The point is that assessments, as they have traditionally worked, can complicate the process. Meadows says Bowery’s approach counteracts this, addressing potential bottlenecks with better reporting and more efficient turnaround times for lending clients, allowing borrowers to access capital more efficiently. .
“[Historically] the process… of how the assessments were created [uses] old valuation models. A [Microsoft] Excel sheet to Word document – this same technology has been around in our space, really since Word and Excel came out over 30 years ago,” Meadows said.
“We haven’t seen any major innovation. So our goal is to create a technology platform…to create better quality reports, [with] higher data accuracy and faster turnaround.
Bowery appraisers use the company’s web and cloud platform at their desk to manage the workflow. According to Meadows, it breaks down each step of the appraisal process, allowing data written by all appraisers within each of Bowery’s offices to be saved and available to future appraisers in the future.
“The best data we can collect is verified data from an owner,” Meadows said. “This is very accurate data, much of which in our industry comes from third-party sources.”