Appraisers already employ many computer assisted methods, including discounted cash flow spreadsheets, on line data retrieval, and word processors. Appraisers who have access to automated appraisal tools will be able to do their work faster and better for their clients. With technology costs coming down and data becoming more widely available, the time for automation is ripe. Any information based industry is vulnerable to sudden change as technology changes the way data is handled. Appraisal has changed.
Databases are under construction and valuation models in design.
It is only a matter of time before commercial real estate appraisers find the means to deal with the challenge of automated competitors, just as their residential counterparts now do. Jr. The Reenstierna Associates Report is published as a service to the clients of Eric Reenstierna Associates and other real estate professionals. The views expressed are those of the articles' authors and do not necessarily reflect those of other members of the organization. All rights reserved.