It’s a well-known fact the quality of any decision-making software including appraisal software products depends upon several factors, which include not only a powerful analytical processor but also easy installation and convenience of using it by users with different levels of computer and data processing knowledge. The powerful analytical processor of appraisal software is a multifactor algorithm with a powerful decision-making platform, which defines the accuracy of calculations and relevance of report data.
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There are lots of different real estate appraisal software solutions, nevertheless, they may differ by functionality, analytical toolbox, and several functions. In this paper, I will discuss 2 popular real estate appraisal software tools, which include a very effective and powerful toolbox and offer different options for real estate appraisal managers. These software products are Wintotal and Appraiser’s Toolbox.
Wintotal software has several different functions (analytical and statistical) for real estate appraisers, which allow making accurate property evaluations. Wintotal also provides a set of specific functions in financial calculators which allow to chose the most appropriate financial strategies from several given variants.
Wintotal provides full compatibility with database management tools such as MS Access, MySQL, and others. Such features of data import increase its functionality and make it fully compatible with other solutions. Wintotal gives several features to combine spreadsheets into a complete report using different types of supporting data, such as maps, pictures, graphs, etc.
Being a fully integrated project it also allows to link appraisal reports with online data, includes emailing services for report delivery and powerful electronic document storing management systems.
The disadvantage of this product is its relatively high price (more than 1000 dollars) and another disadvantage is that most analytical features for report preparation should be purchased separately (for about 200-400 dollars).
The Appraiser’s Toolbox
The Appraiser’s Toolbox is a standard support tool that includes basic features to create appraisal reports, using template appraisal forms, sketches, and multimedia features.
The Appraiser’s Toolbox has basic analytical features and appraisal accounting features.
The main advantage of The Appraiser’s Toolbox is automatic report building tools which include adding pictures, maps, EDI in one window. Report templates that are available in The Appraiser’s Toolbox reduce the amount of time required for routine work.
Unlike Wintotal, The Appraiser’s Toolbox is limited in its analytical abilities and can not be a powerful tool for cost approach; it also makes integrity with other products and doesn’t have add-on features, like other software solutions. That’s why we can conclude that The Appraiser’s Toolbox is a good tool for the preparation of appraisal reports as it has good word processing and publishing features, but due to the absence of powerful financial analysis features, it can be used based on relevant data calculated independently.
Concluding it’s important to note that both: Wintotal and The Appraiser’s Toolbox are effective and powerful solutions, which can be widely used for various appraiser’s practices and tasks in the real estate evaluation business. Yet, there is a clear tendency that the quality and functionality of both products depend upon price. The price for the standard edition of Wintotal is $999 and the price for add-on software (financial analysis) varies from $200 to $400. The price of Appraiser’s Toolbox is $499, so we can say that both products can be afforded by a wide number of property appraisers for routine practices.
“Wintotar”. A La Mode, INC. Web.
The Appraiser’s Toolbox. Web.