Crowdsourcing real estate appraisals. What do you think?
I have an idea I wanted to share.
Requestor submits an address, with pictures of a property you need a valuation for.
The cost would be $10 per appraisal, you set the limit on how many you want, say 5
Users see your request, and submit their appraisal which would include:
Price (range)
Comps to justify the price
100+ word description justifying the appraisal
Market trending UP or DOWN
Etc undecided
Other Considerations:
The requestor can like, or rank the valuations out of 5 stars.
For quality control, users begin earning a % of the appraisal cost ($5-$8), once they submit 10 "quality" appraisals. (10 appraisals with Likes, or 3+ stars)
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Background.
I analyze 60+ properties per month for my own business needs. All online "AI" estimates are functionally useless (though the Zestimate they can help with trend tracking).
Appraisals that I do myself are as good, or better, than an appraisal I could pay $200 for. This is proven by my own flipping track record without using an appraiser.
The wisdom of 5 different appraisers should be better than a single appraiser.
For now its just an idea, if you want to steal it I want 1/2 of 1% of gross revenues.
Thoughts BP Nation?