WRT the public adding online valuation tools to their decision making, I think it's better when people have access to more information, not worse. Whenever they can make more informed decisions that makes our jobs easier.
As far as lending goes, when the AVMs are demonstrating reliability levels that are as high as [appraisers as a group] in certain types of assignments then it becomes self-evident that those users will have no reason to use appraisers for those assignments. Principal of substitution applies.
In real life, if individual appraisers aren't adding anything of value to their assignments beyond what's already available for free then they're going to find themselves on the road toward economic obsolescence. Way of the world.
War story: This week I'm working on an assignment where there was a BPO - provided by a Commercial Broker - concluding to a value that starts with a mid-$4,zzz,zzz. My value conclusion, which is based on much more relevant data and analyses, starts with a low-$3,zzz,zzz.
That's because that broker doesn't do what I do in a valuation. As is the case with most brokers and with many (albeit not enough) appraisers. In the short run our minimum standards enable us the flexibility to do as little as it takes to meet our user expectations. But over the long run, if we are capable of doing better it is in our best interests to do better, even if it costs us to do it.
