As a real estate appraiser, are you afraid of the future? Are you afraid of getting that dreaded call from the state board? Do you need some better real estate appraisal tools?
During the thirty-plus years that the average real estate appraiser will work as an appraiser, it is extremely unusual for them to face their state board. But the fear is still present. While the odds are against ever experiencing that jarring event, the possibility of it occurring is always in the back of an appraiser’s mind.
Less a fear, more of a constant annoyance, and far more common is the need to make corrections on an appraisal report. Most appraisers expect to make corrections on their reports about 20% of the time, with the most experienced and thorough appraisers expecting to make revisions about 10% of the time (Keven Ewell).
Revisions take time, which means money out of an appraiser’s pocket, which means worry and possibly fear about what tomorrow might bring. Will it be the day that the state board comes calling? How does an appraiser ensure their reports are clean and as free as possible from mistakes?
Most appraisers develop their own methods to support their conclusions with relevant explanations and data.
The most successful and astute appraisers use special software tools developed to help them stay away from the state boards and avoid Fannie and Freddie’s attention.
But not all appraisers know about these tools.
If you’re reading this and wondering what tools your colleagues are using to overcome their fear of the future, then keep reading!
Real Estate Appraisal Tools to the Rescue!
DataMaster appraisal tools help appraisers!
The appraisal profession deserves society’s respect and has earned it over the decades through hard work by tens of thousands of dedicated appraisers.
Because of this, DataMaster developed specialized real estate appraiser tools to help hard-working appraisers. DataMaster empowers you to create your reports faster with fewer errors – making your conclusions more accurate and credible. Appraisers that know about these tools, take the time to learn them, and implement them into their daily processes find tremendous success in their day-to-day appraisal life.
What tools are available to appraisers to help ease their worries and give them more time?
The Top Two Real Estate Appraisal Tools
The top two real estate appraiser tools that have impacted the appraiser world from DataMaster this year are CompTracker and Neighborhood Analysis.
These two appraiser-designed, appraiser-tested, and appraiser-approved tools give you confidence in your future! They help you protect your data by storing it for you, they help you by pointing out discrepancies compared to previous reports, and they save you So. Much. Time!
You’ll have nothing to fear!
Let’s look a little deeper into CompTracker and Neighborhood Analysis by DataMaster.
CompTracker
As you can guess by the name, this tool saves your comps for you. Fannie and Freddie have a database of your comps that they use to judge your consistency.
Shouldn’t you have one too?
Not only does CompTracker save your comps, but it also tracks them for you. If you pull up a comp to use in an appraisal down the road, CompTracker will notify you if any data in your current assignment conflicts with the same comp in your previous report. For instance, if you gave the home a Q3 on home quality the first time you used the comp, but the second time you enter a Q2, CompTracker will notify you! Any differences are brought to your attention, down to any missing commas!
CompTracker also allows you to share data with trusted peers in a USPAP-compliant way. You don’t have to share if you choose not to, but if you use this feature, you can share your files with your trusted peers and vice versa. Sharing data saves you time. CompTracker can help you make better decisions based on all the available data. It’s like having a mentor look through your report for you!
As Jared Preisler said,
Comptracker is like an insurance policy that only costs $10. It’s like insurance for my license, my profession, and my livelihood.
CompTracker helps alleviate your fears of being called before the board. Plus, it saves you time. Instead of calling the group of appraisers I trust, I can see what they’ve already done and use it to inform my decisions.
Neighborhood Analysis
How does this tool save the day? Just enter your data into Neighborhood Analysis, define the markets, then sit back and watch the magic happen.
You, the appraiser, have all of the power!
You tell Neighborhood Analysis what you want your market to be, whether it’s two-stories versus ramblers, a small market versus a large market, or whatever else you feel is appropriate for your particular appraisal. DataMaster takes the information that you enter and segments and compares the two contrasting datasets.
Neighborhood Analysis presents a comparison of the two markets. This comparison shows you one or two years of month-to-month data or six years of quarterly data.
You choose the applicable data, DataMaster’s Neighborhood Analysis fills out the fields automatically, provides statistics, and offers meaningful graphs to strengthen your decisions.
Once you hit “Send to Report,” DataMaster saves all your Neighborhood Analysis information into your personal archive, helping you to stay USPAP compliant.
Do you feel your stress level subsiding already? These two tools help YOU create cleaner reports! These tools are here to save you time!
No More Fear
You’ve got two real estate appraisal tools to help you alleviate your fears about what tomorrow might bring. Try CompTracker and Neighborhood Analysis out today! Give us a call at 801.657.5769 or chat with us on our website at datamasterusa.com!
Before you go, here are a few more of the appraiser-developed, appraiser-tested, and appraiser-approved features that DataMaster offers you! We’re here to help make your life easier, less stressful, and more successful!
- Field Formatting
- Maps Page
- Smart Field Technology
- Photos Page
- Plat Maps
- Easy-to-add second sale verification source
- Agent comments on comps
- Geocoded distances
- Back-end MLS Data
- MLS sheet
- MLS interior and exterior property photos
- Sales deed history
- Graphs
- Compatible with all form vendors!
Happy Appraising!
