Appraisers are accountable to document how they determined the adjustments used within their appraisals and the criteria used to select comps. Redstone uses an analytical process to assist in determining the adjustments as well as documenting the selection process for comparables. In addition, a 1004MC is completed.
Experienced Redstone users tell us that a typical Redstone analysis takes as little as 15 minutes – far less time than traditional methods for producing similar results. Although there is a learning curve, investing the time needed to gain competence with Redstone will return that time many times over, enabling your production (or vacation time) to increase while simultaneously producing higher quality reports.
Video training is available by logging into your AppraisalWorld My Office account. Click on the Redstone icon in the My Desktop Software section: Click on "Redstone Training" to watch the Redsone training video. You may also download the Redstone User Guide and Regression Overview documents. Free technical support is available Monday – Friday, 8:00 a.m. to 5:00 p.m. Pacific Time. You may send an email to email@example.com, click on Request Support under the Help drop-down menu in Redstone or call 1-800-662-8727
Getting Started with Redstone information is contained under the Support Tab on the www.AppraisalWorld.com website. (Link above in answer.) Log into your AppraisalWorld My Office account to access all Bradford Technologies training materials.
You can access the Redstone User guide and other resources from the help menu in Redstone.
Click Help from the top Redstone menu and select "Support Website" to access the User Guide and other resourses.
These Redstone Resources are also available in your AppraisalWorld My Office page in the Redstone section.
New users can purchase a Starter Package that provides MLS set up, training and 10 Redstone Analysis for $99. Contact Sales for more information and to purchase. In addition, you can purchase a 50 pack in the AppraisalWord Store.
Single family homes, condominiums and townhomes.
Specialized properties with qualities not included in the components of value: view, quality, location or exclusive should only be compared to properties with similar qualities, location or exclusivity. The reason for this is these qualities that have a highly significant impact upon the value of each property cannot be accounted for within the regression analysis and will compromise the results. For example, ocean view, high end custom home, lakeside properties, gated communities, golf course communities and senior developments.
Even within a community, location may be important. For example, homes that border a golf course within a golf course community should be grouped separately from homes not bordering the golf course.
Yes and will fill in the form within ClickFORMS. Users of other Appraisal Form Filling software will have to transfer the data into their software's version of the 1004MC form.
There are over 900 MLSs throughout the United States using numerous software vendors to manage the local MLS data. Each MLS can only be accessed by a member of the MLS board/service. Consequently, each member needs to access, search and then export the MLS information needed. A limited number of MLSs have provided a specific MLS export that can be used with Bradford Technologies products. Other MLS Systems need to have a custom export built for use with Redstone.
Obtaining accurate data is problematic for most areas as Public Data and other sources are not as closely related to the listing and sale of property as the local MLSs. The extent of the data needed to complete the regression process, the 1004MC and the selection of Comparable Sales is best provided by the local MLS.
We will provide you with instructions on how to complete an export definition containing all the fields needed for completing a Redstone Analysis. Click here to complete the form with your MLS information and you will receive instructions on how to set up a custom export in your MLS for use with Redstone.
If you would like Bradford Technologies to setup your MLS export, please refer to the next questions for more information.
Once you have setup your MLS for use with Redstone, please refer to the Redstone User Guide's Process Tab 3: Market Data for more information on how to import your MLS data into Redstone.
The standard cost for the creation of an MLS Export definition is $99. Periodically, a discounted price of $49 is offered when Bradford Technologies introduces new software products. You can order the MLS setup from the My Office Store once you signed into your AppraisalWorld account.
It's easier to bring in all the potential data needed for the analysis than to have to go back and revise the search. The Regression will use all the sales in the market area and the 1004MC will use all the properties included in the Subject Property market.
In addition, MLSs periodically change their software providers. When this happens, a new MLS export definition needs to be created.
Every time an MLS import is brought into Redstone, the data is reviewed by the mapping program to determine if a field name has changed and/or is missing. The missing fields are displayed within a window with a dialogue box appearing below it.
Make a note in the dialogue box and click the button on the lower left of the window marked, Send Comment to MLS Mapping Team. Needed corrections will be made and you will be notified that you can now proceed with the import function. (We realize the urgency of the situation. Changes are typically made the same business day or the next business day at the longest.)
Simply import a new MLS export. A window will appear asking: Do you want to override the existing data?
Redstone training material can be found in the AppraisalWorld My Office page under the Redstone Training option.
Additional Redstone training materials can be found on our support website.
The greater the number of sales, the greater number of adjustment values can be determined. More than 100 sales are best. A point of diminishing returns can be reached with more than 300 sales. Each market is different.
For the specified market, it is important to:
Include all sales for:
Exclude or make into a separate market properties:
Conversely, these specialized properties can be grouped together for analysis. (A wider geographical area may be needed or expanding the time frame from 12 to 24 months may be needed).
The Regression Analysis is NOT done for the sake of the Subject Property. Rather it is an analysis of the neighborhood where the Subject Property is located. Certain characteristics are significant when determining the Subject Properties neighborhood marked as defined in previous question above.
Once outliers and invalid values for specific Components of Value are removed, the results of the Regression Analysis sets the value ranges for each of the Components of Value. Those Components of Value with a p-value of less than 0.05000% are considered statistically significant. The values are then used to calculate the baseline value of the Subject Property and will range from the derived value +/- the standard error.
There are many types of rural and sparsely populated areas. Properties with added out buildings, horse facilities or specialized agricultural use are not good candidates for regression analysis.
Acreage properties may be grouped by size to make up a neighborhood grouping. The area may need to be expanded geographically or 24-months of data may be needed.
Properties less than 1-acre typically fall within a different category than properties with more than 1-acre.
Depending on the local market, properties with city services may need to be considered separately from properties with wells and septic tanks.
Including the number of bedrooms as a component of value would result in a collinearity issue between bedrooms and Gross Living Area, GLA (Gross Living Area).
Locate your PDF file in Documents Library/My Redstone PDF files.
Using Appraisal Institute Guidelines, the sales included in the 1004MC are spread across the calendar year. The Median Sales Price for each month is determined. The Median Price for the Current Month of the Appraisal Effective Date minus the Median Sale Price of the Month for the Sale of the Comparable Property divided by the Median Sale Price for the Sale of the Comparable Property to determine the percentage adjustment.
The fields displaying the comps and the adjustments can be edited. The information in each field may be deleted. To delete the twelve month time adjustment graph, right click it to select it and press the delete key on the keyboard.
All sales are considered for the Regression analysis. For the 1004MC, only properties that would be considered by the buyer are needed. The first sort is used to refine the database to meet this criteria. After the Subject Market is defined, the available sales are then further filtered to provide a list of potential sales comps.
The Ranking tool provides the tools needed to sort the comps based on the Appraiser's market criteria to identify the most likely comps.
Comps can be further evaluated by double clicking the property description on the table to open a display comparing the potential comp to the Subject Property. Additional MLS marketing information is provided and a Google Street View is shown if available.
Updated reports are then available under the Reports tab.
Finish your Redstone report, then simply click the edit menu and select "Copy Redstone Analysis"
In ClickFORMS open the report you would like to paste your Redstone analysis or from a blank ClickFORMS Template, go to the Edit menu and select "Paste Redstone Analysis".
Yes. ClickFORMS users can transfer the selected Comparable Sales and Listings comparables to the ClickFORMS Sales and Listings Grid. If more than 3 comparables are being transferred, add an extra comps page before making the transfer.
Most MLS System Data is in UAD format. If you find that your data is not in UAD format, please contact firstname.lastname@example.org to update our MLS data.
Click the PDF icon under the report tab and select the pages to include in the PDF. Import the PDF into your appraisal software using the import PDF function to create an addendum. Note: the 1004MC page will be an image. The information contained on Redstone's 1004MC page will need to be copied and pasted into your appraisal software's 1004MC UAD form in order to convert it to an ENV format.
PDF files are automatically saved in the Documents Library under My Redstone PDF files.
No. As long as the address and the geo code for the subject property is correct, everything else can be adjusted or replaced. For example:
There is no charge for changes made on a timely basis after the completion of a Redstone analysis that do not require changes to the Subject Property address.
The dialogue box for saving the analysis file is displayed automatically. Sometimes it will appear behind the main window and you do not see it. There are two methods to try to get it to come to the front: