If the buzz word for 2020 surrounding technology was “adaptation” moving forward when it comes to utilizing the new tech tools appraisers will need to survive, this year’s word would have to be “acceptance.”
The many devices companies have created or implemented for the appraisal profession have not only proven to be serious gamechangers for the industry over the past year but, in some cases, a true “lifesaver."
Where many appraisers in past years, especially those who fall into the veteran category, were resistant when it came to deploying technology on the job, such sentiments may now be leaning towards the familiar adage of “out with the old, in with the new,” which has found its way into the appraisal profession since COVID-19 reared its ugly head.
Hybrid/bifurcated appraisals were significant with appraisers taking this survey, while the confidence appraisers have, or don’t have, with the inspectors used on these assignments remains the top concern.
Half of the respondents said such confidence is still a major concern, which was a slight uptick from the percentage last year reflecting appraisers who felt the same way.
As to the confidence in the data being used for hybrids, 26 percent of appraisers polled said that is an issue, while 24 percent indicated using these types of assignments brought the fear technology will replace the appraiser.
“I simply won’t do this. I can’t depend on anyone else to do the work I should be doing,” one appraiser said. “I need to personally see the property I am appraising to ensure I am not missing anything that may be of consequence to the value."
Another said, “We are asked to assume the competence of an individual we have never met. We are expected to sign and accept full responsibility and liability based on this assumption.”
One might assume that more appraisers are utilizing their mobile devices in this “new” world of technology. But such an assumption was not reflected by this year’s respondents as there was little change in the percentage of appraisers who used their mobile devices to enhance on-site appraisal assignments.
Those, however, who do use mobile devices said they primarily use them for photos or with sketches.
One appraiser said the possibility of inadvertently punching the wrong key on a device was too big of a risk to take.
“I still work with my paper tablet. I have never lost an appraisal by hitting the wrong number on my tablet,” he said.
To a degree, though, there is still reluctance with some appraisers and technology as we discovered with answers from our question of what, if anything, about technology is a hindrance to you?
We found that 36 percent of the appraisers taking the survey said they don’t use technology because they don’t have time to learn how to use it, over 25 percent said both carrying a device is cumbersome and they don’t have time to keep up with the new innovations.
And one respondent felt technology isn’t a real plus in the industry and did not mince any words.
“Technology is not all good,” he commented. “It was 30-plus years ago where we were told that technology would save us all money and time. Technology costs money and we all pay for it. Appraisers are worse off today than 20, 30 years ago. Technology is destroying this world. New is not always better, often it is just different.”
“Technology is only as good as the professional that uses it,” another respondent said. “If technology is used to decision a file, then the final result will be less the credible. If the appraiser is using the technology to enable him/her to develop, understand and analyze the data this is fine and likely results in a credible service.”
There are those, when it comes to technology, who see the glass as half full.
“There has to be the belief and understanding that technology isn’t going to take away anyone’s job or be the downfall of one’s business,” an appraiser said. “Technology can only enhance the appraisal profession.”
Our Voice of the Appraiser survey is offered as an exclusive subscriber benefit. Subscribe now to access this year’s report.
