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2015_CDNPropertyValuation_MichaelLomax

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are doing individual appraisals or mass appraisals, appraisers require some key information such as data, photographs, orthographic (air photo) images, maps, zoning layers and building sketches. e best result for an appraiser is to have and be able to utilize this salient information at the same time. Having this information in stand-alone systems and technologies leaves silos of data, little to any integration and a cumbersome workflow. Leveraging technology with integration e advantage of containing and referencing all the required real estate data (images, data, maps, layers, etc.) into one common database, otherwise known in GIS circles as a geo-database (Figure 3), is that the appraiser or specialist can readily obtain more precise and correct information. e ability to do this quickly with more robust, detailed and precise information, with the added advantage of spatial representation (GIS/geography/location), allows the leveraging of technology. Full and complete integration of technology (GIS) and data (property data, imagery, etc.) allows the appraiser to select or query a property and have the entire relevant information load instantaneously. is then allows him or her to review that data and or edit building sketches directly in the GIS system. A rich integration can go even further by attaching a valuation equation to the database by neighbourhood or market segment, thus allowing a full, on-the-fly valuation directly at the desktop. As the data is reviewed and edited, the contributory value to the property is directly reflected in the valuation on the fly. is rich integration represents a new paradigm for Automated Valuation Models (AVMs), providing the visualization for the appraiser in addition to the data and output. ere is definitely movement towards desktop review replacing costly field visits. In some situations, especially in the realm of mass appraisal, there is a movement towards desktop or office valuations. Having said that, there are times when these types of valuation or data reviews would not be appropriate for the valuation assignment. When they are relevant, a desktop review can dramatically increase production rates (valuations/reviews per day). Most jurisdictions conducting a desktop review can complete a review in approximately 10 minutes, whereas a site visit can take approximately 40 minutes, not including travel. A composite desktop review solution provides powerful visualization and analytics, while building effective workflow tools for the appraiser. e ultimate solution can enable users by providing technology that allows them to pan around neighborhoods and click on land/property parcels to access all of the information that is required to perform or review the appraisal or assessment. Information about the property, such as current value, neighborhood and land use coding, is presented in conjunction with property characteristics such as roof cover, square footage, pool and garage. In addition, supporting information such as permit and sale information is also linked to the property. Coupled with the salient property information, other datasets are presented, such as building sketches, which are geo- referenced to show data discrepancies and FIGURE 3 FIGURE 2a FIGURE 2b Property Data Analytics Photo GIS/Map Control Building Sketches Imagery Volume 59 | Book 3 / Tome 3 | 2015 | Évaluation Immobilière au Canada | Canadian Proper ty Valuation

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