An appraisal technology start-up has teamed with an AI-powered computer vision company to substantially cut the time it takes to prepare valuation reports. How does three hours grab you?
In a new case study, Aivre claims the collaboration with Restb.ai saves appraisers an extra 180 minutes, enough time to double the number of valuations appraisals can complete in a single day. Restb.ai operates in the field of computer vision, in which it extracts data from photographs in the real estate and mortgage sectors.
Manual work has long slowed down appraisers. But Aivre’s Jake Lew, co-founder and CEO of the fast growing Michigan-based software company, says the addition of Restb.ai’s technology frees appraisers from repetitive tasks by either partially or fully integrating several time-consuming steps.
From photographs of the subject property, the technology extracts and classifies key property characteristics. It also generates condition and quality scores for the subject property as well as comparable ones, and auto-populates GSE-compliant forms — all without manually inputting or verifying the data.
One appraiser called the collaboration “a total lifesaver.”
“It cuts out so much of the repetitive tasks that used to eat up my day,” said Chase Foster of Rochester Hills, Mich. “I’m honestly so glad I found it.”
Here, according to the case study, is how Foster and other appraisers are recapturing their time using the technology:
- 20 minutes once spent collecting and validating property details such as lot size and legal descriptions;
- 20 minutes once spent on on-site note taking;
- 20 minutes priorly spent validating the floor plan;
- 10 minutes formerly spent on photo placement and labeling;
- 60 minutes once spent selecting and scoring comps; and
- 60 minutes priorly spent typing up reports.
That totals more than three hours. But the savings isn’t just about speed, it’s also about accuracy, says Restb.ai’s Chief Product Officer Nathan Brannen. “By entering more of the manual data fill, we reduce human errors and increase consistency,” Brannen noted.
The one thing the venture will not do is replace human appraisers. Rather, according to Lew and Brannen, it will enhance their expertise, allowing them to spend their time analyzing and valuing their assignments.
Aivre itself is software built by appraisers for appraisers, with CEO Lew having been a residential appraiser for about a dozen years. It helps eliminate inefficiencies and increase accuracy, according to the company, allowing for valuations without cutting corners. It is the first AI-trained program to auto-fill reports in UAD (uniform appraisal dataset) language. To date, about 50 appraisers nationwide have purchased the technology.
