Explaining the synergy between the two, Rose said Class Valuation was “the first organization to collect true authenticated source data of real property”, adding that the company owned the “only premium solution” utilizing computer vision to capture comprehensive and standardized property data in a repeatable fashion.
The software in question incorporates a 3D scanner which scans the property, stitching together thousands of images to create a virtual rendition of the property.
Rose said DataMaster had meanwhile built an “unparalleled” MLS integration and data management software for appraisers, allowing for “seamless” and standardized data consumption.
He said: “They have completely digitized the neighborhood analysis, market analysis, comparable selection and more, while keeping the appraiser in complete control. Together we have now shaped the future of real estate appraisal with the complete end-to-end digital appraisal process.”
The deal has been struck at a critical time in the appraisal industry, with severe appraisal order backlogs, rising costs and a shortage of professional appraisers. The acquisition is also seen as a move to modernize the appraisal process, which has been lagging behind the rest of the house-buying process.