Seattle, Washington-based real estate valuation company True Footage announced the acquisition of Spark for Appraisers, an appraisal technology firm.
Spark for Appraisers sells data infrastructure software to appraisers to produce faster and more reliable appraisals. According to True Footage, more than 700,000 appraisals flow through the platform every year. Spark is also releasing Synapse, a software service that provides automated adjustment support for the appraisal process.
Terms of the deal were not disclosed.
“The combined software allows appraisers to be faster and more efficient, which we’ve seen during COVID was a problem in terms of the turn times throughout the industry on the appraisals being extended tremendously,” John Liss, founder of True Footage, told HousingWire.
“This technology empowers appraisers to provide more credible reports to their customers and protect them from any questions around liability because everything’s grounded in the data.”
True Footage, launched in 2021, is a real estate data authentication platform built to streamline residential transactions. The platform provides artificial intelligence-based residential transaction data to reduce subjectivity in appraisals and tax assessments for home buyers, such as square footage certification, floor plan, and enabling lenders to save time and standardize data.
HousingWire Editor-in-Chief Sarah Wheeler had the opportunity to catch up with Class Valuation Chief Innovation Officer Scot Rose to discuss how appraisal technology be leveraged to improve both the speed and accuracy of the overall process.
Presented by: Class Valuation
The firm, founded in 2019, raised $70 million of venture capital to date with investors including Four Acres, Story Ventures, and Triple Point Venture Growth. According to Liss, the company operates in 25 states and plans to expand into other markets in the country this year. The company has been hiring appraisers across its markets – earlier this month it acquired Montana-based Moore Appraisal Firm, headed by Shaun Moore.
In July 2021, True Footage acquired Ahrens Appraisal Services, which serviced Colorado, Texas. Its founder and CEO Brian Ahrens is now True Footage’s head of valuations.
True Footage also recently acquired Dustin Harris’s Idaho-based appraisal firm Precision and Consulting Group. Harris hosts a popular podcast for appraisers called “The Appraiser Coach.”