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Appraisers continue using technology to keep moving forward

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Tuesday, June 27, 2023

Dear Readers,

It has been a difficult road to travel for many businesses over the past three years.

And while the unforeseen virus that plagued the country is slowly becoming less of the devastating annoyance we all dealt with for seemingly too long, there are still some lingering effects. Adaptation has been thrust upon individuals, forever changing the way one thinks and does his/her job on a daily basis. The world we live in now has significantly altered one’s approach and attitude toward enhanced technology.

The ability to adjust was clearly an important skill required by all within the appraisal profession. The inability to adapt to and adopt new and alternative ways to succeed in the valuation would, indeed, be a recipe for failure. But new technology has introduced the appraiser to a successful path to walk upon and thrive.

Remote work has become as commonplace as driving to the office in the morning. Technology has played such a key role in allowing workers to do their jobs from the comfort of their home for either medical or safety reasons, and because it is financially more feasible for both individuals and companies.

“The ability to meet and work remotely is not just a possibility in today’s world, but a necessity,” Appraisal Institute (AI) President Craig Steinley said. “I believe appraisers are going to continue to find ways to do their work more efficiently, whether in the office, in an airport or on their cell phones between appointments.”

Our 2023 “Appraisal Technology” special report spotlights technology already implemented by appraisers to determine value on residential and commercial properties. These tools include desktop appraisals and hybrid assignments. Additionally, we dive into subject matters such as modernization, the model PAREA (Practical Applications of Real Estate Appraisal), artificial intelligence, and the Fannie Mae announcement regarding value acceptance, all from a technological standpoint.

Of course, we’ll examine ChatGPT and where that fits into the business equation. In addition to the AI president, you’ll read the commentary, insight and expert opinions from other industry veterans sharing their perspectives regarding the new tools that are a true “game changer” and “career saver” for appraisers.

Technology continues to evolve, and appraisers who are willing to embrace not only change, but opportunities to continue thriving professionally, will surely put themselves in positions for success. We hope this report helps you to meet all industry challenges successfully, allowing you to stay on the roads of relevance and compliance.

Your valued editor,

Mike Holzheimer

[email protected]

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