Now that the GSEs have approved desktop valuations for purchase, appraisers need a way to collect trustworthy, verifiable data while also submitting floor plans on reports! Join us for our upcoming webinar on March 22nd at 2 pm, “Appraiser-Controlled Desktop and Remote Valuations” with Mark Walser and Lisa Ratzke! Learn about all of the features in RemoteVal – a free inspection app for appraisers. We sat down with Mark to get the inside scoop on this upcoming webinar.
Buzz: What are some examples of new technology and the need for it in the appraisal industry?
Mark: Remote Virtual Inspection is the key new technology that allows appraisers to visually “verify” on the date of inspection many of the relevant characteristics and conditions of a home. From streamlining 1004D updates to performing full appraisals, it is now available and accessible to appraisers and property owners via their smartphones. The second major technology change is 3D scanning of home interior and exterior. Using this technology in its various forms, including augmented reality and LIDAR, the modern smartphone is able to effectuate accurate measurements of a home and capture imagery that can create a floorplan. Incenter’s RemoteVal technology actually combines both of these major technologies for appraisers. As it proliferates, it will become one of the major ways valuations will be done and appraisers are well positioned to adopt and learn how to use it now.
There is a need for speed and efficiency in the appraisal process. In the next 5-7 years, 80+ million Gen Z consumers will join the workforce. These consumers are digital and mobile technology natives, being the first generation born with a phone in their hand. They will expect and want appraisers to serve them on these devices, and the simple fact of the matter is that the existing 70,000 or so appraisers in the business today will not be able to service this large a population quickly and efficiently unless they are proficient with technologies like this.
RemoteVal offers appraisers and lenders the clear path to enable the future of remote appraisals to serve all of these customers. While we are very clear that there will still continue to be a need for appraisers to see properties in person, there are many assignments where the appraiser working with this type of technology can visually verify the property and perform a credible valuation with certitude.
Buzz: What is RemoteVal?
Mark: RemoteVal is the industry’s first remote inspection technology for appraisers. This allows them to control an inspection, remotely photograph and record the home features with geographic and time-stamped accuracy, record video of homeowner interaction, measure exterior and interior walls, and use 3D video scanning to create floorplans where none might exist. While not intended to replace all appraisals, RemoteVal does provide a major technology shift that empowers appraisers to take control of and perform many types of appraisals remotely using virtual technology. All of this capability is available to appraisers in a simple web accessible inspection tool and used on the device that all homeowners have on their person, an iPhone or Android phone.
Buzz: How is RemoteVal more beneficial to appraisers than any other new developing technology for desktop appraisals?
Mark: Every other current technology platform “bifurcates” the appraiser from the inspection – sending proxies or third parties to perform scans or measurements, creating floorplans, and sending data to the appraiser to use. By contrast RemoteVal places the appraiser at the center of the process and allows them to control the inspection/data gathering with a person at the property who has a smartphone, and generate the data in real-time while fulfilling their verification of the data. This allows appraisers to deliver the speed lenders are expecting in the new Desktop appraisal by quickly verifying a pre-provided floorplan live on the effective date, or creating one as needed while also observing the condition and characteristics of the home. It also preserves an appraiser’s ability to keep their full fees for performing Desktops while saving on the cost and time of driving to properties, and utilize trainees while overseeing them “live” on qualifying assignments.
Buzz: Why should appraisers attend your webinar?
Mark: If high gas prices, traffic, pandemic issues, and increasing costs concern you, then remote appraisals can change your business and allow you to get paid the same for your expertise while providing you the ability to do more volume with less “windshield time.” Similarly, appraisers who are thinking of retiring can still appraise part-time from their homes and maintain their license without having to drive to assignments. Another major benefit is that appraisers want to use technology that helps them understand how the “sausage” is being made. A lot of confusion exists right now for appraisers with new Desktop, and we’ll cover how the appraiser can perform the needed “verification” using a live remote inspection when they are provided a floorplan from the real estate or mortgage company. And if a floorplan isn’t provided, we will show you how you can easily have RemoteVal generate a floorplan for you using our 3D Video Scanning, and retain the ability to perform the Desktop assignment without needing to pivot to a full appraisal.
Buzz: Thank you for answering our questions, Mark. We look forward to seeing you hosting this free webinar soon!
Make sure you sign up for our upcoming webinar on March 22nd at 2 pm, “Appraiser-Controlled Desktop and Remote Valuations” with Mark Walser and Lisa Ratzke. If you can’t make that time, register to receive the recording directly in your inbox!