About Client
Industry
Real Estate
Location
USA
Project Overview
Our client encountered challenges with the traditional property appraisal process, which involved time-consuming steps such as scheduling property visits, on-site manual data collection, manual handovers to technicians for floor plan creation, and, finally, the submission of appraisal reports.
This approach was not only resource-intensive in terms of time and cost but also susceptible to human errors and delays due to manual processes.
In response to the challenges, we introduced a remote property appraisal solution. It assigns an appraiser to the property owner, who conducts a thorough assessment via video call, and then the system automatically generates a 3D mesh file from the data collected for creating precise floor plans using our builtin floor plan creation tool. For users with LIDAR devices, automatic floor plan creation is available. This optimized process reduces travel time, costs, and human error while enhancing efficiency. The outcome includes a detailed appraisal report, higher monthly appraisal counts, and increased client satisfaction.
Traditional Property Appraisal Process
01
Job Order Initiation:
The client initiates the appraisal process by contacting an appraisal management company (AMC) to request an appraisal for a specific property. Subsequently, a job order is created.
02
Resources Planning:
We plan the best suitable resources who are equipped with required technical knowledge and attitude.
03
Property Visit Call Scheduling:
The assigned appraiser schedules a call with the property owner to arrange an on-site visit.
04
Property Inspection Data Collection:
During the property inspection, the appraiser evaluates the property’s condition, dimensions, features, and gathers all relevant information and creates a detailed report.
05
Floor Plan Creation:
The collected data is then provided to a technician who manually creates a floor plan based on the appraiser’s findings.
06
Appraisal Report:
Finally, the appraisal report is generated automatically, consolidating the appraiser’s assessment and findings to provide a comprehensive property valuation.
Challenges In Traditional Property Appraisal Process
01
Time and Cost Challenges in Physical Property Visits:
One significant challenge is the time and cost associated with physically visiting the property. This can be both time-consuming and expensive.
02
Geographic Limitations in Property Visits:
Property appraisers are often limited by geography, making it challenging to cover a wide range of properties efficiently.
03
Manual Data Collection Leading to Potential Errors:
Another challenge arises from manual data collection, which can result in errors in measurements and property condition assessments. Moreover, it may introduce delays in the appraisal process.
04
Extended Duration for Manual Floor Plan Creation:
Once the appraiser submits the data collected to a technician, creating a floor plan manually can be a time-consuming task, taking around 2-3 hours to complete. This extended duration can slow down the overall appraisal process.
05
Reliance on Multiple Sources for Property Information:
Appraisers often rely on various sources, including public records, multiple listing services, and interviews with relevant parties, to access property information. This includes property values, historical data, real estate market trends, market insights, and neighborhood information.
Our Solution
01
Enhanced User Experience and Convenience for the Entire Appraisal Process:
This streamlined process offers an improved user experience, making the appraisal process more convenient and efficient.
02
Efficient Call Scheduling for Enhanced Convenience:
The appraiser sends a link to the property owner, who can then select from the available slots provided by the appraiser to schedule a meeting. Once the owner makes their choice, the appraiser confirms the appointment.
03
Significant Time and Cost Savings with Remote Property Inspections:
Utilizing video calls for property inspections leads to substantial savings in both time and costs.
04
Elimination of Geographic Limitations with Remote Appraisals:
Since this process is entirely remote, it effectively removes geographic limitations, allowing for broader property assessments.
05
Error-Free Data Collection via Video Scanning:
Collecting data via video scanning eliminates the potential for errors in measurements and property condition assessments, eliminating the need for revisiting the property.
06
Automated 3D Floor Plan Creation:
We provided a built-in floor plan creation tool that allows technicians to generate floor plans using property data uploaded by an appraiser on the portal. For LIDAR users, the system automates the creation of 3D floor plans, reducing the required time to just 30 minutes.
07
Comprehensive Real Estate Platform:
The platform offers a wide range of features, including MLS (Multiple Listing Service) data feeds, Google Maps integration for location and amenities, RELAR analytics for property insights, Walk Score API for neighborhood assessments, Virtual 3D tours, and a mortgage calculator. These features are designed to provide a detailed property details report.
Outcome
36% Increase in Profit
90% Reduction in delays
Human error reduced from 7.5% to 1%
100% Boost in Happiness of All the Parties
80% Efficiency increase
75% Improved client feedback
80% Improved quality of appraisals (benefiting lenders/mortgage industry and offering better deals)
Significant environmental benefits, including reduced carbon emissions and sustainability promotion
Infinite blessings Received from the Property Owners and Mortgage Companies
Appraisals completed a year:
Traditional System - 62,500 (Fees 500 USD - Cost 300 USD)
Remote System - 1,00,000 (Fees 350 USD - Cost 100 USD)
Total appraisers 100
Profit Difference: (Remote) $4,74,50,000/Y - (Traditional)$3,46,75,000/Y = $1,27,75,000/Y
90% reduction in delays
Human error reduced from 7.5% to 1%
Significant environmental benefits, including reduced carbon emissions and sustainability promotion
80% efficiency increase
75% improved client feedback
80% improved quality of appraisals (benefiting lenders/mortgage industry and offering better deals)
100% Boost in Happiness of All the Parties
Infinite blessings Received from the Property Owners and Mortgage Companies
Features Of Remote Property Appraisal Management System
Job order management
Effective call scheduling
Remote Inspection via Video Call (including scanning, recording, screen sharing, and real-time chat)
Built-in Floor Plan Creation Tool
Automatic 3D Floor Plan Creation For LIDAR users
MLS (Multiple Listing Service) Data Feeds
Google Maps Integration
RELAR Analytics for detailed property insights
Walk Score API
3D Virtual Tours
Mortgage Calculator API
Technologies Used
Front-end
- ReactJS
- AngularJS
Backend
- MVC .NET and .NET Core
- Ruby
Android
- Kotlin
- MVVM architecture
- Google Maps API
IOS
- Swift
- Viper architecture
- Google Maps API
Database
- PostgreSQL
Server
- Azure Cloud
Third party Integration
- Azure blob Storage
- AWS S3
- Sentry
- SendGrid
- Twilio
Flow Diagram Of The Remote Appraisal Management System
