Property Recommendation Engine

[RealtySort]

Hi everyone,

I'm building a property recommendation engine for real estate appraisers.

If any of you can spare a few minutes, I’d love to ask you a few questions about your current property selection process and show you some early concepts of what I'm developing.

If you're interested, please send me a message.

Thanks ahead of time for your help,

Shawn

 

[Terrel L. Shields]

What's that? And why would I care?

 

[RealtySort]

Hi Terrel,

Thanks for your questions.

1) What's that? To put it simply, it's a system to help appraisers select comparable properties.

2) And why would you care? You save time searching, filtering, and selecting the most comparable properties for each of your assignments.

Let me know if I can elaborate for you further.

Shawn

 

[Terrel L. Shields]

So it is going to replace the judgment that USPAP requires me to exert in determining the best comps?
Does it need me to input the parameters for the subject and then it will search both the MLS and non-MLS sources like I use? But does it research them? How does it identify sales that are not arms-length transactions?

 

[JTip]

 

[RealtySort]

Hi Terrel,

Thanks for your great question.

We see it simply as a tool in the development of an appraisal of a subject property to save time, keep consistent and accurate. Like any tool, its dependent upon the skill of the user and the tool's suitability to the task at hand. All of the USPAP rules (i.e. competency) governing the assignment will still apply. Yes, you'll have the ability to input data from both MLS and non-MLS sources into one decision framework. Identifying non arms-length transactions is a bit tricky and something we're still working on. How do you currently tackle this?

 

[Joe Flacco]

The issue with that is there can be no single system to select comparable properties. Each property is unique and the problem that needs to be solved is different from assignment to assignment.

 

[Joe Flacco]

Look at Fannie Mae and their Collateral Underwriter. From what I hear it sucks at selecting or recommending comparable properties. I don't know how much they spent on developing that system but I suspect it is a lot. I doubt your "property recommendation engine" would be any better.

 

[Terrel L. Shields]

. How do you currently tackle this?

I ask -agent, banker, or the principals involved. I suspected one sale was "off" and it was a father to daughter transaction recently.

I doubt your "property recommendation engine" would be any better

We can always hope, and I am confident that if the feds continue to demand we comply with USPAP, at the same time not reining in our overseers (fannie, FHA, UWs, etc.) then there will be ever more pressure for instant turn around and low fees.

 

[RealtySort]

Exactly Joe. The subject property for each assignment may be unqiue, but the framework for finding comparability is similar across assignments.