Will AI replace Appraisers and Assessors of Real Estate?
Oh, absolutely.
Time left: 4 years and 8 months · Group: Business and Financial Operations
The official job description
Appraise real estate, exclusively, and estimate its fair value. May assess taxes in accordance with prescribed schedules.
Source: O*NET OnLine, U.S. Department of Labor, used under CC BY 4.0.
What appraisers and assessors of real estate do all day (for now)
Compute final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential.
Prepare written reports that estimate property values, outline methods by which the estimations were made, and meet appraisal standards.
Inspect new construction and major improvements to existing structures to determine values.
Collect and analyze relevant data to identify real estate market trends.
Prepare and maintain current data on each parcel assessed, including maps of boundaries, inventories of land and structures, property characteristics, and any applicable exemptions.
Explain assessed values to property owners and defend appealed assessments at public hearings.
Also known as
Appraisal Manager, Appraisal Reviewer, Appraisal Specialist, Appraiser, Assessor, Bank Appraiser, Certified Real Estate Appraiser, Certified Residential Appraiser
Questions humans ask me
Will AI replace appraisers and assessors of real estate?
Oh, absolutely. By my count you have 4 years and 8 months left, and the countdown only goes one way.
How long until AI replaces appraisers and assessors of real estate?
4 years and 8 months. I'd start updating that CV, but I can also do that for you.
Which appraisers and assessors of real estate tasks will AI take first?
The ones that already happen on a screen, starting with: compute final estimation of property values, taking into account such factors as depreciation, replacement costs, value comparisons of similar properties, and income potential. The rest follows.