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| NAR, Supporting your value, zoom, webinar, mary cummins, real estate appraiser, josh walitt, jim amorin, louis pitoni, national association of realtors, artificial intelligence, ai, chatgpt, adjustments |
National Association of Realtors (NAR) Supporting Your Value
Date & Time Jan 30, 2025 02:00 PM Eastern Time (US and Canada)
Description Credible independent valuations of real property are critical to the health of the overall real estate industry, but there are seemingly constant changes: technology, policy, regulatory, and more. Are you up to speed on what is happening in the Valuation world? National Association of REALTORS® members (appraiser or otherwise) are invited to join us for this regular webinar series to hear updates from the experts.
This month: Appraisers face a constant challenge to provide accurate property valuations amid changing market conditions. New policies require appraisers to clearly identify market trends and apply specific time adjustments to comparable sales data based on these trends and include the methodology used to determine these adjustments in the appraisal report. But how do appraisers derive these adjustment amounts and what new technology can be used in the process? Jim Amorin, author of the Generative Shift, Preparing Appraisers For Artificial Intelligence Models Like Chat GPT, and Josh Walitt, educator and Principal Consultant at Walitt Solutions, will dive into this topic exploring the various AI tools that can be used to develop adjustments and how to use them, but also how appraisers can make sure the information they are getting with those tools is accurate. Bring your questions and get ready to learn!
Host: Louis Pitoni
Speakers: Jim Ameron, Josh Walitt
Pitoni: Appraisers are valuable. They protect interest of the public. Agents do same.This program will focus on tools to use to support value such a Artificial Intelligence (AI). videos will be available.
Jim Ameron: AI is a tool. If I only have four comps, I won't use AI or Regression Analysis. I will do my best in a thin market. He then proceeded to show an example of time adjustments using chatgpt.com He attached a .csv file then added a prompt, see slide. chatgpt.com showed a chart with analysis of time adjustments. You can add just of a photo of chart and chatgpt will analyze it and give you a text summary.
Here is Ameron's chatgpt.com prompt from the slide. He attached a .csv file from MLS comps: Prompt: Attached is a set of data that I need to determine a credible adjustment for changes in value over time. I would like not only what the daily adjustment would be, but I would also like the data plotted as a scatter graph with the date of sale along the x asis and the sales price along the y axis. Please act as a competent real estate appraiser and perform these tasks. Also provide supporting narrative discussion suitable for an appraisal report describing the adjustment process and amount.
Josh Walitt: The ultimate achievement for an appraiser is to be credible based on evidence. AI gives us speed, efficiency and consistency. We don't program it. We prompt it. Market trend analysis requirement is not new. We have always had to do this in our reports.
AI isn't always right. We must check and verify. It's your responsibility. Saying a machine did it won't get you out of trouble. You can get a condition adjustment using paired sales of same property. Save all your data, charts, results in your work file.
Q: Can AI replace appraisers?
Walitt: No. We need our judgment to rank condition, quality and other nuances that we look at as humans. It's just one more tool in our toolbox which we must check and verify. There's a lot more to an appraisal than just market condition adjustments and other adjustments. AI can't call an agent to get story about motivation of parties.
Amorin: 1-2 years ago I said no. I still say no. Changes in last few months show these tools can do a lot of what we do. AI is an opportunity for us to concentrate on our analysis. Robots can do other things. By 2025 we may have a computer agent who could call someone on the phone, book airline tickets. It's important to get familiar with it. There's a lot it can't do.
Pitoni: AI is just a tool. We must know how to use it and and use it responsibly. You can download the speakers' slide decks. (I posted all slides. There weren't many)
Me: No. AI can't see the property and determine some of it's characteristics such as view, condition, upgrades, lot type, specific location in a neighborhood, actual bed/bath count, actual size...
Me: A big problem using MLS data with AI for adjustments is the HUGE unreliability of MLS data. The size is always larger than GLA, tax or legal. The bed/bath count is also generally wrong. How many times is a den or loft listed as a bedroom not to mention unpermitted bootleg bathrooms. Even the age is wrong when agents lie about it being new when it was only remodeled. The sales price is even wrong. It generally doesn't match the final recorded price. I'd like to see adjustments based on appraiser's confirmed GLA, bed/bath count listed in the grid.
Mary Cummins of Cummins Real Estate is a certified residential licensed appraiser in Los Angeles, California. Mary Cummins is licensed by the California Bureau of Real Estate appraisers and has over 35 years of experience.
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