Modernization of real estate valuations has become the topic of interest for most appraisers. Technology in this profession is constantly evolving with Artificial Intelligence, Bifurcation, Hybrid Appraisals, and much more. We sat down with Julie Jones, SVP of Valuation Transformation and Engagement at Class Valuation, and Gabe Knox, VP of Strategic Partnerships at InsideMaps. We discussed their upcoming free webinar, “Valuation Innovation: Preparing Yourself for the Future” taking place Thursday, November 14th at 1pm EST.
Buzz: Thank you for joining us. Can you tell me about your respective backgrounds in the appraisal industry?
Julie: I worked as an Administrator in an appraisal office when I was in high school and started my appraisal apprenticeship when I was 19. Later on, I opened my own shop and was also a REALTOR® for several years. In 2010, I was recruited by Fannie Mae as a Post-acquisition Appraisal Reviewer and moved into the collateral policy space in 2016. This month, I am celebrating my one-year anniversary at Class Valuation in a position I love – engaging with appraisers.
Gabe: I began my career as an engineering consultant to the home building industry and soon expanded to strategic planning and land acquisitions for a public builder. After the downturn, I joined a private equity group and led the acquisition teams to assemble portfolios for thousands of single-family rental homes. We specialized in making remote investment decisions at-scale to purchase individual assets using conventional underwriting combined with Automated Valuation Models (AVM’s), field teams, and cloud-based management tools. After being introduced to InsideMaps, bringing their technology and vision to the marketplace soon became my mission.
Buzz: What are some of the technological issues that face appraisers today?
Julie: Every aspect of the mortgage process has been moving towards digitization over the last several years; however, until recently, there have been few technological advancements to aid appraisers that could be easily learned and applied. Due to the push by consumers and industry stakeholders for speed and accuracy, appraisers are having to work even harder to keep up if they don’t have the right tools at their disposal to make them more efficient.
Buzz: What recent advancements have been made in technology?
Gabe: Computer Vision and Machine Learning technology combined with rapid advances in hardware, including smartphones and 360 cameras, has changed the game. With InsideMaps, appraisers have the ability to scan homes faster and more proficiently.
Buzz: How do these advancements benefit the role of the appraiser?
Julie: The use of 3D property scanning in conjunction with mobile inspection apps not only makes appraisers faster in the field, but with built-in app validations and the granularity of the property data, we are seeing reduced QC revisions. The standardization of the inspection process lends even more credibility and transparency to an appraisers’ on-site observations and their opinion of value.
Buzz: Why are some in this profession hesitant to change?
Julie: While appraisers are often stereotyped as resistant to change, the responses we’ve received have proven the opposite! Our Innovation Panel is growing every day with appraisers who are eager to incorporate cutting-edge technology into their practice. Our approach is simple with our appraiser partners: we train heavily and communicate often.
Buzz: Why should appraisers attend this webinar?
Julie: Appraisers will leave this webinar knowing that technology can work for them and not against them. The tips and tools we share will keep them ahead of the curve for years to come.
Gabe: In the same way that laser measures, digital cameras, and smart tablets changed appraisal tools, 3D scanning may soon become a necessary competency for appraisers. Learning the benefits and practical applications of this technology is a must for any professional in the industry. Attendees of the webinar will be surprised by the ease of use and the richness of the content generated with 3D scanning.
Thank you for answering our questions. This free webinar will take place on Thursday, November 14 at 1pm EST.
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