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Here Comes The Exactbid Platform. It's Time

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Joined
Jun 2, 2007
Professional Status
Certified General Appraiser
State
Florida
I'm glad to see the RIMS/RIMS Central/Narrative1 Exactbid platform closer to roll-out. There will be unhappy appraisers, of course, because this will mean more top-down control of narrative appraisal report content (and we all agree with this concern; see "CU" threads) - but it should also mean a better connection between appraiser and appraisal consumer since much of the "intelligence" buried within appraisal reports will be accessible and distributive to follow-up systems. It could mean providing services to more and diverse clients beyond lenders, and new certified information-products to provide.

Considering the collateral magnitude and life cycle of a commercial real estate investment and/or mortgage vs. residential, appraisers will hopefully find opportunities to differentiate themselves by providing better quality certified data-points for portfolio decision making, management and even supplementing ongoing transparency. Improving a risk-management premium by a fraction with this potential "live-data intelligence" from the field could be a catalyst for widespread adoption with different needs by different investors/lenders. The industry has been trying to do this since Dow Jones/Teleres (pre-internet), so it's 20-something years in the making.

On the other hand it could just be CU for commercial appraisal... what a waste if so. If it becomes a simple underwriting tool to "make" appraisers write conforming narrative appraisal reports most of the platform's potential will fail and - worse - it will dilute the market for what "can be." Unfortunately, this is a real threat, and appraisers are justified in fearing it.

I guess the point of this post is to get some discussion up about the new system as it is rolled out, the positives and negatives of adoption, and maybe some help for those faced with yet another adventure on the bleeding edge of valuation technology.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
The incompetence of RIMS should speak for itself, or the ex-clients I have are liars. They claimed that RIMS did not correctly apply my "expert" areas to all the areas I worked nor the specialty niche I am in. I was listed only to work in one county (not my home county) and one type of property - vacant land. I filled out am extensive questionnaire of what and where I worked (2 states, 4 counties, rural property improved and unimproved) but RIMS apparently expected me to "buy" each additional county. Why? So if RIMS is going to use a Narrative 1 service that I consider second rate to begin with, just add it to another reason I haven't done a "bank job" in over a year.

Automating the appraisal service to divide (eventually) the inspection from the report is an effort to reduce the fee, nothing more. And that can be done but looks like it means the appraiser is hostage to the quality of the Realtor, Inspector, or Banker who takes the photos and describes the house. Do you have Inspector Claude Lebel or Inspector Clouseau? What liability do you take in "relying" upon the work of others? How do you "confirm" their work? How do you know the inspection isn't deliberately being "high graded" for other reasons? What does your E & O think? Be afraid. Be very afraid.
 

Ken B

Elite Member
Joined
Feb 18, 2004
Professional Status
Certified General Appraiser
State
Florida
I guess that explains why some clients are leaving RIMS for alternatives...
 
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