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Computer-Aided Appraising: Spurring Growth in the Appraisal Industry

Discover how computer-aided appraising technology is revolutionizing the appraisal industry, improving efficiency, accuracy, and credibility. Bradford Technologies, Inc. is the leader in computer-aided appraising software.

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Computer-Aided Appraising: Spurring Growth in the Appraisal Industry

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  1. Computer-Aided AppraisingHow New Technology Will SpurGrowth in the Appraisal Industry Jeff Bradford, CEO Bradford technologies, Inc.

  2. Computer–Aided Appraising What is it? And why do we need it?

  3. Computer-Aided Engineering Helped engineers solve problems that were previously unsolvable Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  4. Computer-Aided Design Helped architects design structures that were previously not buildable Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  5. Computer-Aided Manufacturing Helped manufacturers produce products that were previously not possible

  6. Computer-Aided Golf Course Design Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  7. Computer-Aided Appraising What is it? It is the concept of harnessing the power of computers and technology to assist and empower the appraiser with capabilities that allow them to produce highly credible valuations

  8. Today… Appraisers have Powerful Form Fillers And a lot of manual work! Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  9. Time to Complete an Appraisal • I typically spend 4 to 5 hours on a report not including field work with research and analysis taking up most of the time • 4-6 hours once I get started • The clerical, research and analysis phases, plus the actual time spent writing the report usually totals up to about 4 hours Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  10. Typical Appraisal Process Beginning Middle End Inspection & Analysis Report Data Gathering Manual Process Manual Process Manual Process Manual Process 4- 6 Hours + Inspection = 1 Day Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  11. Appraisal Quality Suffers Office of the Comptroller of the Currency • 17.6 % of appraisals contained contradictory information • 35% of repurchased loans are due to faulty appraisals Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  12. Appraisal Compliance Issues • USPAP • UCDP, UAD • CFPB • Dodd Frank • Interagency Guidelines • Federal & State Independence Laws Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  13. Result: Credibility Suffers

  14. Why are Appraisers in this Position? Why don’t appraisers already have computer-aided appraising technology?

  15. Appraising is considered an “Art” Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  16. Appraising is considered an “Art” You would never expect a computer to value the Mona Lisa Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  17. Appraising is considered an “Art” We also don’t expect computers to accurately value our home Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  18. But Ever Since 1981… These Black Box property valuation systems have been getting better and better every year. AVM

  19. But Ever Since 1981… Their usage continues to grow AVM

  20. But Ever Since 1981… “Each month, we provide more than one billion AVM values to lenders, brokers, government agencies, marketing firms, consumers and insurance companies”. AVM

  21. Today Valuation is BIG Business Property Valuation has become a Science • Team of more than 50 PhDs, economists, and modelers • Combined with nation’s largest property and ownership database covering 98 percent of the U.S. population • Equals “Good Enough” property valuations

  22. Appraising has to be more than “art” The “art of appraising” has to be augmented by the “science of appraising” Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  23. Big Data-AVM Review Systems Appraisers are being reviewed & scored by systems that utilize massive amounts of data • Data from AVM indicates the appraised value may be in excess of the neighborhood • Requests to reconsider comp selection • Requests for additional influence explanation • Requests for comp adjustment support • etc.

  24. Big Data-AVM Review Systems These review systems have access to more property data and can process it much, much faster than the appraiser.

  25. Appraiser is at unfair disadvantage Appraising is a “science” Appraising is an “art”

  26. How can we compete ? Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  27. Is Mobile Computing the Answer?

  28. More Efficient Inspections Automatically loads into the forms

  29. Fill Out the URAR on a Tablet

  30. See More, Do More - Quicker

  31. We Can Make Process More EfficientBut the Appraiser Cannot Compete AVM Appraising is a “science” Appraising is an “art”

  32. Partner with an AVM? AVMs: Hop on board the train or get left behind? A V M

  33. Artificial Intelligence AVM Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Technology

  34. Artificial Intelligence Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Technology

  35. Artificial vs Augmented Intelligence Computer + VS Computer directed Computer + Human directed Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Technology

  36. Artificial vs Augmented Intelligence The Winner VS + Computer Human directed Strategy Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Technology

  37. Computer-Aided Appraising The Winner VS + Computer Appraiser directed Analysis Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Technology

  38. Computer-Aided Appraising Shortens the Entire Process Data Gathering Inspection & Analysis Report Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  39. Get Rid of This Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  40. Reduces This Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  41. Computer-Aided Appraising • Adds “Science” to the “Art” + Bradford Technologies, Inc. - The Leader in Innovative Valuation Solutions

  42. Closed Black Box AVMs • Valuations Providers • Zillow • Veros • Collateral Analytics • Corelogic • LPS • Many more AVM Bradford Technologies, Inc. - The Leader in Innovative Valuation Solutions

  43. Analytics are open to Appraiser Computer-Aided Appraising opens up the black box and let’s the appraiser drive the process and the analytics Bradford Technologies, Inc. - The Leader in Innovative Valuation Solutions

  44. Computer-Aided Appraising Like having Mr. Data help you value a property

  45. Work with Entire Market Data Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  46. Market Analysis Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  47. Market Trends & Forecasting Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

  48. Analysis Dashboards

  49. Statistically Accurate Valuations Bradford Technologies, Inc. - The Leader in Computer-Aided Appraising Software

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