Appraiser Genie Is Awesome!

[J Grant]

I work in a populasted area and experience much the same. What starts out seeming to be a "cookie cutter" usually has some feature, or adverse aspect, or quirk about the subject property.

And if that is not the case, if there is true conformity, often that means there's an over supply, or it's new construction with its own set of issues..

There are no "cookie cutter" appraisals...though some are more straight forward than others. I'll be happy to try Genie at some point, but the OP's cheer leading for it seemed biased...I suspect they are associated with the company or
work/promote a speedster appraisal mill. Maybe that is not the case, but his likening a software program doing all the adjustmetns and populating with them to using a calculator...oy.

If he's with the company, just come out and say it. Say we make a great product that will save you time. Or pay for an ad.

 

[Michigan CG]

...I suspect they are associated with the company

HHmmmm....Joined Monday, first post started this thread.

 

[Deleted member 128537]

These appraisal programs in my area would work like a stubbed toe. My area is so diverse and non-homogenous that trying to do an AVM is next to impossible. Much of what we learn in doing appraisals in my type of county is as much art as it is mathematical. It's hard to explain the subtle differences in waterfront properties and frontages; let alone come up with some mathematical formula for making adjustments. We do far more qualitative analysis on sites than quantitative analysis in my market because of this. And that only comes by years and years of doing it. No Genie can think in that way.

 

[Tim Hicks (Texas)]

Flawed poll? Where is "none?"

 

[Jerred Batten]

Or that appraiser Genie or similar not just helped, but did the report?
These days with computer assist and auto populating software ( and software that puts in contents and adjustments), the disclosures are way behind the time. URAR and USPAP are about assistants, did trainees help, disclose how much an assistant contributed etc. What if a computer did basically the entire report and you just signed, maybe picked out the comps? They really need to start demanding complete disclosure on it, otherwise nobody knows how much of a report was auto populated by computer calculations, all the way up to and including reconciling value.

If it became accepted practice as disclosed, I'd love to press CLICK, have my report done, and sign it, lol.

When you use your own Excel spreadsheets, Datamaster, etc. do you disclose the use of those? Genie is just a tool that helps you. YOU define the neighborhood, YOU decide if you want to use adjustments they provide, etc. This is completely up to the user as to how they want to use Genie. You can edit/change anything you want or simply not use some things but you still get the full documentation as to whether you want to use it or not. I guess that's why I'm confused on the concern with using the software. You're in control.

 

[Jerred Batten]

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.

Your AVM comment is wrong. Genie doesn't auto pull anything. You have to import the neighborhood search data before it has anything to use. Genie doesn't do everything for you. It's your job to define the neighborhood, select comps, and decide against public and MLS data. Anything can be changed to recalculate everything from depreciation to cost approach. I don't use everything Genie gives, I use it for form filling and 1004mc. They also use local tax assessor data for land value as well. Up to you whether you want to use it or not.

 

[Jerred Batten]

HHmmmm....Joined Monday, first post started this thread.

Not at all but I understand how you would assume that. Just a fan, that's all.

 

[Tim Hicks (Texas)]

When you use your own Excel spreadsheets, Datamaster, etc. do you disclose the use of those? Genie is just a tool that helps you. YOU define the neighborhood, YOU decide if you want to use adjustments they provide, etc. This is completely up to the user as to how they want to use Genie. You can edit/change anything you want or simply not use some things but you still get the full documentation as to whether you want to use it or not. I guess that's why I'm confused on the concern with using the software. You're in control.

You're in control, but does it really save any time if you have to monkey with the adjustments at all? Also, tax records can have lot sizes wrong many times. Do you not verify the correct lot size for your comparable sales?

 

[Tim Hicks (Texas)]

Your AVM comment is wrong. Genie doesn't auto pull anything. You have to import the neighborhood search data before it has anything to use. Genie doesn't do everything for you. It's your job to define the neighborhood, select comps, and decide against public and MLS data. Anything can be changed to recalculate everything from depreciation to cost approach. I don't use everything Genie gives, I use it for form filling and 1004mc. They also use local tax assessor data for land value as well. Up to you whether you want to use it or not.

Importing lot value from tax records? That is not the proper way to estimate lot value, but can be used as a reference point when there are no relevant lot sales. So, basically you are saying it can be helpful except for all times it adds time for you correcting data that is not correct.

 

[Artemis Fowl]

I tried to create an auto-appraise button once. I couldn't trust the results of my own creation and I knew it inside-out. How on earth could I trust someone else's button? It fails for all the above mentioned reasons. Our data is too imperfect. Sometimes the results make sense...the danger is that it becomes way too easy to rely on those results due to ease of use in cases where results will be questionable. You need to assume that the results are reliable in order to realize any significant benefit. I found it always prudent to double-check and that ate up any time savings. Best thing that ever happened to my application was moving to a new market. Scrapped it and started over as toolsets for situational use.

Interesting thing is...I now have access to a database merging MLS and assessor data that would make most statistics-minded appraisers drool and I find myself giving more and more weight to qualitative analyses. The numbers support the logic...not the other way around. EDIT: Not very well said...they should support each other. Man someone needs to say what I mean for me. It's Friday and I was out in this heat most of it.