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Integration of Technology in the Appraisal Process
Wednesday, April 10, 2019

The appraisal process can benefit from technological innovations at every stage. That is the reason why we believe appraisers should be the most tech savvy players in the real estate sector. Emerging technologies in the appraisal profession are driving greater efficiencies.

Unfortunately, many companies are stuck with tried and tested technologies like MS Word, MS Excel, and MS PowerPoint. Appraisers should consider newer, better technologies to make the appraisal process more efficient. Increased productivity will not only increase client satisfaction, but also the appraiser’s earning power and job satisfaction. Let’s take a look at some of the next generation technologies that tech-savvy appraisers have begun to adopt.

Next Generation Technologies

Client wants objective, thorough and error-free reports from appraisers. Appraisers can consistently meet the expectations of their clients by embracing technologies like:
  • Cloud-based database of properties that can be accessed from anywhere
  • Big-data management capabilities including geo-coding, predictive analytics and searchability
Big data can streamline the process of appraisal by reducing complex analysis tasks that take hours to seconds. Cloud-based database of properties offer appraisers the ability to use existing data and build photo libraries from anywhere.

Automated valuation technology can make the appraiser’s job easier. They aren’t meant to replace the judgment and experience of an appraiser. They only aid the appraisal process and make it more efficient. The appraiser can interpret the data to determine what is relevant to the value of the property and the extent of its relevancy. The knowledge of data analysis and local markets is essential to ensure reliable estimates of a property’s value.

Some appraisers are using proprietary report writing templates for appraisal. These templates can be customized by appraisers to integrate seamlessly with third-party platforms. The templates can make the appraisal process more efficient.

Appraisers Need to Adopt New Technologies

Real estate appraisers should adopt new technologies as it can make the appraisal process more efficient and error-free. Moreover, using newer technologies in the appraisal profession can help in the recruitment and retention of younger professionals. Appraisal companies that employ outdated technology struggle with talent acquisition. Young, talented professionals are aware of the importance of technology in the corporate world. Moreover, they have grown up with technology at all stages of their life which is why they are more inclined towards joining firms that adopt emerging technologies.

In a nutshell, technology allows appraisers to create well-supported reports with greater confidence and fewer errors in a less time. When applied properly, advanced technologies can enhance the productivity of an appraisal firm and make the job of appraisers easier.

Luxur Appraisal Services is the industry leader in incorporating new technologies for the appraisal process. We use different appraisal tools and technologies for our appraisal process to meet the expectations of our clients. For more information about our appraisal process, feel free to reach out to us.

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