Model or Algorithm Series

We hear about models and algorithms.  We are told the appraisal process is a model.  And so are the cost, income, and comparison approaches.  No big deal. Ok. So now we know there are big models, and sub-models. An appraiser must know how to model.  We have also heard about automated valuation models (AVMs).  Hmmm.  […]

The seminal appraisal model was espoused by George Schmutz in the 1940’s.  His “appraisal process” followed the works of others starting in 1927 with Arthur Mertzke who translated economic principles to the unique economic features of real estate. Those works presented “systematic procedures” for applying the three traditional approaches to value. Editor’s Note: Find Part […]