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Startup Raised $5 Million To Automate "clunky Real Estate Appraisal Process"

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AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
I guess they know how to raise funds.
And probably how to pizz them away. :peace:
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
I thought every AMC has already invented this
 

AMF13

Elite Member
Joined
Jan 24, 2002
Professional Status
Certified Residential Appraiser
State
California
They have a better wheel. Err, mousetrap. Widget! :leeann:
 

DREA Dean

Sophomore Member
Joined
Apr 16, 2015
Professional Status
Certified General Appraiser
State
Pennsylvania
"Berkeley", "New York", "University of Pennsylvania", "socked away enough money to live in New York for a year without a salary", "Princeton".

Hardworking, everyday Joe's, amiright?

Are they trying to make us think that importing public data and being able to check off "Granite counters and Brazilian cherry hardwood floors" cuts the appraisal fee in half?

:eyecrazy:
 

Sid Holderly

Senior Member
Gold Supporting Member
Joined
Jun 16, 2005
Professional Status
Certified Residential Appraiser
State
Indiana
AcreValue by Granular has it pretty close for cropland areas, very close to actual current farm land appraisals.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
"Bowery bids on properties, often winning its bid, it suggests, because it’s faster and more affordable than traditional options. (Typically, the appraisal fee for an apartment complex in New York costs between $3,000 and $4,000; Bowery says it charges roughly half."

"The valuation and appraisal piece of real estate has remained largely unchanged over time. Appraisers trudge through properties, scribble down details, snap pictures and complete a painstaking analysis afterward that includes visiting more than a dozen sites to collect information about taxes, zoning and land use. It’s sufficiently onerous that until Bowery came along, Cushman employees typically appraised only bigger commercial buildings — a missed opportunity given that in New York, apartment complexes make up the majority of the buildings."

",,,,,no better place to start than by doing appraisals, which is often a building block toward a career in lending or with a brokerage. But when he began work at a large independent appraisal firm in New York, he was horrified by the industry’s antiquated ways of doing things. He plugged along, making mental notes, while Isaacs, who’d attended McGill University in Montreal, was working as a statistician for the Toronto Blue Jays. (“Reading the book Moneyball in high school, I thought it would be the coolest job in the world,” says Isaacs. “But it wasn’t all I’d dreamt it would be.”)"



The new kids in town are going to charge half. I bet they can make the deal work too. I checked the principals names and none are ASC appraisers, they just need someone to sign the reports. I believe they have re-invented the wheel.
 

George Hatch

Elite Member
Gold Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
California
"Bowery bids on properties, often winning its bid, it suggests, because it’s faster and more affordable than traditional options. (Typically, the appraisal fee for an apartment complex in New York costs between $3,000 and $4,000; Bowery says it charges roughly half."

"The valuation and appraisal piece of real estate has remained largely unchanged over time. Appraisers trudge through properties, scribble down details, snap pictures and complete a painstaking analysis afterward that includes visiting more than a dozen sites to collect information about taxes, zoning and land use. It’s sufficiently onerous that until Bowery came along, Cushman employees typically appraised only bigger commercial buildings — a missed opportunity given that in New York, apartment complexes make up the majority of the buildings."

",,,,,no better place to start than by doing appraisals, which is often a building block toward a career in lending or with a brokerage. But when he began work at a large independent appraisal firm in New York, he was horrified by the industry’s antiquated ways of doing things. He plugged along, making mental notes, while Isaacs, who’d attended McGill University in Montreal, was working as a statistician for the Toronto Blue Jays. (“Reading the book Moneyball in high school, I thought it would be the coolest job in the world,” says Isaacs. “But it wasn’t all I’d dreamt it would be.”)"



The new kids in town are going to charge half. I bet they can make the deal work too. I checked the principals names and none are ASC appraisers, they just need someone to sign the reports. I believe they have re-invented the wheel.

I'm sure this startup would have a better chance of success if only they had sought the advice of high school kids, 'cause they're smarter and wiser at solving complex problems than the professionals are.


My HP12c has forgotten more about appraising than these poindexters will ever know.
 
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