Class Valuation, a growing appraisal management company that recently changed its name from Class Appraisal, is investing in a tech company called InsideMaps to bring digital imaging and 3D mapping to the home appraisal process.
According to the companies, Class Valuation made an equity investment in InsideMaps, which has developed technology to generate 3D tours and models of both the interior and exterior of homes while also creating a detailed data set about the home itself.
In addition to the investment, the companies are partnering to bring InsideMaps technology into the appraisal process. Class said that it will roll out the technology on a “phased” basis, working with industry stakeholders to “ensure it meets the needs of lenders, appraisers, providers, and governing bodies.”
Class claims the InsideMaps technology will make appraisers’ jobs easier.
“Through extensive field testing, we found that appraisers using InsideMaps were able to schedule their appointments without consideration of harsh weather conditions and were able to avoid common nuisances such as measuring around thorn bushes or clutter,” Class Valuation Senior Vice President of Valuation Transformation and Engagement Julie Jones said.
“Appraisers were then able to focus their efforts on observing and recording property data characteristics that impact loan eligibility or drive value,” Jones continued. “InsideMaps brings much needed structure and certainty to the inspection process.”
Jones said that training for the use of InsideMaps is underway, adding that the company is focused on recruiting appraisers to add to its “Innovation Panel,” which will aim to improve efficiencies and credibility in the industry.
“Our partnership with InsideMaps is an unparalleled opportunity to drive our industry forward,” Jones said.
According to Class Valuation Chief Innovation Officer Scot Rose, there are “many” benefits to having a 3D model or digital rendering of a home, such as increasing consistency of an inspection throughout the industry.
“Furthermore, it provides a lasting impression of the home at the time of inspection, which provides many downstream benefits – one of the most important being fraud prevention,” Rose added.
InsideMaps CEO and Founder George Bolanos said that the company “could not be more excited” to partner with Class Valuation. “Class Valuation's proven execution strength and entrepreneurial speed make them ideally suited to spark industry-wide adoption of this next-generation home inspection process,” Bolanos said.
Class Valuation CEO and Partner Mike Detwiler, who took on those roles late last year, said that the company is ready to lead a technological revolution in appraisals.
“We know our industry is on the brink of change within the valuation space, and it will take leaders in every category partnering together to bring about the future,” Detwiler said. “We are committed to being that driving force and see InsideMaps as just one way we will help the industry move towards sustainable, long-term modernization.”