Areas surrounding properties frequently undergo change (for example, new construction, demolitions, etc.), which impacts brokers’ recommendations of value. Third-party comparable sales data from companies such as Co-Star or public tax records is often incorrect or outdated, and satellite-based imagery is often outdated or the resolution is too low to validate collected data.
Nearmap’s cloud-based solution allowed Retail Valuation Services to reduce site visits and increase the accuracy of its brokers’ opinions of value. Frequently updated PhotoMaps™ provided detailed visual data showing changes over time that impact property value.
Virtual measurement tools in nearmap’s MapBrowser™ allowed Retail Valuation Services to verify data points from third parties or public records.
Being able to include high-resolution exports of aerial views of properties in its reports has improved their overall quality.
Reduce Phone Calls and Site Visits—Independent contractors require less field work to get comparable sales data to evaluate properties and develop a recommendation of value. Nearmap images provide visual aid and insight about properties and their surrounding areas.
Capture Changes Over Time—See changes that could affect the value of properties under consideration. “If a property was sold and torn down, I’m probably not going to be able to see that with satellite-based imagery,” says Brian Garrison, RVS president.
Confirm Measurements—Remotely measure distances or areas of commercial properties. Occasionally, clients provide measurement data in advance, but Nearmap’s virtual tools allow the company to confirm or refute it—without sending someone on-site. “For pretty much every property I look at, I review the historical image captures in Nearmap,” Garrison asserts.
Retail Valuation Services has been in the commercial real estate appraisal business since 2007. Its primary focus is appraising the value of fast food and casual dining restaurant properties throughout the US. Through a network of hundreds of independent real estate agents, Retail Valuation Services is able to conduct field work in each state and provide brokers’ opinions of value, enabling more informed business decision-making that drives the viability and growth of these organizations.