THE RIGHT FACTS, RIGHT AWAY
An appraiser’s view on partnering with Zaio
Imagine being able to obtain an accurate, professional appraisal of your client’s property – inside and out – while that client is sitting across the desk from you.
It’s not wishful thinking. According to Michael Hartman, an independent Spokane-based appraiser, “instant appraisals” are already happening. While he was on the road recently, Hartman got a call requesting an appraisal from Terry Inman, the Vice President Lending at the Firefighters’ Credit Union. Inman who was in a meeting with the property owner at the time, gave Hartman the address and access information. Hartman quickly drove to the property, performed an interior inspection, updated the scoring criteria via handheld PDA, and emailed the signed appraisal report to Inman. It all happened within minutes, while the client was still sitting across the desk, enabling Inman to approve the loan immediately.
“This is just one example of what we can do using Zaio’s technology,” Hartman says.
“In our market (Spokane) as many as 20% of the homes for sale are being advertised directly by the homeowner, and they are looking for guidance on how to price their properties. Using Zaio technology, I recently appraised a property at $353,000. The homeowner listed at $349,000 and the property sold for $354,000 three weeks later. We know it works. At for-sale-by-owner meetings, 30 to 50% of the people attending will order an appraisal. It’s particularly compelling to homeowners when they see their GeoScore appraisal first-hand on my PDA.”
Michael was introduced to Zaio three years ago. Initially he licensed two zones; he currently operates five of the 11 Spokane zones. Michael was most impressed with Zaio’s responsiveness to feedback. When he suggested the software should be compatible with a handheld PDA, two months later he had it. “Zaio’s software has made me a better appraiser,” he says. “It forces the user to learn neighborhoods better. And we are constantly upgrading and updating our information.”
Michael attributes much of his success with Zaio to his organized approach to the market. In order to make the grading system work in his zones, he’s had to make subgroups. “For example, golf courses and view property command higher value, so I needed to make additional subgroups to capture those unique characteristics. I am constantly reviewing and playing with the data. I’ve seen it work.”
“Zaio allows us (appraisers) to react to the market and increase our competitiveness. I initially saw Zaio as a way to regain some of the 75% market share I was losing to AVMs. Now I see other products that Zaio can offer, such as the 2055 exterior inspection appraisal form they’re working on now.” According to Michael, “once this catches on and people learn of its benefits, it’ll become the standard within the industry.”
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