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In September 2024, NAR surveyed its members about the recent use of data collectors in the valuation process.
Key Findings
- In the past 12 months, 59% of respondents have not encountered a situation where a data collector visited a property to collect information for a mortgage loan transaction.
- 42% of respondents found the potential for property data collection and appraisal waivers to be extremely or very important for potential cost savings for home buyers.
- 45% of respondents found the potential for property data collection and appraisal waivers to be extremely or very important for time savings and/or reduced disruption for home buyers.
- 65% of respondents said they are concerned about the quality of the data collected. 59% stated they are concerned that this separation of data collector and appraiser will negatively affect the appraisal if it is used.
- 93% of respondents have not worked as a property data collector for a mortgage transaction within the past month.
- 37% of respondents have not had a data collector give themselves or their clients the impression that they were the appraiser or had some role other than collecting property data.
- In the past 12 months, 69% of respondents were unaware of third-party privacy policies or disclosures.
- 80% of respondents perceive the quality of property data collected by data collectors as lower quality than appraisers.
- 79% of respondents are concerned with the accuracy of information collected by non-appraisers, and 73% were concerned with adequate training and qualifications of non-appraisers.