UAD 3.6 discussion

[Mike Ault]

If implemented right you won't be navigating a bunch of menus, but walking around the interior while the apps Lidar scans and maps everything, camera takes photos automatically and classifies the images and you (if wanted) can voice dictate as you go and additional AI should be able to prefill a bunch of data based on that. Basically what https://valuemate.AI is working on. Anyways, most appraisers have already been mobile for the past decade and ditto on other industries that require inspections, service calls, etc. Really depends like I mentioned on how good the implementation is ie TBD. The UX + quality of these things are going to be the make-or-break.

I tried voice dictation on inspections for a short while decades ago. I found that it's not really practical because the homeowner is typically following around as you talk about the "strong pet odor permeating their dwelling, general state of disrepair and substantial deferred maintenance". Your client will get an ear full from their client. No thanks.

 

[Non Sequitur]

Both are part of the problem.

 

[NC Appraising]

You guys are ruthless.

Fwiw, i posted it for those who didn't attend val expo. Hoping to learn something.

 

[Joe Flacco]

You have to know your market - and if the software was any more expensive, someone would come in with a SFREP (or similar low budget) software to capture market share. And I guarantee Jeff, Cotality, and First American know what that price point is. Somewhat less than $1k/year. It still does not excuse the groups that spent zero effort in enhancing the experience of their users. Heck - ACI still looks like a spreadsheet.

I'd also note that there is an inverse relationship between # of users and cost for use. There (were) ~ 90k +/- appraisers for the longest time, roughly 2/3 of which used residential software - that's a lot of users. And honestly, when you calculate the functionality of the software, I think you have to bucket appraisal software with other productivity softwares - and as such, it's right in the mix.

I don't disagree that getting into the appraisal software biz RN would be a bad call for most.

It's because appraisal doesn't attract top talent. These companies have bottom of the barrel engineers and designers. I think Alamode did a pretty good job for how small the market is.

 

[Joe Flacco]

What is Biggers up to these days?

 

[timd354]

It's because appraisal doesn't attract top talent. These companies have bottom of the barrel engineers and designers. I think Alamode did a pretty good job for how small the market is.

It is amazing that there are 7 appraisal software companies considering the tiny size of the market for residential appraisal software.

 

[Joe Flacco]

It is amazing that there are 7 appraisal software companies considering the tiny size of the market for residential appraisal software.

It's big enough to be a good small business for ownership. None of them are getting top engineering or design talent. The same as how mortgage insurance gets bottom of the barrel quants. Biggers did a great job with Alamode for what the market is.

 

[J Grant]

It is amazing that there are 7 appraisal software companies considering the tiny size of the market for residential appraisal software.

I guess the software genius didn't research that part !

 

[Non Sequitur]

Having looked at demos from seven different companies, I would encourage all appraisers to look at all the options. I am not saying buy, but definitely look at them. Different providers are definitely taking different approaches, and what is "best" is in the eye of the beholder.

I agree look at all options. But I still believe most will become vaporware, and the reason is these tech guys/gals are developing 140 IQ solutions for a 100 IQ process.

 

[J Grant]

I agree look at all options. But I still believe most will become vaporware, and the reason is these tech guys/gals are developing 140 IQ solutions for a 100 IQ process.

The best one or two will be bought out by ALAMODe or ACI ( or they will replicate the tech). ALAMODE already has scan to sketch, Spark, and Mobile apps.

The remainder might make a modest return or nothing because there is a limited number of appraisers and many prefer to stay with the software companies they already use. Were the wunderkinds so dazzled by the tech they failed to research the finite number of orders in appraisal, the limited number of appraisers, and the meager fees, which put a cap on spending for software or support.

Did they believe a report done faster meant they would get more orders? Because of the hamster-on-wheel AMC staff ( The AMC's will fire some staff which means a heavier workload and the same pay for those remaining) - outside of that, appraisers will not get more orders because there are a finite number of loans made for res lending in an area at any given time.
Speed does not translate to ramping up production and hen sales as for a consumer product. Appraisal is a professional service with a shrinking demand, thanks to GSE modernization, which cuts the appraiser out in a WAIVER or a PDC collection when using non-appraisers to inspect.