TrendSource has long offered Property Condition Reports, also called Property Condition Inspections, to banks and other lending institutions looking to add efficiency to their appraisal operations.
In property condition reports, Field Agents complete Inspections of properties, the data from which lending institutions can then use to appraise the property. But why are these such a popular product for lending institutions and how do they support their lending operations?
The truth is, desktop appraisals are significantly less expensive than those conducted on-site by an appraiser, offering lending institutions a cost-efficient way to value a property. In desktop appraisals, appraisers rely on data provided by an in-field Inspector, putting this data through their own formulas and algorithms to arrive at an appraised value.
This allows them to appraise multiple properties a day from, you guessed it, their desktops—thus the name, desktop appraisals. Traditionally, appraisers would need to directly visit the property under consideration, conduct their own in-field measurements and drawings, and then return to their offices to complete their calculations. This is an inefficient use of appraisers’ time and lending institution’s money.
Indeed, traditional appraisers represent is a significant cost driver for lending institutions that must complete appraisals for every property on their books.
TrendSource Property Condition Reports add efficiency to this system by utilizing in-field Inspectors to complete on-site measurements, drawings, and all other required information gathering. This information can then be funneled to appraisers who need never leave their desks, instead inputting data from these in-field reports into algorithms and arriving at a value.
Of course, in-field data is only as reliable and useful as the people collecting it. This is where the TrendSource difference really shines. TrendSource completes Inspections with its proprietary, closed Field Agent database of experienced in-field Inspectors.
These Inspectors understands how to responsibly and reliably gather the required information on-site, supporting desktop appraisals with accurate information to calculate an accurate appraisal. They consistently receive high ratings for professionalism and on-site knowledge, allowing appraisers to focus on actual appraisals and lending institutions to be confident that the data they receive is accurate and cost-efficient.