Valuation Expo 2024 was a highly successful and well-attended event, bringing together industry professionals from across the country and even international participants. The fully packed trade show was a major attraction, showcasing a diverse range of companies, including AMCs, software providers, and key industry groups like the Appraisal Institute and the National Association of Appraisers.
The event also featured a new session format with focused, individual presentations, such as those by Lyle Radke from Fannie Mae and Scott Reuter, which were followed by more substantial panel discussions.
The strong presence of lenders during the Lenders and Vendors Live session, actively seeking to add appraisers to their panels, highlighted a proactive approach to upcoming industry changes.
Technology Takes Center Stage: The Shift Toward Hybrid Products
High Report Quality: A Key KPI for Appraisers
High report quality is a critical Key Performance Indicator (KPI) for appraisers. During the Lenders/Vendors live sessions, several lenders highlighted that the quality of appraisal reports directly influences business opportunities. A high-quality report reduces revisions and turnaround times, thereby increasing overall efficiency. This shows the importance of tools like CrossCheck, which can help appraisers maintain high standards and deliver precise, reliable reports that meet lender expectations.
The Shift Toward Hybrid Products and Technology-Based Solutions
Another trend gaining momentum is the adoption of hybrid products and technology-based solutions. Lenders are increasingly leaning towards these innovations to expedite loan processing. Tools for report quality control, comps adjustments, and comparisons are becoming standard in the industry. While these solutions benefit the broader ecosystem by enhancing efficiency, many appraisers feel that their expertise is being overshadowed. The growing reliance on technology leaves appraisers concerned about their role and the value of their experience, highlighting a need for the industry to balance technological advancements with respect for appraisers’ contributions.
Navigating Multiple Ordering Platforms
Appraisers today face the challenge of managing multiple ordering platforms to receive orders from clients. AMCs and lenders benefit from integrations that offer a one-window solution for consolidating and managing data efficiently. On the other hand, Appraisers get the short end of the stick because it means dealing with multiple systems. This friction point not only affects productivity but also underscores a gap in the system that needs to be addressed. Streamlining the order management process for appraisers would improve their workflow and contribute to overall industry efficiency.
Looking Ahead: Preparing for Change
The overarching theme of ValExpo was clear: the appraisal industry is at a crossroads, and change is inevitable. Appraisers must stay ahead of the curve by embracing new technologies, maintaining high report quality, and swiftly navigating industry shifts. By doing so, they can ensure their expertise remains invaluable even as the landscape evolves.
