on whether it is garbage in and garbage out or how much garbage in.

 

[Michigan CG]

They use formulas from the Columbia Institute and Appraisal Institute which are clear as day in the software.

Um, I have taken the AI stats class and it is very general and only two days. The RA used in these programs is advanced statistics that is taught in college classes.

 

[Howard Klahr]

the Columbia Institute

Now that is a ringing endorsement.

 

[J Grant]

As with every industry today, it's moving to computer based, that's a fact. Genie is simply a calculator, nothing wrong with using a calculator.

YOU are moving "it " to computer based if you put in computer based adjustments right into your report without developing your own. Be careful what you wish for....once a larger number appraisers do that, clients will soon figure out they don't need appraisers if all an appraiser is doing is feeding comp addresses to a software program that then takes over and auto populates the report (including comments in many cases) .

Software form filling to input data is one thing. But using adjustments, weigthing of comps etc to arrive at value direct from a regression or statistical program is another thing , its basically turning over the appraisal to a software program (which is not the same thing as using a calculator)
I see you are a trainee license and also an enthusiast for this program, I imagine if one relies on auto population it allows one to turn out a high volume. Maybe that indeed is where the field is going..but if it does, then populated form software where software makes the adjustments, may also pick comps, weights the comps in reconciliation etc are not really an appraisal. It is an AVM populated into a URAR form with a signature.

 

[bnmappraisal]

Software form filling to input data is one thing. But using adjustments, weigthing of comps etc to arrive at value direct from a regression or statistical program is another thing , its basically turning over the appraisal to a software program (which is not the same thing as using a calculator)
I see you are a trainee license and also an enthusiast for this program, I imagine if one relies on auto population it allows one to turn out a high volume. Maybe that indeed is where the field is going..but if it does, then populated form software where software makes the adjustments, may also pick comps, weights the comps in reconciliation etc are not really an appraisal. It is an AVM populated into a URAR form with a signature.

 

[bnmappraisal]

I haven't used this program/service yet, so I didn't vote. I've considered it and others out there to "help" in my report, but haven't pulled the trigger yet.