Empire Appraisal Group recently purchased 3 Zaio Zones in Broward County, Florida. The purchase of these Zones will allow Empire Appraisal Group to provide "instant appraisals" in the very near future to the Coral Springs and Parkland Area.
Zaio Concept:
Zaio Corporation photographs entire cities, one building at a time from the street. These images are compiled into a proprietary database called GeoPic™.
In addition to the photographs, Zaio also collects appraisal analysis for each residential property and adds it to the database.
Zaio is restoring the competitiveness and independence of appraisers who are banding together to inspect and appraise virtually every home in America. Zaio assembles a premiere group of local appraiser experts and provides them with photos, property data, a protected geographic territory and exclusive use of Zaio’s proprietary software in territories known as Zones. Appraisers are then able to efficiently inspect and appraise virtually every home in their zone, and Zaio’s software allows the appraiser to store completed appraisals in a large national database. Since the Zaio appraiser is required to inspect, rate, and monitor the values of every home in their zone, they become the undisputed local expert in that area, are able to correct and improve missing and incorrect data from county property records, and the software allows the appraiser to evaluate, analyze and report on a larger number of transactions leading to more thorough, reliable, and defendable appraisal reports. Appraisers then monitor every sale and changes in property conditions that occur daily, weekly and monthly so that customers can instantly order and receive a completed USPAP compliant appraisal with a current market value estimate. Zaio and its network of appraisers currently offer clients a 2055 exterior appraisal report, and the following additional valuation products are expected to be available in 2007: Desktop Valuation, BPO, Comp Search, Property Photo Report, and Insurance Replacement Cost Report.
Zaio accomplishes this by deploying teams of local photographers and appraisers in each city. The photographers walk the streets, collect photos and addresses, and input them into Zaio’s proprietary software. Affiliated appraisers then interact with Zaio’s proprietary appraisal technology to view the photos and related data, and take such information back out onto the street via handheld computer to conduct the appraisal. Zaio’s technology and licensing arrangements ensure that photographers and appraisers are able to keep their data up to date, year after year. For example, appraisers review comparable sales monthly to make sure their analyses accurately reflect current market conditions.
Zaio’s appraisal process allows an appraiser to research values for every property in advance of an appraisal order or property transaction. The resulting product is an accurate, objective, instant report that can be understood and underwritten by a lender.
Zaio plans to photograph and appraise the 250 largest urban centers in the United States. This will result in a database of approximately 100 million properties.