Spectrum will let you gather, analyze, and defend appraisal data like never before
Dustin Moore, President, Real Estate Solutions Division
labs@alamode.com
I recently sent a memo to all of our customers outlining a new data gathering, analysis, and documentation platform we're launching later this Spring, codenamed "Spectrum." We think this is one of the most critical platforms we've ever developed, so today, I wanted to officially kick off our labs project by sharing our vision for Spectrum.
The process of developing and defending an opinion of value is becoming a mess. Deadlines are shorter than ever, but underwriters seem to have more time to pester you for explanations about the comps you used (and the ones you didn't, too). Fees are down, but the likelihood of defending your appraisal in court or before a state board is up. You're tasked with clear analysis of the market, but you're dealing with a jumbled mishmash of different websites and data sources at any given time. The list goes on and on. You know it all too well.
We're fixing that mess with a unifying solution, "Spectrum." Spectrum's goal is to dramatically improve the wide-ranging process of actually appraising, instead of just how you type up a report. It lets you comprehensively gather, analyze, and format data in a way that saves time, while simultaneously improving the accuracy, defensibility, and marketability of your efforts.
Before I go further, let me emphasize that while Spectrum will have one "front end," it's much more than a single product. As the name implies, Spectrum is a broad and inclusive technology platform, with core components and plugins operating behind the scenes (the "invisible Spectrum"), all tying together multiple interactive products and services from us and from others (the "visible Spectrum").
On the data gathering front, Spectrum will be a plug-and-play central hub. It automates the process of downloading comps directly into one master database, seamlessly connecting to as many different MLSs and public and private data sources as you need - and it even detects and reconciles conflicting property details. It automates the process of snagging plat maps, tax info, and so on directly from county assessor sites. It pulls multiple types of street maps and aerials, plotting much more than just a handful of comps. It grabs and manages photos from your camera, it gets contracts and docs from agents and lenders, and it imports your DaVinci data from your iPad or other device. If it's a piece of data you use in building an appraisal, Spectrum can manage it. And it saves all of it straight to the same Digital Workfile that's already at the core of any WinTOTAL or TOTAL 2011 report.
In terms of analytical tools, Spectrum goes even further. Using the centralized comps database with always-fresh data from all of the relevant sources, it's a piece of cake to spit out 1004MCs, visually engaging snapshots of individual subjects, or analyses of entire geographical areas. Full-blown multiple regression analyses are built in too (without dictating what sort of final report form it all goes into - attach a regression to a URAR, or any other form report, or even do it standalone).
Comps search tools include intelligent subject matching and even "rubber band" irregular polygon searches drawn on the map. As you discard comps from the results, popup checkboxes let you quickly indicate multiple reasons why, so it can automatically generate a list of all rejected comps with English-language explanations for the reviewers. And any set of sales, rentals, or listings (or all three) can be instantly sent to the built-in spreadsheeting tools, to custom maps, or to a full comps grid side-by-side view. Everything is auto-logged to the USPAP-required Workfile, so you can defend your work at any time. And, of course, all your analysis will slide into WinTOTAL and TOTAL 2011 seamlessly too. Or, for that matter, you may use another forms system, or not produce a form at all. Integrating any output with Word or Excel is simple - perfect for court testimony, private clients, or commercial assignments.
Though all of what I described here is amazing, Spectrum actually does much more due to the flexibility of the "invisible Spectrum" platform. Just like our VIP system allows other vendors to integrate their sketching products directly into Aurora, third-party tools can be integrated via invisible Spectrum plugins to be additional suppliers of data, or they can be snapped in as analytical tools. Individual appraisers can even easily build add-ons and sell them to other appraisers via the Spectrum Solutions Store.
There will be three levels of Spectrum: Silver, Gold, and Platinum. Shockingly, all three will be free to a la mode customers based on their corresponding support membership level. And appraisers who don't use one of our formfillers can simply purchase any of our support memberships to get Spectrum - no other software is required. That's because we think the thing Spectrum solves - getting and analyzing data, and really performing the appraisal process itself - is such a core aspect of appraisal technology that to fail to make it part of our basic support services would be missing the whole point.
It also, of course, will paint in stark relief the antiquated policies of our competitors, where annual service fees simply cover infrequent updates and forever-on-hold tech support, and core tools and services - such as maps, aerials, MLS data, and statistical analysis - are treated as expensive add-ons. Best of all, users of those competing systems, or commercial appraisers who use no forms tools at all, will be able to use Spectrum too by simply buying a membership with us.
The initial release later this fall will roll out the features of the Silver version with more Gold-only and Platinum-only components arriving in a continuing stream as they're completed. Spectrum will be a living, breathing platform with constant improvements and additions.
We'll have a section on our labs website dedicated to Spectrum soon, where you can see details of the various tools and platforms on the way, and we'll put out a notice about that site shortly. Meanwhile, realize that the technology game has changed again, permanently, and this change is very much in your favor.
