New Technologies for the Residential Appraiser

Buzz Interview with R. Wayne Pugh, MAI, CRE, FRICS

Technology is steady advancing at such a rapid pace. There are so many tools and gadgets available to appraisers now days that the task of reviewing to find the best one can become very daunting. With appraisers in mind, we decided to set up an on-demand webinar regarding new technologies to help relieve some of the pressure on finding the right tools for your business. The Appraisal Buzz sat down with the presenter Wayne Pugh to find out what this webinar will discuss and why appraisers should take the time to watch it.

Buzz: Thank you for taking the time to speak with us about your webinar on New Technologies for the Residential Appraiser. With the ever-changing technology environment, it can be difficult to keep on top of the emerging trends that best suite the appraisal industry. Can you tell our readers a little bit about your history in the industry and how you have obtained your depth of knowledge in technology?

Wayne: Since entering the profession in 1975, I have relied on the use of computers in my residential and commercial appraisal practice. It all began with the purchase of a Wang 2200T computer. I soon learned the Basic language and started writing software to accommodate the needs of my appraisal practice.

I migrated to an IBM-PC in 1982, began development of a residential software program for the PC platform, and SFREP was born.

Over the past 32 years, I have:

  • Developed and sold residential appraisal software through SFREP, Inc.
  • Developed electronic databases where member appraisers shared enriched residential comparable sales.
  • Developed and provided a service for online access to public records.
  • Developed a subscription service for commercial sales and leases.
  • Besides my college background in real estate finance, I have attended over a hundred industry conferences, read extensively, and followed industry trends through a variety of periodicals and blogs.
  • Worked extensively with the tools for statistical modeling and market analysis while running my real estate appraisal firm since 1975.
  • For over ten years, I have also been the author of the Appraisal Institute’s Cool Tools online seminar and articles.  

Buzz: Why is learning and implementing new technology so important to appraisers?

Wayne: It is key to their productivity and profitability.

Buzz: What types of things will appraisers learn from you during this webinar that will assist them with their business?

Wayne: The webinar will cover three areas of interest. It will begin with a discussion of the many ways appraisers can use Excel to improve the analytics used in their appraisal analytics. The second section will address various ways appraisers can understand, analyze and visualize big data. The webinar will close with a presentation of several cool tools that should be used by real estate appraisers to improve productivity daily.

Buzz: If you could encourage appraisers to do one simple thing that would enhance their life or their business regarding technology, what would it be?

Wayne: Continue to monitor industry trends and get the education necessary to employ the tools that can optimize the quality and production of their appraisal analysis and reporting.

Buzz: What do you recommend to appraisers who want to embrace technology?

Wayne: Read, watch, listen, and then just try what makes sense for you.

Buzz: What say to the appraisers who prefer to avoid the new technology and want to continue to do things as they always have?

Wayne: Their future in this business is limited. Wake up every day understanding your business environment is constantly changing. Successful appraisers will continually monitor change and act on the resulting opportunities by developing a plan to adapt.

Buzz: What pieces of technology are we missing that you hope will be available in the near future?

Wayne: Appraiser analytics have advanced little in the past fifty years. With the availability of a more abundant data, newer techniques for understanding market trends and property analysis will become widely utilized in the appraisers’ practices.

Buzz: Thank you for taking the time to speak with us. This pre-recorded webinar is now available to view on demand. Today we will be offering a special discount of $10 off. Those who would like to purchase this webinar can do so here.

Have any comments or would you like to submit content of your own? Email comments@appraisalbuzz.com

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