Will AI replace Appraisers and Assessors of Real Estate?

−Already happening(5)

• Prepare written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.
• Search public records for transactions such as sales, leases, and assessments.
• Maintain familiarity with aspects of local real estate markets.
• Examine income records and operating costs of income properties.
• Analyze trends in sales prices, construction costs, and rents, to assess property values or determine the accuracy of assessments.

~Within reach(15)

• Compute final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential.
• Photograph interiors and exteriors of properties to assist in estimating property value, substantiate findings, and complete appraisal reports.
• Collect and analyze relevant data to identify real estate market trends.
• Obtain county land values and sales information about nearby properties to aid in establishment of property values.
• Verify legal descriptions of properties by comparing them to county records.

and 10 more

+Out of reach(8)

• Inspect properties, considering factors such as market value, location, and building or replacement costs to determine appraisal value.
• Inspect new construction and major improvements to existing structures to determine values.
• Check building codes and zoning bylaws to determine any effects on the properties being appraised.
• Interview persons familiar with properties and immediate surroundings, such as contractors, home owners, and realtors, to obtain pertinent information.
• Examine the type and location of nearby services, such as shopping centers, schools, parks, and other neighborhood features, to evaluate their impact on property values.

and 3 more