Valuations Quality Control

 

Safeguard’s Valuations team has a number of quality controls in place to ensure accuracy and efficiency throughout the process of completing a BPO or appraisal.  These controls begin with our automated ordering process, and continue through the careful final review of the report, ensuring that the results we submit are as accurate as possible.  Speed and quality are equally important to us, and to our clients. 

Speed: The automated Realtor selection process is a key component. Through the use of online ordering, our clients can enter a request at any time and it will be instantly assigned based on pre-defined metrics. In addition, we carefully monitor all open orders to ensure completion as quickly as possible.

Quality: Our system was designed with flexibility built into the QC process, permitting the parameters to be tailored on the clients’ individual needs. The order is automatically checked for quality as the broker or appraiser is inputting the data; instant feedback is provided if the information does not match the pre-set validations. This allows the Realtor or broker to correct errors before the order is submitted while providing sufficient opportunities for any comments necessary to support discrepancies.

Additional quality control features:

• Comment tracking
• E-mail Notifications
• Automated mapping of comparable findings
• Advanced QC on key data fields

Some of these advanced functions include parameters between the subject and comparables.  We will verify whether:

• Comparables were built within 10 years of subject
• Comparables are within 3 miles of the subject
• Number of bedrooms/bath are off by more than one
• Square footage is less than lot size
• Necessary comments are included in the report
• Comparable sales are less than 6 months old
• Comparable prices are within a client-determined percentage of the subject property

In addition, a Valuations Specialist looks at each order that comes through our system, checking for the following:

• Photos of the subject and comparable properties; interior photos if requested
• Whether the broker’s or appraiser’s assessment of the general condition is consistent with the photo documentation  
• Realistic values, including the listing price and probable sales price
• Whether any needed repairs are accounted for in the values
• Whether explanations are given if data is outside of the pre-set parameters

We are prepared to offer an additional, more analytical approach to the quality control, should a client have a question on a report after it has been through the above-listed standards and checks.