Real estate appraisers have been known to juggle tight deadlines with practically no room for error. They need to record every property detail, remember what clients say, and track expert advice – all while following strict legal requirements in a wild market. So, it’s natural that realtors need all the help they can get. Thankfully, transcription can assist with preparing real estate appraisals by converting recorded field notes, interviews, and negotiations into a digitally readable and searchable transcript. However, those transcripts would only be useful if prepared by a professional real estate transcription company that doesn’t depend on AI to do the job.
In this article, you’ll learn how:
- Real estate appraisers can record their observations during inspections instead of pulling out their clipboards and pens.
- Human transcription services provide 98-100% accuracy compared to automated options at less than 62%.
- Transcribing conversations with homeowners preserves valuable details that may otherwise be lost but can significantly impact property valuation.
What is a Real Estate Appraisal Report?
A real estate appraisal is a report prepared by a professional appraiser that indicates the perceived value of a property based on market prices, property conditions, locations, and other factors.
Professional appraisals are commonly required in most real estate transactions, usually to satisfy a bank or lender’s requirement to grant a mortgage. Sellers and buyers may also use them as a reference when determining appropriate listing prices.
Appraisers have different methodologies and principles to follow when evaluating a property, such as the property’s physical condition, size, features, location advantage, recent comparable sales, broader market trends, and other value-influencing elements.
Challenges in Creating Accurate Appraisal Reports
These are some of the most common challenges in producing accurate reports for property appraisal.
Challenges in Creating Accurate Appraisal Reports That Transcription Can Fix
| Challenge | Description |
| Incomplete Data | Missed or inaccurate details during inspections due to manual note-taking. |
| Communication Gaps | Misunderstandings between stakeholders caused by unclear or incomplete verbal instructions. |
| Subjectivity in Assessment | Lack of standardized documentation leading to biased interpretations. |
| Time Constraints | Manual report writing delays the appraisal process. |
| Inconsistent Terminology | Variations in language used by different appraisers, leading to confusion. |
| Documentation Errors | Mistakes from manually transcribing field notes into reports. |
How Transcription Assists With Real Estate Appraisals
Here’s how transcription can assist with generating real estate appraisal reports:
Property Inspection Documentation
As appraisers wander through houses with tape measures and flashlights, they can voice their observations while recording the audio or video with their phone instead of being encumbered by clipboards and pens. It’s a hands-free approach to inspection – and who doesn’t love being allowed to focus on the task?
Then, appraisers can send the recordings over to a trusted transcription partner. Transcriptionists will then transcribe the audio or video files into a comprehensive inspection note without missing critical details.
Client Conversations That Count
Homeowners often share critical information during discussions with an appraiser. However, much of that helpful info usually doesn’t make it to formal records, especially those that are subtle.
Recording and transcribing the entire conversation (with permission, of course), on the other hand, helps you ensure that all relevant information, be it small or significant, will be translated into data and reflected in the appraisal reports. As long the homeowners are honest, their input can help uncover an additional facet that visual inspection simply can’t provide.
For example, if the homeowner says their lot has unused water rights, that info can significantly impact valuation – especially if said rights can still be used. The thing is, they may never come up without the conversation being recorded and transcribed. Furthermore, transcribed client interviews can also help appraisers track disclosures about issues like ongoing bickering or disputes with neighbors, which can also impact valuation to some extent.
Walking and Talking Your Way to Better Reports
If you’ve been in the field long enough, you’d know the ins and outs of valuations – what the red flags are, deal-makers, etc., which is the case for professional appraisers. Recording lets you record those observations in real time as you walk through the property. You simply have to narrate your assessment continuously and then have it transcribed later.
Experienced professionals have their way of narrating their findings. For example, an appraiser may say, “Northwest corner showing significant settlement… kitchen remodel appears professional-grade… ceiling height approximately nine feet…” Once transcribed, these verbal notes will help provide highly detailed documentation that outperforms written notes in any aspect.
If you spot signs of water damage hidden behind a freshly painted wall, appraisers can easily record the indicators and concerns (narrating them) without breaking concentration, which is critical in valuing properties.
Having to dictate also makes appraisers more deliberate and specific since they’re speaking their findings aloud. And guess what? Clearer dictations or narrations mean more accurate transcriptions, and more accurate transcriptions mean happier appraisers.
Expert Consultations Worth Capturing
Appraisers often consult with colleagues or other experts.
Now, transcribing conversations with these professionals – structural engineers, environmental experts, preservation consultants, etc. – helps you clearly understand their input. You’ll appreciate how handy this is when you encounter electrical issues or something unfamiliar. The resulting transcripts will then be used as reference material that substantiates complicated valuation decisions.
And hey, it’s not uncommon for specialists to speak in precise technical language that’s easily misunderstood without an accurate transcription. I mean, I can’t blame you for misinterpreting something like “negative passive soil pressure evidence,” as I probably wouldn’t quickly it on the first pass, either.
That said, appraisers can refer back to these transcripts when writing reports and ensure that all the technical details provided by the specialists are reflected.
Why Appraisers Shouldn’t Settle with Automatic Transcription?
Transcription can assist with real estate appraisal reports. However, many appraisers have fallen for the false promises of automatic transcription that’s now flooding the market.
A.I. and automatic speech recognition might be options, but they’re not the most accurate options.
For instance, ASRs and other automated transcription software and programs can only ensure a little over 61.92% accuracy at most in all types of recordings. Transcripts need to be rechecked to ensure their correctness, which defeats the purpose of making transcription easier and faster.
On the other hand, human transcription routinely reaches 98% accuracy with reasonable turnaround times. Some providers, like Ditto Transcripts, reach 99% to 100%. If your goal is to maximize efficiency and minimize errors, then this is the option for you.
Why Real Estate Appraisers Prefer Ditto
My company’s no stranger to real estate. In fact, I even worked in the industry for a few years on the lending side right out of college, so I know how it works from top to bottom—as do my transcriptionists. Choosing Ditto for your real estate transcription needs has many benefits. Here are some of what you can expect:
Accuracy
We guarantee 99% accuracy in every transcription project. All you have to do is focus on creating valuable audio and video recordings, and we’ll transcribe them flawlessly – the first time. You can send it to us in most formats, and we’ll gladly transcribe them.
Human Transcription
Our team isn’t filled with robots – let’s keep those for the movies. We have professional transcriptionists who understand accents, the subtlety of multiple speakers, or the technical jargon. They’ll convert audio or video files into texts that reflect your conversation’s natural flow.
Pricing and Turnaround Time
We understand time is money, so ensure you deliver your transcripts within the agreed-upon timeframe to streamline your productivity. You can also choose the turnaround time. You can opt for a rush or standard project and choose from our different pricing options to fit your budget.
Security
Audio or video recordings aren’t created equal; we understand that some may contain sensitive information. For that reason, Ditto Transcripts is HIPAA, CJIS, and FINRA compliant. You can sleep well at night knowing that your content is secure with us.
Affordability
We realize that audio recordings can be highly valuable for organizations, and transcribing them can be costly. So, we offer high-quality transcription services that won’t break the bank. We have options to fit any budget without sacrificing a single bit of quality.
24/7 Customer Support
Humans run our customer service process, no chatbots here. We take the time to understand your requirements and will gladly assist you with technicalities or answer any questions.
Customizability
Our transcription services aren’t just about accuracy and meeting the client’s requirements. Do you need a verbatim transcript that captures every “um” and “uh”? Do you have a specified template? Or do you need a polished version for a blog post? We can modify the transcript to satisfy your needs and ensure you get exactly what you need to reach your goals.
Ditto’s Expert Transcription Services Can Assist You With Real Estate Appraisal Reports
Don’t break the bank with hiring in-house, and don’t settle for shoddy, inaccurate transcripts from AI tools. Get the best of everything with Ditto Transcripts. We offer 100% U.S.-based human services, 99% accuracy guarantees, fast turnaround times, affordable pricing structures, quality customer service, stringent security, and access to the industry’s best and most experienced transcriptionists.
Ditto Transcripts is a Denver, Colorado transcription services company that provides fast, accurate and affordable real estate transcription services for individuals and companies of all sizes. Call (720) 287-3710 today for a free quote, and ask about our free five-day trial.