While some appraisers will face this new frontier with unhurried skepticism, savvy appraisers will take advantage of this new market opportunity. Years ago, the exchange of information between appraisers and lenders occurred by mail. This was a leisurely two-week cycle. The introduction of overnight delivery dropped the delivery time to days but increased the cost substantially. Then came the modem and dial-up transmission, which was replaced quickly with the speed and efficiency of the Internet.
Appraisers now have the ability to deliver completed appraisal reports in minutes.
Once again, appraisers are on the verge of an industry-wide paradigm shift, and those who choose to remain loyal to old business practices may soon be out of business. Let's compare and contrast the traditional appraisal process with the EDI appraisal process. Collect and write on a clipboard all the information to produce the report. Search for comparables. Record the relevant data on comparable properties.