What does the future hold for appraisal tech?
Between a pandemic and record-breaking origination volume, the appraisal industry has never had to be as nimble as it is now. In an effort to keep homeowners safe while also still providing quality valuations, appraisers have been leaning heavily on technology for the past year and a half. HW+ Managing Editor Brena Nath had the opportunity to catch up with Global DMS President and CEO Vladimir Bien-Aime at MBA Annual to talk more about what’s next for the appraisal industry in terms of technology.
“Well, in the appraisal space, a lot of things have changed,” said Bien-Aime. “There are fewer appraisers and they’re retiring in record numbers. So the most important part of it is being able to do more with less, and technology really gives that kind of gift to our lenders.”
In 2019, the appraisal workforce was already in decline. In addition to appraisers retiring, new appraisers have entered the workforce at a lower rate in the past two years. And while many across the industry have confirmed that human touch will always be necessary to appraisals, technology has played a key role in offsetting the struggles that accompanied labor shortages.
For example, EVO-Residential, Global DMS’ appraisal management software for residential real estate, aims to streamline the appraisal process with automation. EVO-Res give users a configurable workflow design that automates routine tasks, provides key alerts and forms reports users need to make decisions.
“When you look at things like a massive software change around your appraisal operations, there are things that you need be aware of. People don’t want to go over budget, they don’t want to pay for customizations. And they don’t want to spend six months to a year trying to get this thing up and running,” Bien Aime said. “So with a technology like EVO, the software actually adapts to their actual behaviors, and it makes it fast and efficient, and at the end of the day, they get what they need to be compliant with their operations properly.
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