- Sep 3, 2011
- Professional Status
- Certified General Appraiser
I tend to agree with Brian Weaver, although the situation isn't as dire as "end of residential real estate appraisers".
One thing we (as appraisers/valuation experts) should be cognizant of is that while the article refers to Zillow as an example, the automated valuation analytics available for lending collateral-valuation are much more sophisticated. Zillow is just a brand name the public is familiar with. So, it would be a mistake (IMO) to disregard the article because the Zillow Brand is referenced.
That is a one day turnaround for a drive-by? What photos?
Realtors or just warm body's take 1 exterior photo and a street for $15-$25.
Then appraiser gets the pics and does desktop (no leaving house) for $55-$75.
There's so many appraisers doing these Red Bell (a desktop company) won't even take new appraisers on their panel cause so full.
Red Bell has a product appraisers do for $15. No clue what it is, never seen it before but friend said they have it. It's for value too.
That type of "hybrid" approach is not new. I know of at least two companies who have being doing BIG volume in that space for at last six years. What is new is the expansion of its use into more than home equity and/or default work.....There's so many appraisers doing these Red Bell (a desktop company) won't even take new appraisers on their panel cause so full.