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Updated over 10 years ago,

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?