Class Valuation, a real estate asset valuation and appraisal management provider, has teamed up with tech company InsideMaps and invested in their home digital rendering technology.
InsideMaps’ technology generates 3D tours and models of both the interior and exterior of homes while also creating a detailed data set, which can be deployed at scale.
“Through extensive field testing, we found that appraisers using InsideMaps were able to schedule their appointments without consideration of harsh weather conditions and were able to avoid common nuisances such as measuring around thorn bushes or clutter. Appraisers were then able to focus their efforts on observing and recording property data characteristics that impact loan eligibility or drive value,” said Julie Jones, senior vice president of valuation transformation and engagement for Class Valuations.
“There are many benefits of having a digital rendering of the home as we modernize the appraisal process, including, but not limited to, bringing consistency and credibility to the inspection of a property. Furthermore, it provides a lasting impression of the home at the time of inspection, which provides many downstream benefits – one of the most important being fraud prevention,” said Scot Rose, Class Valuation chief innovation officer.
The company said the technology will boost the valuation process.
“InsideMaps brings much-needed structure and certainty to the inspection process,” said Jones. “Training for its use in the field is well underway, and Class is focused on recruiting appraisers to its Innovation Panel that will represent early adopters of this technology to improve efficiencies and credibility. Our partnership with InsideMaps is an unparalleled opportunity to drive our industry forward.”
“We know our industry is on the brink of change within the valuation space, and it will take leaders in every category partnering together to bring about the future. We are committed to being that driving force and see InsideMaps as just one way we will help the industry move towards sustainable, long-term modernization,” Class Valuation CEO Mike Detwiler said.