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Banks Use Property Condition Inspections to Lower Appraisal Costs

Let’s face it: Appraisals are tough. They are time-consuming, they are costly, and they are absolutely mandatory. Everyday people can’t buy or sell a home without them and, more importantly, lending institutions must have an appraisal for every single property on their books.

They’re one of those things that everybody agrees we need, and people occasionally try to improve, but remain fundamentally the same. Think of them as a mousetrap of the modern world.

But whereas mousetraps have gotten relatively cheaper—and were never all that expensive to begin with—appraisals are huge cost drivers.

property condition appraisal

This is because appraisals can only be completed by licensed appraisers and, well, it is not easy to become a licensed appraiser. There are courses to take, a thousand hours of on-site experience to log, exams to complete—it’s tough work, the kind of thing people build careers around. Just check out this career tutorial if you don’t believe us.

Because the process to become an appraiser is so intensive, appraisers rightfully charge a premium for their work. This is the American way. Good for them.

But for banks that rely on their services, the cost of appraisals adds up. Each time they add a property to their books, they need an appraisal.

How TrendSource Property Condition Inspections Lower Appraisal Costs

Over a decade ago, TrendSource found a way to help banks with their appraisal costs. Property Condition Inspections outsource appraisal field work to Independent Contractors, who can take in-field measurements, make sketches, and document any other required field work.

property condition inspection appraiser

This field work produces Property Condition Reports, which can then be provided to a licensed appraiser to complete the appraisal process. These desktop appraisals are increasingly common in the industry and allow appraisers to maximize their appraisals per day by only doing the work that requires their relatively costlier attention.

TrendSource has over a decade experience supporting appraisers with the field work they require to complete appraisals without ever having to leave the office.

TrendSource Property Condition Inspections begin with the best Independent Contractors in the business, Inspectors who understand how to accurately and reliably complete the field work appraisers need in order to do their job more efficiently.

This is why banks have long relied on TrendSource to support their internal appraisal operations. It’s also why appraisal companies themselves turn to TrendSource to add efficiency to their operations.

Appraisals are tough and expensive, and rightly so. But TrendSource Property Condition Inspections make them easier and more cost effective.

Learn More About Property Condition Reports

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