Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Off Topic
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 10 years ago on .

User Stats

408
Posts
37
Votes
Ben Bakhshi
  • Investor
  • Atlanta, GA
37
Votes |
408
Posts

Crowdsourcing real estate appraisals. What do you think?

Ben Bakhshi
  • Investor
  • Atlanta, GA
Posted

I have an idea I wanted to share.

Requestor submits an address, with pictures of a property you need a valuation for. 

The cost would be $10 per appraisal, you set the limit on how many you want, say 5

Users see your request, and submit their appraisal which would include:

Price (range)

Comps to justify the price

100+ word description justifying the appraisal

Market trending UP or DOWN

Etc undecided

Other Considerations:

The requestor can like, or rank the valuations out of 5 stars.

For quality control, users begin earning a % of the appraisal cost ($5-$8), once they submit 10 "quality" appraisals. (10 appraisals with Likes, or 3+ stars)

------

Background.

I analyze 60+ properties per month for my own business needs. All online "AI" estimates are functionally useless (though the Zestimate they can help with trend tracking). 

Appraisals that I do myself are as good, or better, than an appraisal I could pay $200 for. This is proven by my own flipping track record without using an appraiser.

The wisdom of 5 different appraisers should be better than a single appraiser.

For now its just an idea, if you want to steal it I want 1/2 of 1% of gross revenues.

Thoughts BP Nation?