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The Race To Automate Appraisal Process

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Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
They want the appraiser out of the valuation business.
The argument is we "cost too much" and we "kill their deal"...the NAR wants to be the sole authority on "value". That system is imploding in Canada if you follow Ross Kay, you get the story
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio
Amorin believes that automated appraisals still focus too heavily on public data and often miss the little details and true picture of a property that creates an accurate value estimate. He believes you get what you pay for with automated models, and the work of an impartial appraiser is key to a functioning, transparent market.

But that doesn’t make him anti-technology. Amorin believes the future is in a marriage of man and machine, where humans and computer models combine for more accurate estimates. Appraisers get data that saves them time, while their estimates can be fed back into the algortihms and machine learning systems to make the estimates more accurate.

“If appraisers believe they can move forward doing what they’ve always done, they’ll go the way of the one-hour photo shop,” he says. “We have to adapt.”

https://www.curbed.com/2017/7/28/16058116/appraisal-zillow-automation-real-estate

Talk about playing both sides of the fence.
 

ucbruin

Elite Member
Joined
Mar 11, 2014
Professional Status
Certified Residential Appraiser
State
Massachusetts
Automation is the present and future for most things....
Maybe eventually all things....
Why should appraisers be sacred????

Let's be honest here...
Some of the AF members question my qualifications and abilities since I acknowledge the Book....
And I questions some of the qualifications and abilities of some AF members....

But wouldn't it be great to read the AF posts written by the artificial intelligent members.....
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
I don't sense that as per their letter on waiving the traditional appraisal in favor of a PIW:
I know for a fact that the original bill to form the state board failed and was delayed 2 years when the NAR proposed limiting certification to Realtor Brokers and MAIs. Only when the bill was killed by the Senate pro temp did independent appraisers get a chance to say their piece and cooler heads prevailed to point out this did not serve the function of independence that FIRREA implied. It would have limited the number of appraisers to about 300 in this state as well...assuming they all wanted to appraise. What it would have created was the sort of AMC where a few people were the "appraiser" and the people actually doing the work would be limited to a serfdom of the actual appraiser.

The Tulsa and Ozark AI chapters merged only over the objection of the Arkansas chapter who had seen its NW state members join Ozark because of the tendency of Little Rock to "gate keep" the membership from the corners of the state.
 
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