Profet.ai now introduces the concept of a Valuation Workspace workflow that offers a smoother, more efficient experience, allowing users to complete their Appraisal, Desktop or any other Valuation in a fraction of the time.
All users will be enabled with the Valuation Workspace, without having to download or make any changes to their account.
All existing In Progress orders will also be upgraded to include the Valuation Workspace. Even orders that have been completed will be upgraded when Reviewing or Modifying.
What is the Valuation Workspace?
Valuation Workspace is a user-friendly step-by-step workflow to complete your appraisal. The workspace provides various sections emulating a typical appraisal process. This allows for users to switch to different sections to refer to information easily to improve their valuation analysis.
Why the Valuation Workspace?
Our customers spoke and we listened… Based on feedback received from many of our users, we have a developed a roadmap of improvements that will be implemented in the coming months. The most requested improvement we received was to make Profet.ai workflow more “familiar” to their existing workflow.
When you initiate an order or edit/view an order you will enter the valuation workspace. When you go to the Order dashboard you automatically exit the workspace.
The workspace is broken down into Sections and Sub-Sections and you can access them as shown in the screenshot below.
Subsections are found on the upper right and can be accessed by clicking the section or paging next by clicking the arrow on the lower right.
The new Valuation Workspace is broken down into the following sections aligning closely with the valuation process:
- Subject Property
- Sales Comparison
- Neighborhood
- Value Reconciliation
- Additional Docs
- Preview
Each section has sub-sections that pertain to that category. Let’s look a little deeper into each section.
Subject Property Section
All details available from MLS Listings and Public Records are presented for the Subject Property.
- Subject – Will open a Property Report where the user would verify and select the appropriate data that they would like to use for their valuation. The property report will also display all available photos from the MLS, as well as offer the option to upload photos that the user themselves may have taken during their inspection. Full available Listing and Transaction History will also be displayed.
- Flood – FEMA Flood Data and Map is available.
- Plat – Plat Map overlaid onto Google street map is available.
- Sketch – If Sketches available from the county assessor’s office, Profet will import them, but the user will also have the option to upload their own Sketch or Floor Plan that they may have created within any other application or software.
Sales Comparison Section
Upon Order Initiation, the user will have run a Comp Search, either by Radius or Polygon.
- Comps – The search results will be displayed here, as a list, but also available to view in grid form. The results will be sorted initially with the most Similar Properties listed at the top. They will also be displayed on a map to the left hand side of the page.
- Grid – after selecting a minimum of 3 comps, the user will perform their Value Adjustments using Profet’s embedded Regression model or the user’s own model that could be implemented. Adjustments can be made at the field level, as well as by using additional included custom features. Value Adjustments details can be found Here.
- Prior Sales – Profet will display all available history, but use up to 3 years of prior sales for the subject and up to 1 year for each of the comps.
Neighborhood Section
All required Neighborhood data can be found & entered here.
- Locality – Neighborhood Information such as Boundaries, Characteristics & Description. Also included is Housing Information and Present Land Use data, which would include the Housing Trends and Price & Age Range and Present Land Use, which is Auto-Generated from the comp search results.
- Inventory – the Market Conditions – Inventory Analysis or 1004MC, as well as Market Conditions Comments are auto-generated from the comp search results.
- Trends – Market Conditions- Insights at a Zip Code level are generated monthly and are presented for the Subject Property’s zip code.
Value Reconciliation Section
- Reconcile – Here is where the property value &/or Range of Value will be entered. The “Subject To” value can be included for Completion, Repairs or Inspection. Disclosure can be added, Certification is customizable and electronic digital Analyst Signature is required in order to complete the report.
- Additional Comments – Any detailed long form comments can be added here. This would transpose to the detailed comments on the appraisal forms.
Additional Documents
- Users can upload their License, E & O Insurance or any other supporting documents that they need for their valuation.
Preview Section
All work must be reviewed prior to completion and if anything needs to be corrected or updated, the user can simply jump back to the section required.
- The Analysts Digital Signature is uploaded to the users account and a timestamp is applied when the Signature is added.
Please let us know how else we can help improve your experience with Profet.