The Future Of Appraisals: Faster, Smarter, More Accurate

Learn how the appraisal process is evolving and what it means for realtors, lenders, and consumers.

In this blog post, we break down the most important insights from Nick Conteduca’s appearance on the Rate of Success podcast. Whether you're a realtor, appraiser, or homeowner, this guide will help you understand where appraisals have been—and where they're going.

1. Nobody Plans to Become an Appraiser

Nick didn’t go to college to become an appraiser—because nobody really does. Like many others, he stumbled into the profession. The traditional path to becoming an appraiser is filled with roadblocks: education, licensing, and finding a qualified supervisor willing to train you. That’s slowly changing.

“The appraisal industry is about to go through a reset. New tech and data standards are making it easier for the next generation to get in the door.”

2. The Process Hasn’t Changed Much—Until Now

For decades, the appraisal process remained largely unchanged. The big shift? Standardization and automation.

• Forms are being redesigned

• Data is being centralized

• Manual text entry is becoming obsolete

Appraisers are no longer left to fill in subjective fields. Structured, objective data is taking over.

3. Appraiser vs. Realtor: Why Values Don’t Always Align

Appraisers follow strict rules. Realtors focus on marketability. That’s why they often report different square footages or emphasize different features.

Nick says the best appraisers understand both perspectives:

“If you know what a realtor is thinking and how a buyer sees the property, you can do a better job as an appraiser without violating the guidelines.”

4. The Appraisal is an Opinion—But a Supported One

An appraisal is not gospel. It’s an informed, supported opinion based on data. But most consumers don’t read the full 40-page report. They just want to know: What is my home worth?

Nick’s firm created a simplified, consumer-facing version of the appraisal to address this.

5. Data Tells a Story—But Only If You Dig

Appraisers should be data detectives. When one sale looks out of line with the rest, it’s the appraiser’s job to figure out why. Was it an estate sale? Off-market deal? Distressed property?

“It’s not just about the comps you use—it’s about explaining the ones you don’t.”

6. Yes, Realtors Can Talk to Appraisers

There’s a myth that agents can’t communicate with appraisers. That’s wrong.

“You can absolutely talk to us. Just keep it relevant and don’t bury us in fluff. Three strong comps and context about the property go a long way.”

7. Multiple Offers and Over-Asking: What’s the Appraiser’s Role?

Appraisers don’t just validate that a buyer was willing to pay. They determine if many buyers would have paid that amount. A one-off bidding war doesn’t always equal true market value.

“We consider multiple offers, time adjustments, and rising market trends—but only when supported by real sales.”

8. Pre-Listing and Pre-Purchase Appraisals Are Growing

Agents can benefit from ordering an appraisal before listing a home.

• It sets realistic expectations

• It builds credibility in listing presentations

• It gives the seller confidence in their price

Nick’s firm offers fast-turnaround pre-listing appraisals that simplify this process.

9. Technology Is Changing Everything

From AI photo recognition to LIDAR-based room scanning, technology is finally speeding up the industry.

Tools like CubiCasa and QC software are reducing manual errors and increasing consistency. Still, Chicago remains a tough market due to unreliable public records—another reason why human expertise is still essential.

10. What Makes a Great Appraiser?

Nick breaks it down:

• Strong communication – someone who can explain their reasoning

• Tech-savviness – using modern tools for speed and accuracy

• Market knowledge – truly understanding local trends

11. Appraisal Industry Outlook

Nick’s team at Banks Valuation is building a scalable, staff-based model to avoid the chaos of past booms and busts. He sees growth ahead, especially for appraisers who are ready to evolve.

“It’s not a lack of appraisers. It’s an efficiency problem. Firms need to be ready for scale and surge.”

Final Thoughts

This conversation between a mortgage pro and an appraiser bridged an industry gap that too often leads to conflict. If more realtors, lenders, and appraisers shared open conversations like this, the process would be smoother for everyone involved.

Want to learn more or order a pre-listing appraisal? Visit BanksValuation.com to see how we're making the appraisal process faster, smarter, and easier for everyone.