When doing market analysis, once you’ve gathered the information you need from the local MLS or other sources, there are a number of technology tools that you can utilize to help you refine the data and make graphs out of it. Here are five residential market analysis tools for appraisers that you may find useful for building faster, more credible reports.
Spark
Spark allows you to take your data and put it into trends analyses in the way that you want to, and it allows you to add customizable charts to show your clients what the market is doing in order to defend your conclusions. It also lets you compare and contrast multiple sets of data anywhere from 6 months to 10 years to show, again, whether or not markets are competing and how they have been trending. Learn more at sparkforappraisers.com.
DataMaster
Another commercial technology available is DataMaster, an appraisal software tool that allows you to connect with your local MLS and then transition that data into graphs and trendlines. This video explains how it works:
Microsoft Excel
Most Multiple Listing Services (MLS) offer a means of downloading data through Excel which you can use to develop an analysis of market trends over a specified time period.
Our upcoming Pro-Series webinar on June 16, 2021, “Using Excel for Residential Market Analysis,” uses a case study approach to walk appraisers through the process of analyzing a residential real estate market by employing basic and advanced Excel tools. Upon completion of the webinar, you will be able to:
- Use the features of the Excel software to manage a large amount of data
- Refine data into a format for analysis
- Identify market conditions and trends
- Analyze the effect on the subject property
- Narrow down General Market Data to Specific Data and find the universe of potentially comparable offerings and sales
Get up to speed on hot topics in the appraisal industry with our Pro-Series webinars. View the schedule.
Microsoft Power BI
Microsoft Power BI is another powerful tool to help you discover insights hidden in your data and create better visualizations—including maps. This video explains what it is and how to get started:
Titan Analytics
Built directly into TOTAL, Titan Analytics by a la mode gives appraisers new tools to work faster, smarter, and create reports with better communication and more credibility. This video explains how it works:
Want more recommendations for market analysis tools and other time-saving technology tools for appraisers? Check out our post, “What ONE Appraisal Technology Tool Makes Your Life Easier?”
