Typewriters and Whiteout
Some of us remember the days of the typewriter. Ah yes, the merciless metal beast that didn’t allow for mistakes (whiteout never worked that well). When the computer became mainstream, we happily adopted the new technology and reveled in our ability to correct mistakes without any gloppy white paste or tiny pieces of white-coated plastic film.
Then to our joy, along came digital cameras, laser measures, and alas, the mighty cell phone. As an appraiser you adopted all of these amazing technological tools, marveling at how many more appraisals you could complete each day and how much more money you brought in as you adopted each new technology.
Today, for our final post in our “Making More Money Appraising” seven-part series, I’m going to address a couple of technologies that you could be using to save yourself a lot of time and in the process make yourself more money!
Make More Money With Drones
When the FAA relaxed drone regulations in 2019, it made it easier for appraisers to incorporate drone technology into their appraisal processes. To operate the drone you have two options, the hard way and the easier way. The hard way: you’ll need to get a pilot’s license for traditional aircraft. The easier way: pass the FAA Unmanned Aeronautical General Knowledge Test to receive your Part 107 Remote Pilot Certificate. Once you get your certifications, you can join the ranks of the early adopters who use drones in their appraisal process!
Using a drone can save you money by eliminating the need for photos from regular aircrafts and the costs that come with renting an aircrafts and a pilot.
Another plus, you can fly the drone during inclement weather, quite helpful if you live in an area where the weather often dictates your appraisal process.
And one other plus, the photos you take with a drone will be more detailed than photos taken from the ground only (it’s hard to get above a roof without wings or a propeller!).
Drones are the technology of the future, and appraisers who incorporate this exciting tool will save time and money over appraisers who don’t adopt them.
Data Management Technology
Appraisers have access to a small collection of appraisal data management technology. Despite the enormous time savings that appraisal data management software brings, only a small percentage of appraisers actually use these time-saving, income-increasing tools!
The most popular appraisal data management technology in the United States, DataMaster, became electronically available in 1996. The software sprang from the data co-op that Market Data Services founder and CEO, Rick Lifferth, established in 1980.
Over the years, DataMaster has developed into the world-class appraisal technology it is today. We pride ourselves on saving you an hour or more on each and every appraisal when you use our technology!
As Keven Ewell, a USPAP instructor, Utah Association of Appraisers Board member and DataMaster appraiser, wrote:
I was always taught that I should work smarter, not harder.
I like to look for tools that save me time and help me produce more credible results. This is where DataMaster comes in for me.
* Helps me save time by importing the MLS and public records information for my subject and comparables into my report,
* Provides me with a market analysis tool that helps me make decisions on changing markets and,
* Presents the deed history from county records and allows me to quickly associate the recorded deeds with the transaction of the subject and comparables.
The DataMaster team has recently added a market analysis feature (Neighborhood Analysis) that allows me to look at two market segments at the same time. I have an assistant that helps me import the information from DataMaster into my report. I give my assistant the comparables and data and they put them into DataMaster. I then verify the information and import it into the appraisal. I am left with entering my decisions on the quality and condition, of the subject and comps, comment writing, adjustments, and reconciliation.
With DataMaster I have been able to increase my productivity by nearly 30%.
There is so much new technology coming that can benefit appraisers. We’d love to know some of the tools you’ve used. Leave us a comment at the bottom of the article.
I hope that you’ve found some helpful tips among the seven articles in this seven-post series! There is always potential to improve, streamline, save time, and earn more money!
Here are the six other posts in there series: