Today, as much as 20% of our interactions involve the other AI, artificial intelligence, and within five years, experts predict that percentage could grow to over 50%. There's no question AI is going to unlock an entirely new workflow for the appraisal profession and deliver a new set of capabilities that will drive the back office to the forefront of business strategy.

The real question is …
Are you prepared to take advantage of this incredible resource?

If you want to be a successful appraiser in this new era, watch the webinar below to hear Mark Linne, MAI, SRA, AI-GRS President, ValueScape Analytics, Inc. share how you can leverage AI to better learn, predict, and produce forward-looking 'what-if' analyses as we digest the ever-growing volumes of data and content in real time.

What if appraisers could value events that haven't even happened yet? It may sound crazy at first blush, but the idea that appraising is relegated to retrospective analysis is an artifact of the profession's history that is no longer relevant. (Additional recap details below the video.)

 Click here for a pdf of the slide deck.

“We stand on the brink of a technological revolution that will fundamentally alter the way we live work and relate to one another. In its scale scope and complexity, the transformation will be unlike anything humankind has experienced before.” World Economic Forum

What is AI? Artificial Intelligence is a set of technologies that enable machines to perform sophisticated tasks such as judgement, judgment, evaluation problem solving decision, making pattern recognition, comprehension, and the recognition of language. Today’s AI develops content, performs data mining, etc. Tomorrow’s AI will offer augmented reality, self-driving cars/trucks, sensory chips and more. And the future of AI will offer Intelligent Agents which will interact naturally with you and other intelligent agents (i.e., digital devices).

90% of all world’s data has been created in last 2 years. This data availability will only accelerate.The greater amount of data, the more likely that AI can replace the process of examination, interpretation and analysis.

The appraiser’s skillset is changing. The Royal Institution of Chartered Surveyors stated two years ago that much of what the appraiser does currently (i.e., general/specific data acquisition and narrative description) will be replaced by AI. But there is also room for opportunity as AI can be leveraged to perform many tasks including ...

  • market demographic studies
  • environmental research
  • financial analysis
  • discerning patterns in data
  • turning data into actionable insights
  • spotting trends
  • helping in decision making

So what does that mean for appraisers? As appraisers develop an awareness of relevant technologies, they will develop a real-time understanding of market trends, as well as an understanding of data that’s aggregated, summarized, analyzed and specifically applied for the property. Appraisers may be able to do “what if” analyses based on the data that may not be readily available but might need to do a predictive analysis. This may also begin the move to predictive valuation.

*The financial services industry predicts a scenario where what they will need in their collateral risk analytics is an understanding of the probability of where the property's value will go in the future

What can the appraiser do to stay relevant? Become more of a data value scientist. Take advantage of trends such as mobile technology, augmented reality, new analytics. AI based technologies will allow appraisers to:

  • sift through all the relevant data and analyze adjustments in a fraction of the time,
  • reinvest the time saved in analysis and prediction,
  • execute better analysis of risks and opportunities, real-time monitoring, advanced models and predictive analytics,
  • integrate and monitor data and identify what is important and relevant, and
  • personalize predictive analysis.

    Be Prepared and Stay Relevant…

 

 

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