The Property appraising or Property valuation profession is facing a period of significant change, in terms of how the process is managed.
Compartmentalizing tasks essential to the appraiser’s and client’s requirement, is key to taking the initial steps toward making the Valuer more relevant in this highly competitive industry.
Property appraising being the key function in the business of real estate, determines the current market value of a particular asset. The impact of technology on property valuation is ubiquitous because so many parties depend on the authenticity and accuracy of the information. Technology has increased valuation accuracy because there is more data at the fingertips of the appraiser. Commercial transactions happen faster and with more efficiency because all the players can readily access the necessary information. For example, when it used to take up to 3 to 4 months to confirm the details of an asset, now details can be obtained within days. Technology has aided in resulting in the faster processing of property purchases and sales.
However though appraisal companies invest to digitize their operations, the documentation process is still excruciatingly paper based to a great extent. Most of the backend processes of valuation is done manually like the preparation of appraisal reports on a property value, keeping up-to-date on the local real estate market, inspecting and photographing a property and working on legal descriptions and data regarding multiple real estate properties is time consuming and daunting. Also considering the versatility of the appraisers work environment and the fact that they most frequently are required to work in the field, visiting sites makes the process that much more complex resulting in a myriad of missed opportunities.
Therein lies the opportunity for us…
Revolutionizing the managing of this daunting process in the real estate business, with secure platforms to facilitate all elements of the appraisal process in a consistent environment in order to achieve data driven, cost efficient and seamlessly fast operations will be a catalyst in terms of providing the customer with an experience which impacts emotions, and encompasses the entire customer journey which in turn reduces churn and increases revenue.
The Realtor Company under discussion functioned on a legacy system created and used for a period of over 10 years. The conditions of the system were incompatible for the extensions and improvements required by the customer and lacked functionality. The constraints that were faced to manage day to day operational requirements and its lack of features hindered the ability to quickly leverage the information required to make informed decisions.
TIQRI resolved to take over the existing system recognizing the need by providing immediate support, as well as taking on the responsibility to enhance the system with new feature developments, which structures, contact management and lead automation, while integrating to other spaces and third party tools for example we have used React Native to allow our developers to build cross-platform mobile apps such as our new cutting edge IPad application where we hope to deploy within the next few months discussions are underway to also create and deploy an Android platform as a part of our mobile application solution thereby making the inspection process less tedious for the Valuer. TIQRI is also in the process of generating a PDF solution that will enable the Valuer to print out any documentation required to complete the process of reporting with the use of a QR code there by providing the valuation professionals the opportunity to run their entire business on one system even remotely. Resulting in being more efficient, giving them the opportunity to save time and take on more business.
Keeping in mind the commercial and residential real estate ecosystem, we aim to dig deeper into any particular asset with valuation tools that combine the best of machine learning, AI and human insight in other words neural networks, like the incorporation of IoT applications where in the valuation profession, promises to accelerate the decision making process to improve the real estate industry as a whole. The end customer is more often than not weighed down with burdens that come with property ownership, and IoT solutions can help. From checking humidity levels in the property and checking on moisture levels between walls resulting in early detection of problems in a property will equip Valuer to take necessary measures to remedy the problem.
At this juncture, the valuation profession is required to embrace the global advancements of technology, making it possible to envision and experience an asset personally without actually being present physically. Virtual reality (VR), augmented reality (AR) and Digital Twins are other powerful technological solutions making an impact globally and we at TIQRI are working tirelessly to change the way the customer experiences the entire valuation process through the integration of these solutions. From digitally touring properties with the use of VR to bringing a traditional flat print document such as a blueprint or photo to life. For example, a valuation professional can pop up a 3D model of a property that is completely interactive where a client can modify features of the digital replica through the technology of digital twin and AR. subsequently enabling this organization to perform its functions with increased efficiency providing a platform to enhance daily investment decisions and risk management programs, resulting in the uncovering and forecasting of values for properties and entire markets with the highest accuracy, granularity, and speed.