Edmond real estate software developer a la mode inc. has released
a new product to help appraisers gather needed home sales data for
Chief Executive Dave Biggers said a la mode's new CompsXchange
software automates daily sharing of information about recent home
sales between appraisers in the same locale. Data about sales of
comparable homes -- called "comps" by those in the industry -- is
necessary for appraisers to complete a residential appraisal.
CompsXchange works by allowing each appraiser to decide which
colleagues he or she wants to trade comps with. At a time designated
by the appraiser, the software automatically extracts comps from his
or her electronic appraisal reports and e-mails them to colleagues.
Digital photos associated with the comps are compressed and sent
along with the comp data.
"It's an automated buddy system," Biggers said. "Appraisers get
the exact information they need to do their job from the people best
qualified to give them that information. And they won't have to
remember to send their comps or retrieve the comps sent to them. The
software does it for them."
Biggers said the CompsXchange saves appraisers time and money.
Many appraisers pay fees to collect comp information through the
Multiple Listing Service of their local real estate board. However,
MLS data is collected for Realtor use, not appraisal use, and often
doesn't contain key information appraisers need. In addition, MLS
data requires hand typing into an appraisal report, forcing
appraisers to key it in themselves or hire someone else to do it for
Information obtained from county assessors' offices is likewise
incomplete and time- and labor-intensive for appraisal purposes. And
while several national and regional companies sell comps they've
collected from mortgage lenders, assessor offices and appraisers
themselves, the services may cost as much as $2,000 a year.
A second benefit of the CompsXchange is that the software does
not open the door for comps to be pulled into automated valuation
models -- large databases pulled together from a variety of sources.
AVMs identify comps in order to establish the value of a home for
which the lender is preparing a loan. Many appraisers fear that
increased use of AVMs by lenders will decrease use of appraisals,
forcing some appraisers to lower their fees and others to leave the
business altogether. Because use of CompsXchange does not create a
central database that could be sold to or otherwise shared with an
AVM, Biggers said appraisers retain control of their data.
Realtors to hear Lamirand
Hershel Lamirand, executive director of the Oklahoma Health
Center Foundation, will be the featured speaker at the Commercial
Industrial Division of Realtors' luncheon and meeting at 11:30 a.m.
Wednesday at Applewoods. The OHCF represents all 21 institutions
(over 13,000 employees) located in the Oklahoma Health Center campus
area and is involved in all aspects of this research, medical and
technology center. Cheryl Choumbakos, director of Technological
Development for the Greater Oklahoma City Chamber of Commerce will
join Lamirand in the presentation. To make a reservation, call 840-
WS Atkins, a publicly traded company based in the United Kingdom,
has acquired Roberts/Schornick & Associates and The Benham