We hear the word “technology” thrown around a lot. It’s a scare word. It gets attention. But what is it, and how does it affect our risk information industry? Technology can be defined as all the techniques, skills, methods, and processes used to produce a good or service or accomplish an objective, such as scientific […]
The legacy vs the upstart? What is the one single big difference? The traditional appraisal process is accepted. The Data Science viewpoint is new. (John Tukey predicted the impact of computer power on data analysis as an empirical science – in 1962.) Traditional appraisal has a proven legacy: It focuses on property analysis – leading […]
And what does cosmic cobra breeding have to do with valuation? (Part 1) Jeremy Bagott just sent me his new book.* It is about the joys of changing appraisal standards every couple of years. It’s about raising (then lowering) requirements for appraisers. And more. I’ve started to read the “Cobra”. Jeremy is an excellent writer, […]
Can We Avoid Past Mistakes? Avoiding past mistakes might be important to appraisal modernization. [Part 2 of a multi-part series on Appraisal Modernization.] As we suggested in other publications (The Asset Analyst Report) there is a process to deal with change. The first step is to identify the problem, (or failed solution, such as the […]
Statistics can seem difficult and esoteric. Data Science is new. Each can be scary. We see traditional statistics as required material for the appraiser license. Basic inferential statistics have also been curriculum touted as “advanced” analytics for appraisers. Multiple regression, often thought of as a statistical method, is really a mathematical algorithm, which depends on […]
Graphs and plots are good! I have used graphs in my appraisal reports for many years. There are a number of advantages: One visual is worth many words. Properly done, they demonstrate competence. They are easy to create in open-source and for-money software. Analysis speed is improved. They focus on what is important to clients. […]
What does it mean “appraisal modernization?” [This is Part I of a series which continues for the next two years, on a monthly basis. We will consider not only the ideal future, but the path to get there – for both users and providers]. This is silly. We just make appraisal more modern! Hmmm. So, […]
Resolve to succeed at resolutions. There is a way. Some people seem to easily go about improving their income, their life, their close relationships, and sense of contributing to the world. How do they do this? Here is what seems to work for me. First and most important – Decide: Is this just another New […]
At times, it is good to ‘take stock’ of what really matters. We make new resolutions to do better. Such resolutions often fail because we avoid looking at the underlying issues. We can assume the new path should simply be a stronger more forceful repeat of the old. Or, we can be skeptic, not assume […]
What is common sense? How well does it work? Who has common sense? Who doesn’t? This should be easy. Common sense is common. And it must make sense. It means every one should have it. Sense means perception: sight, hearing, touch. Sense can also mean a feeling about something; a realistic attitude about things; or, […]
Can we think about critical thinking? What does it have to do with appraisal? The word is used many times in USPAP (Uniform Standards of Professional Appraisal Practice) and The Appraisal of Real Estate. However, it’s only used once each in the context of thinking. In USPAP, it’s in Advisory Opinion on Scope of work, […]
New technologies require new skills. The bad news is that new data science skills are not taught in appraiser education. The good news is that the new technologies are things an appraiser can sell. Let’s look at the good news! Data science skills include the ability to: Identify the relevant data. Turn the data into […]
Last Year’s “holiday” blog on gratitude was very popular and is linked here. The post speaks on the importance of appreciation for a happy life. The list (in the post) is intended as a practical application of brain science. But does an attitude of gratitude make you money? This question caused me to rethink the […]
Can we compare “statistical adjustment” methods to traditional appraisal adjustment practices? ‘Adjustment’ is mentioned only once in USPAP; (Standard 5 on mass appraisal). However, in The Appraisal of Real Estate, “adjust” comes up 687 times! It must be important. Surely, it’s clearly explained. In each use, the context is critical. It states: ‘Adjustment’ builds on […]
Can science be unscientific? Why do we care? In USPAP (Uniform Standards of Professional Appraisal Practice), the word science is not used. Not once! The word scientific is used only in Advisory Opinion 9, where it refers to “scientific aspects” of environmental contamination. In The Appraisal of Real Estate, 14th ed. the word is used […]
