Frequently asked questions
In the Report Preview page, Property Information is displayed in different categories such as Listing Details, Interior Features, Exterior Features, Property and Lot Details, Utilities and Tax Assessment details, location details, Public Record details on the property, School information, and Agent/Broker Details. Profet provides the functionality within the respective sections to change the property information. Click on the Add/Modify Attributes button to view the current source of data. It is set as MLS Listing data by default. The Appraiser has the option to change it to Public Record Data, or custom data can be provided by Appraiser.
While reviewing the comps, click on the % Similarity Score link. This opens up a pop-up window where the weightage for the parameters considered is shown. The parameters currently included are bed count, bath count, living area, and lot size. The relative weightage assigned to each parameter can be edited. The application will allow a new set of weightages to be assigned to these parameters as long as the total adds up to 100%.
The Similarity Score is automatically computed if the required parameters for the Subject Property are available. If these values are not available, the app will prompt the user to input the missing values to compute the Similarity Score. If the user has the option to continue without computing the Similarity Score.
In the Comparables view, clicking on the Settings icon opens a pop-up that has the fields available for display in the Comps table. These fields are Status, Listing Price, Listing Date, Close Date, Close Price, Beds, Bath, Type, Days on Market, Stories, Living Area, Distress Type, Lot Size in sqFt, Distance in miles, Similarity Score percentage and MLS Modified. By selecting or deselecting the fields, the comps table can be customized to match the Appraiser’s requirements. The user has the option to use the filters on the Comps table to search for comps that match specific property or listing attributes.
Yes. During your comp search, you can access listing history or property history on any property – subject or comparable.
Listing history provides you information on how the price or status of the listing changed for a particular sale event on a property.
Property history provides you the complete transaction history for the property over the past 15 years.
In addition, where available, you can also compare before and after photos of the property to know if it was renovated since the previous sale.
You can export the report in PDF, CSV, or MISMO XML format. MISMO formats can be directly imported into your forms software.
In addition, we also provide exports for any forms software you use. In many cases, we also Single Sign On integration from your forms software and you can launch Profet.ai seamlessly from your forms software.
Please contact us at firstname.lastname@example.org to learn about our forms software integration.
While on the property details page of any comp or the Subject Property, the user can link on the Create Link icon to generate a link that can be shared with others to view the details publicly. This link is useful to the Appraiser when a specific property needs to be reviewed by a colleague or customer to ensure accuracy of the appraisal report. It can also be published on public websites to enable a larger group to view the property details.
Once the comps are selected, Profet.ai generates a Fair Market Value for the Subject Property based on an internal algorithm. This is based on Subject Property and comp property attributes, and might not reflect the current condition of the properties. The Appraiser has the option of adjusting the Fair Market Value by clicking on the Value Adjustments button. On the Value Adjustments screen, the attributes of the Subject Property and the comps are shown. The Appraiser can then provide a positive or negative value relative to the comps to adjust the value of the Subject Property with respect to the beds, baths, age of property, living area, number of stories, heating/cooling mechanism, water source, and exterior features. The Appraiser also has the option of providing comments and any other value adjustments for a reason other than that related to the above factors.
The net value adjustment is displayed at the bottom of the screen to provide the Appraiser a quick view on the variance to the Fair Market Value as a result of this adjustment.
User needs to select at least 3 comps to use the Value Adjustments section of Profet.ai.
Most probably, Yes. We have over 420 MLSs mapped in our system. We already have data loaded for a large number of MLSs. If we don’t already have the data in the platform we will work with you and the MLS to have it incorporated. Please drop us a note at email@example.com and we will contact you within in a couple of hours.
We gather your MLS membership information and validate that upfront. Your membership at the MLS is verified every time you log into our system. We cannot provide MLS data or enable comp search in Profet.ai unless the MLS has permissioned us for that purpose and your membership is active with the MLS.
The key indicators for the Subject Property location is included in each Profet.ai report. The trend for the last months for the zip code are captured for the following metrics:
– Median List Price by Property Type
– Median Sold Price by Property Type
– Average Days on Market by Property Type
– Median Sold Price per Sqft by Property Type
– Inventory by Property Type
– Median List Price vs. Median Sold Price
– Inventory and Absorption Rate
One or more or all of these insights can be selected by the user for display in their Profet.ai reports by configuring the Settings section in Profet.ai.