• Americas

How Technology is Shaping the Future of Appraisals

By James J. Moran, MAI, CRE, CCIM, FRICS, Executive Managing Director / Chief Strategy Officer – Americas, Valuation & Advisory

I’m extremely proud of the Cushman & Wakefield Valuation & Advisory group. We play a crucial role in the lifecycle of assets and broader commercial real estate ecosystem. However, little has changed in the appraisal industry for most of my career. While we’ve moved from hunting for data on a microfiche to being able to obtain it with a few keystrokes, our overall processes have remained relatively the same, almost immune to digital disruption.

That is, until now.

A little over a year ago, representatives from Cushman & Wakefield had the opportunity to attend a presentation at MetaProp’s Demo Day. As a firm we’ve always sought the best tools for the job and as Bowery Valuation demoed their software, our appraisers’ interest was piqued. Here were two guys, relatively new to the appraisal industry that saw an antiquated way of doing things and were able to turn it on its head. And in the process benefiting an asset class that has not received its fair share of attention.

After spending time with them and having a few of our appraisers sample the software, the potential for a partnership was apparent. By eliminating the use of spreadsheets and existing solely in cloud software, their platform aligns with our goal of bringing the best-in-class tools to our professionals regardless of location.

Valuation is all about fee and timing for our clients. One week as opposed to two or three is a real game changer and Bowery’s platform will help us expedite service without sacrificing quality. We’ll also be able to work in markets sometimes overlooked or under served – expanding our platform into these new areas that haven’t been feasible to commit to previously.

We have an outstanding valuation platform with incredible talent – and now we’re taking it to a new level. Technology is becoming the cornerstone of our industry and, with this partnership, we’re not only preparing for the future – we’re helping create it.

James Moran is an Executive Managing Director with global oversight and responsibilities within the Valuation & Advisory group. He is also the Chair of the Business Practices Committee and oversees Governance matters for Valuation & Advisory.

 

 

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