""Bradford Technologies"":http://www.bradfordsoftware.com/, the creator of the ""AppraisalWorld"":http://www.appraisalworld.com/i/ online community for appraisers, wants to add science to the art of collateral valuations.[IMAGE]
The appraisal software provider announced the release of CompCruncher 2.0, a new technology that enables appraisers to interactively model and analyze entire markets using regression analysis.
""By nature, a property's value is determined by the value of neighboring properties, but the problem is that no two properties are alike, and there are virtually limitless numbers of variables that can make one property's value different from another,"" explained Mark Linne, chief strategic and valuations officer for Bradford Technologies.
With regression analysis, Linne said, appraisers aren't forced to rely on subjective estimates to determine how one property's value is affected when certain variables are different and others stay constant.[COLUMN_BREAK]
Bradford Technologies' new product makes analysis easier by examining up to 500 different properties over a one-year period to take out the guess work.
CompCruncher 2.0's wide launch follows a 51-city nationwide tour intended to introduce regression analysis to appraisers and teach them how to take advantage of the software. To date, more than 2,600 appraisers have taken the training and learned how to perform regression analysis in their local markets.
""Using analytics in the appraisal process allows appraisers to provide lenders and their risk managers with valuations that have a statistically-accurate degree of confidence,"" said Jeff Bradford, CEO of Bradford Technologies. ""Lenders and investors need this level of analysis. That's why we're seeing such wide acceptance at this point.""
In addition, Bradford Technologies has partnered with the Columbia Institute and the Georgia Appraisal School to continue offering on-site and online training classes. The company is also offering free, self-paced instruction for appraisers with a statistics background at AppraisalWorld.com.
Based in the heart of California's Silicon Valley, Bradford Technologies hopes to combine its offerings and its AppraisalWorld community to create a more accurate, trustworthy appraisal process, Bradford said.
""Our goal is build trust and reliability in the appraisal industry, and make a science out of the art of appraising,"" Bradford said. ""With CompCruncher 2.0, we are empowering appraisers with the ability to produce statistically accurate valuations for the first time.""