We’ve recently been discussing how Property Condition Inspections help banks support their internal appraisal teams, who use Property Condition Inspections to add efficiencies to appraisal operations. This is certainly the case, as the field work conducted in Property Condition Inspections—including measurements and, in some cases, sketches—provides data that bank’s appraisers can utilize to value a property.
In these desktop appraisals—also called automated value appraisals—appraisers feed data from Property Condition Inspections into their algorithms to quickly and efficiently value a property. This provides savings for the banks who need not pay appraisers’ high hourly rate to conduct field work that can be outsourced.
Appraisers Benefit from Property Condition Inspections
Of course, in valuing properties, banks do not only rely on their internal appraisal teams, they also oftentimes directly contract out to independent appraisal companies. These companies, not part of bank’s internal team, can also add efficiencies and savings to their operations by using Property Condition Inspections.
These appraisers can maximize their earnings by subcontracting out the field work required for their appraisals, ensuring licensed appraisers only touch work that requires their hands. Appraisers can churn out more appraisals per day since they are not wasting their valuable time on-site, conducting measurements and gathering other data and photographs.
TrendSource Property Condition Inspections
Just like banks, appraisal companies stand to increase their profit margin by reducing the costs associated with appraisals through Property Condition Inspections.
TrendSource has helped support desktop appraisals and automated value appraisals for over a decade, working closely with lending institutions and appraisal companies, providing high quality, accurate, and rapid Property Condition Reports.
For these Inspections, TrendSource turns to its closed database of experienced OnSite Inspectors as well as its best-in-the-business Quality Assurance team. Together, Inspectors and QA ensure that appraisers are fed reliable information.
Adding efficiencies to any operation is key, but these efficiencies have to be, well, efficient.
By allowing licensed appraisers to focus only on the work that most directly requires their attention, and by providing a solid data foundation to support these operations, TrendSource Property Condition Reports fit the bill.
