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Why Is Smart Exchange Not The Greatest Thing To Happen Since Datamaster?

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Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
you mean i just insert comp addresses and the entire grid is already filled out??? what am i missing, thats sounds fantabulous!
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
sounds good to me too. I would check "their" information against public records, MLS, with agent etc but at least the grid info is filled out, saves time and labor. Of course it will be one more expense as they start charging for it
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
it will be one more expense as they start charging for it
Bingo!

But, bigger than that...
As I posted nearly a year ago, tools like these are being adopted to enable a cloud-based system where nearly all the information is fed into a format that allows the appraiser to analyze the data and conclude a value.
A. Area demographics and housing trends (i.e., the market analysis)
B. Subject data
C. Physical property inspection data from a 3rd party inspector
D. Sales data in the grid (which can be modified by the appraiser)
E. Cost data for the cost approach

Appraiser sits at a desk and does the analysis; the data is pre-populated and can be modified by the appraiser (change out the selected comparables if one needs to), completes the value, signs the report, and it is in the cloud ready to go.

A significant increase in productivity along with a sizable reduction in the fee-per-assignment. High-volume appraisers for mortgage work will be the beneficiary here. But, as such systems are adopted, this process will begin to bleed into non-mortgage work. Complex assignments won't fit into this bucket that neatly. It will be interesting to see how this works in, say, a contested litigation case: Who's report will be the more credible? The cloud-based appraisal or the traditional one?

5-years till this happens? Let's be cautious and say by 2025. :cool:

EDIT: I edited my post; Point # C was originally posted with the comment that some E&O carries might not cover the hybrid valuation product. However, I received a correction-call from the E&O carrier that they had made a mistake; such assignments are covered. I therefore removed that comment in #C.
 
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TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
it may be beneficial to someone who can't type worth a damn but i don't fit that category. i tired DM and found it took me just as long to look up all the data and then verify what DM said, then making any changes needed, as it did to do it myself. i have to have the data in my workfile and it doesn't take any time really to enter it into the grid, for me at least.
 
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Deleted member 134708

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it may be beneficial to someone who can't type worth a damn but i don't fit that category. i tired DM and found it took me just as long to look up all the data and then verify what DM said, then making any changes needed, as it did to do it myself. i have to have the data in my workfile and it doesn't take any time really to enter it into the grid, for me at least.

Agree, it takes the same time to verify their data than just put your own in.

I truly believe folks who use DM or similar don't verify. Why it saves time. If you verify, saves zero.

What goes in is good enough and ship it. On to the next.
 

TJSum

Elite Member
Joined
Nov 12, 2007
Professional Status
Certified Residential Appraiser
State
Maryland
you mean i just insert comp addresses and the entire grid is already filled out??? what am i missing, thats sounds fantabulous!
I think the thing "missing" is that it is just another step closer to them not needing us appraisers.
 

Tony V

Elite Member
Joined
Mar 29, 2005
Professional Status
Certified Residential Appraiser
State
New York
The data that populates comes from other appraisers reports who have also signed up for the program. It seems to be a comp sharing program. So now we are going to give skippy our comp info, if you sign up??...I , like others have to spend time in the assessors office getting info in several of the areas I work...In some other areas it costs me $$$$ to subscribe to the assessors office data...There are appraisers who come out here from the city whom do not use the proper data, don't subscribe to the systems, don't go the town hall, etc....I and several others whom work out here have reviewed many reports which are basically full of crap. Joining this program and sharing my info with these types of appraisers, at this point would only cause me to lose..
The good appraisers out here all have each others contact info and we share info if someone needs something..This system will just make cheaper appraisers look better with our info...
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas

Digger88

Elite Member
Joined
May 11, 2010
Professional Status
Certified Residential Appraiser
State
Virginia
I think the thing "missing" is that it is just another step closer to them not needing us appraisers.

you still need to shoot your comps and make notes etc for each comp. the only thing this does is fill out data and would probably be years before this system would be reliable enough to fill out data for all your comps even in busy areas. its just a data entry tool in my opinion..
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
So now we are going to give skippy our comp info, if you sign up?
Although I'd like to try it (I clicked to sign up and will give it a shot) I am also a little skeptical.

Thankfully I have County Property Appraiser records online for the areas I cover. BUT ... those records aren't always the most reliable, especially with properties with ADU's (I have a decent number in my immediate city). Even between County and MLS it isn't always consistent with GLA.

I sort of would like to see how it plays out with a comp being used multiple times by multiple different appraisers in my area. I'd like to see what "consistency" my peers have among ourselves

Like I said ... I'll try it
 
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