As appraisers, we are tasked with the assignment of producing a credible and supportable report about a subject property. While the estimated market value we place on that property will always get noticed, the check boxes and narratives with regard to the subject market is getting more and more attention. In the current financial environment, supporting your opinions and conclusions is extremely important. The use of analytics may be used to add that needed support.
To aid the creation of these analytics, we’ve been working on a simple, yet full featured spreadsheet specific to the practicing appraiser. We’ve created an Excel 2007 module (Excel 2003 and earlier versions will be available soon) that will accept data, analyze it and produce up to six statistical charts as a supporting addendum to your WinTOTAL appraisal report. You can find it at www.alamode.com/labs.
We’ve also put together a primer covering the basics of identifying the types of data to analyze, getting the data into a usable format, working with the Marketing Analysis Module inside Excel 2007, adding the needed chart descriptions, and finally exporting the results out of Excel and into your WinTOTAL appraisal report. Additionally, you may find Anthony Young’s webinar series on Excel at www.alamode.com/training to be helpful in understanding the basics.
The need for providing sound market analysis to our clients is at an all time high. We hope you’ll use the tools and training we’ve put together, and we look forward to your feedback.