Real estate entrepreneurs who are looking for their next profitable purchase will need to employ a professional real estate appraiser. This shouldn’t be looked upon as an unnecessary added expense as it’s a normal part of the buying process. Appraisers can use the power of apps and software to assist them with determining a property’s fair market value.
Savvy buyers can gain great insights into the best investment property listings by diving in deeper than online ads or MLS listings. Spending some time locating off-market properties can unlock great deals with high ROIs.
What Is a Home Appraisal?
A necessary part of buying a home, apartment, condo, or building is to have it appraised. An appraisal is an unbiased opinion by a professional that looks at a property and determines what its fair value is. This serves the buyer by confirming what its real value is and assures lending agencies that the borrower isn’t borrowing too much since the home is used as collateral for the loan.
The appraiser will look at things like how much similar properties sell for in the approximate location, what the current market trends are, and its physical amenities. The cost for an appraisal can vary but is typically around a few hundred dollars.
The final appraisal report must contain:
- A sketch or photo of the building
- A map pinpointing the exact location that also shows comparable sales
- The square footage of the property and how that number was calculated
- Photographs of the properties front and back
- Front photos of the homes that were used to calculate the appraisal
- Other details such as public land records, tax information, and market sales data
Types of Computer Software and Apps That Assist Real Estate Appraisers
Since an appraisal requires many different types of data and information, appraisers can utilize different apps and software programs to ensure that everything is done quickly and efficiently. Modern-day real estate appraisers can usually get by using a smartphone or a tablet which makes their job much easier than it was in days gone by.
Although there are hundreds of different specific apps and software that help them do their jobs, there are 4 distinct areas where this technology will assist them the most.
Communication Software
Real estate appraisers who are part of a large team can avoid wasting time with time-consuming phone calls by using communication apps. Many appraisal teams use apps like Slack or Microsoft Teams. The instant sharing of information by using communication apps is a better way to utilize their time.
Notetaking Apps
Most smartphones come with a built-in notetaking app of some kind. Rather than the old-fashioned method of recording thoughts, estimates, or issues with a pen and notebook, it’s much easier to jot them down on your phone or table. Better yet, some apps can also record audio, so it will make your life even easier.
Phone Cameras
Appraisal reports require actual photographs. All smartphones and tablets come equipped with fair high-end cameras, so instead of lugging around traditional cameras and tripods, most appraisers simply use the camera that came with their smart device.
Another time-saving idea appraisers can utilize is to pair their device’s camera with a Bluetooth-compatible laser distance meter. This is an easy and accurate way to measure the total square footage of a property.
Floor Plan Apps
This one may very well be the creme de la creme for real estate appraisers. Instead of using the old-school method of creating floor plans of a property by hand, they can now be done by downloading an easy-to-use app to a smartphone or tablet. Many are as easy as taking photos of rooms, inputting some measurements, and the app will render a floor plan.
Computer Software and Apps for Real Estate Appraisers Explained
A necessary part of any real estate purchase is to have the property appraised by an unbiased professional. This ensures that the buyer is paying a fair market price and the lender isn’t extending more credit than the property is worth.
To expedite the process, real estate appraisers can utilize a number of different software programs and mobile apps. This technology not only can be a time-saver but it can also help to avoid miscalculations and other errors if done by outdated, old-fashioned methods.
Taylor is a freelance SEO copywriter and blogger. His areas of expertise include technology, pop culture, and marketing.
