Despite the importance of accurate property valuation, the impact of technology on appraisal—along with the rest of the real estate industry—is uncertain. The residential appraisal sector’s long-time appears to share the real estate industry’s general resistance to technological change (a topic we’ve talked about a lot recently). Some industry experts are advising residential appraisers to invest in new software, information technology and marketing. Many advise that appraisers broaden their service offers to legal and accountancy firms, municipalities and commercial properties.
There will certainly be a sea change in the nature and need of the real estate appraiser in the not-too-distant future. But the importance of their function, expertise and comprehensiveness is not yet 100% reproducible by machines. Real estate’s volatility redefines the responsibility of all its business segments, and how it will eventually change the work of the appraiser will be an interesting development to watch.