Appraisers are cooked - HouseCanary just won

[alebrewer]

HouseCanary raises $65 million to continue automating real estate appraisals

HouseCanary, a provider of software and analytics that specializes in appraisals, announced this week it raised $65 million in its Series C funding round.

www.housingwire.com

From the CEO, Jeremy Sicklick:
"Reliably automating home valuations replaces a two- to three-week human appraisal process with instant, actionable valuations at a fraction of the price,” Sicklick said. “Consumers and institutional investors buying homes as well as financial institutions providing mortgages demand this, and we power it across America’s housing market."

 

[J Grant]

good luck lol selling it to mortgage lending, and fannie has their own inhouse...they can join Zillow offering worthless, free guestimates from the last sale / computer data to consumers...
What the heck is an "actionable valuation" ....??at least they did not mention market value....(yet)

 

[J Grant]

HouseCanary raises $65 million to continue automating real estate appraisals

HouseCanary, a provider of software and analytics that specializes in appraisals, announced this week it raised $65 million in its Series C funding round.

www.housingwire.com

From the CEO, Jeremy Sicklick:
"Reliably automating home valuations replaces a two- to three-week human appraisal process with instant, actionable valuations at a fraction of the price,” Sicklick said. “Consumers and institutional investors buying homes as well as financial institutions providing mortgages demand this, and we power it across America’s housing market."

His name is actually Sicklick? Goes along with House Canary another outfit trying to get an angle and work their way in to valuations...

 

[ramrcdk]

His name is actually Sicklick? Goes along with House Canary another outfit trying to get an angle and work their way in to valuations...

Really...just an Ad- Advertising HOW GREAT... use me use me use me

reminds me of old neon sign blinking "open" with an electrical short.

 

[Renee Healion]

Attorneys do closings here. They are efficient but their work is not done in an instant. How are they going to replace them, or prod them into canaryness?

The press release talks purchases. Can people move that fast? Nope, so what are they really offering?

 

[glenn walker]

Attorneys do closings here. They are efficient but their work is not done in an instant. How are they going to replace them, or prod them into canaryness?

The press release talks purchases. Can people move that fast? Nope, so what are they really offering?

Replace those attorneys with paralegals, they do 80% of the attorneys work anyway and get paid half as much

 

[Elliott]

I spent 5-minutes researching HouseCanary. They apparently charge $10 per report. They see lenders as their market.

I read some reviews from Glass Door, and the critical employees said this:

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

I worked at HouseCanary full-time for less than a year

Pros
Location of the office. Good Benefits
Cons
Management has big vision but very cut throat leaders leading each BU. I was hired and within span of 4 weeks a major layoff came due to a "budget issue" resulting in HC letting go over 15employees with no believable reason (I am sure with a company churning in millions they knew this was coming). This company provides false promises dont waste your time trying to get employed here. There many other startups with...
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Advice to Management
Please have a clear vision and hire accordingly. You should never play with peoples lives and careers. Also hire leaders who are empathetic and not micromanagers. Empathy is about about caring for humans and not their output.

..........................

I have been working at HouseCanary full-time for more than a year

Pros
Good benefits, Work life balance, Office location. They know how to throw a party/summer picnic since they are well funded and rich from a lawsuit.
Cons
Toxic culture. Hard to sell products. Bro-all male mgmt team hiring and promoting family friends and creating an echo chamber of fake news. Burning cash with no revenue to speak of and sales not allowed to sell products that CEO/COO don’t want. Lots of turnover of great people. Anyone who dared to speak up was fired or gave up and left.
Advice to Management
Be honest to current and prospective employees since they will see the truth when they start. Don’t treat the company like your personal pocketbook to pay your friends handsome salaries and fancy titles.

......................................

Can you imagine if your AVM came in low and reported it up the chain?

 

[djd09]

Automated Valuation Models (AVMs)

AVMs are computer programs that estimate a property's market value based on market, economic, and demographic factors. Institutions may employ AVMs for a variety of uses such as loan underwriting and portfolio monitoring. An institution may not rely solely on the results of an AVM to develop an evaluation unless the resulting evaluation is consistent with safe and sound banking practices and these Guidelines. (See the Evaluation Development and Evaluation Content sections.) For example, to be consistent with the standards for an evaluation, the results of an AVM would need to address a property's actual physical condition, and therefore, could not be based on an unsupported assumption, such as a property is in "average" condition.

Institutions should establish policies and procedures that govern the use of AVMs and specify the supplemental information that is required to develop an evaluation. When the supplemental information indicates the AVM is not an acceptable valuation tool, the institution's policies and procedures should require the use of an alternative method or tool.

https://www.FDIC.gov/regulations/laws/rules/5000-4800.html

Why do you think every AMC has an avm?

 

[J Grant]

their ignorance in headline is astonishing - you can't automate an appraisal because an appraisal is a human's opinion - you can automate a valuation....

 

[Evincere]

“An echo chamber of fake news.”

profoundly succinct