Is anyone out there using AI as a tool in developing reports?

[MarketValuedEmployee]

Just do a Google search for artificial intelligence real estate software something probably pops up. Although nowadays everyone calls their app software AI.

I've done this. There are definitely companies that are leveraging AI and pointing at the appraisal industry however they do not appear to be marketed to the independent appraiser, but aimed at lender, AMCs or large appraisal firms. Given that most appraisers are one-man-shops (or woman), I was hoping to get some primary source information on how and if and individual has tried.

additionally, there are tons of youtube videos, blog/forum posts, and websites that discuss how AI might be integrated or *should* it be integrated, but all of it seems so vague with grandiose claims that came from the marketing department, not the field operative. I'm looking for something more tangible; I'm hoping to foster a discussion, maybe even a brainstorming session...maybe even working together with another appraiser (gasp) to figure it out.

 

[Vermonter]

https://www.tomshardware.com/tech-i...s-90-percent-marketing-and-10-percent-reality

 

[Zoe]

Real property is such a unique product. Regression analysis can help. You can find a class to do a simple regression analysis. But for overall market value, every piece of real property is very unique with so many variables. Regression analysis can’t handle that many variables without someone with local knowledge.

 

[MarketValuedEmployee]

Real property is such a unique product. Regression analysis can help. You can find a class to do a simple regression analysis. But for overall market value, every piece of real property is very unique with so many variables. Regression analysis can’t handle that many variables without someone with local knowledge.

I am well aware of this fact. I am not hoping for AI tech to become sentient and take over our profession. I recognize the limitations of the different strategies we employ. I also recognize that there are likely ways for us to integrate modern technology that might improve the way we do our work.

 

[Tom D]

Just wondering if anyone is actively using artificial intelligence as a tool/resource?

Do you understand what you just said. Fannie has the big avm, so why do they need you to do AI. They just incorporate it into their system, may have or working on it. So they still get a report, now with AI, in 1 minute.
And when will you get that AI report to the lender.

 

[J Grant]

Any AI that acteually is applicable ( beyond simple grammar) will be avail by the software vendors and as usual they will charge extra for it.

As usual, some appraisers will abuse it as a shortcut, and others will use it to augment the work. Like most tools, it can be generic or specific, applied well or applied poorly , depending on how lazy or competent the appraiser is.

 

[MarketValuedEmployee]

Do you understand what you just said. Fannie has the big avm, so why do they need you to do AI. They just incorporate it into their system, may have or working on it. So they still get a report, now with AI, in 1 minute.
And when will you get that AI report to the lender.

Do you realize what *you* just said?
My ask is not complicated. Never miss an opportunity to crap on FNMA or FNMC, right? Your comment is a non-sequitur and doesn't serve anyone. In the right here and the right now I am an appraiser doing appraisal work, attempting to expand the way I do things, attempting to adapt with the times. I'm not talking about the future or the way we are getting progressively sidelined. I asked a legitimate question, silly me for expecting a legitimate answer.

 

[MarketValuedEmployee]

Any AI that acteually is applicable ( beyond simple grammar) will be avail by the software vendors and as usual they will charge extra for it.

As usual, some appraisers will abuse it as a shortcut, and others will use it to augment the work. Like most tools, it can be generic or specific, applied well or applied poorly , depending on how lazy or competent the appraiser is.

"will be" but is not currently available. There are currently tools outside of the appraisal software that can be actively utilized. I'm sure it is an inevitability, that alamode will integrate some amount of this into their elite package, until then though isn't it worth exploring? This is besides the fact that the additional plug-ins they sell are not always the best solution to the problem.

 

[Digger88]

I love using it for narrative writing sometimes and depending on which one you use specifics like total number of proposed units in a new construction Pulte subdivision. It's still in its infancy Grok3 which will have the largest learning cluster ever when it comes online and the hype associated with newer AI agents from Google and OpenAI.

 

[J Grant]

"will be" but is not currently available. There are currently tools outside of the appraisal software that can be actively utilized. I'm sure it is an inevitability, that alamode will integrate some amount of this into their elite package, until then though isn't it worth exploring? This is besides the fact that the additional plug-ins they sell are not always the best solution to the problem.

Explore all you want..

In my experience with it, AI is vastly overrated for many applications. Why? Because the tech titans want everyone awed to stampeded and buy it stand to make a huge profit. Creators are suing the AI companies for theft of intellectual property, and some end users screen for its use as a form of "cheating"—people might want to take note of that.

In certain applications, it is useful or innovative, and for many others, another burden or job killer in the name of "efficiency". A philosopher called it - The new age, where efficiency replaced humanity."

The downsides of A are present in surveillance wrt increased use of spyware, drones, and autonomous weapons. Want to see AI at its worst? Look at how Putin is using drones to target and kill civilians in Ukraine. Imo, the downside of AI far outweighs the good side and I believe the same can be applied to appraisals. Over-reliance on AI can contribute to mass-scale manipulation of data, affect markets, and increase the potential for fraud.