How Akrivis Performs Property Inspections
For an evaluation to be compliant with the current IAG and FIRREA guidelines, the condition of the property must be stated.
Below we will dive into how Akrivis performs property inspections and states the conditions of the properties we value.
Sourcing Photos for Evaluations
When you order an evaluation through Akrivis, you already know you’re getting a much lower price and a faster turn time than a traditional appraisal. Even with the condensed timeframe and lower price point, you’re still getting an accurate market value.
Along with these evaluations, we also include an inspection photo of the property (on applicable orders), so you know what the property looks like in real-time. We have two different options for sourcing photos for our reports, as seen below.
1. Pictures from independent contractors
We have built a solid network of experienced picture takers who will go out and take pictures of the properties we need within the requested timeframe.
Some pictures are taken by employees of Akrivis, but many of the other people in our network have been hired by us to take pictures.
With independent contractors, we have the advantage of being able to communicate with them directly so they can reach out to us to let us know if something looks off or if there’s anything we need to pay extra attention to.
2. Pictures from third-party contractors
For areas where we do not have coverage with our own independent contractors, we use third-party picture contractors to get pictures for us.
These contractors assign the pictures we request from them to picture takers in their own network, and then once the picture is assigned, we can track the progress of the picture. This includes an estimated completion time and date as well as any delays if they should come up.
Other Picture Options
Some of our customers opt for the “No Picture” option when ordering evaluations.
Contrary to what the name suggests, this doesn’t mean your report will come without a picture. It just means the picture will come from one of these places:
- Online property listing (MLS, realtor.com, Zillow, assessor’s site, etc.)
- GIS aerial photo (this is the preferred option for any vacant land orders)
- Customer-provided picture (taken by either the bank or borrower and provided in the order request)
Each “No Picture” order will save you $25 so that we don’t have to pay a contractor for the picture.
If there are recent online listing photos and nothing has changed, then a current picture by one of our picture contractors may not be necessary.
For vacant land orders, an aerial image works just fine for our purposes because there is no structure to look at, and it also encompasses the entire property, whereas a real-time picture usually can’t capture an entire lot.
Interior Inspection vs. Exterior-Only Evaluations
Having an interior inspection will give the most recent and up-to-date property information, which is why we recommend the option to have an interior inspection.
With an interior inspection, one of our picture contractors will reach out to the property owner/borrower to schedule a time to come inside and get interior pictures to help gauge the condition.
It is important that if an interior inspection is ordered, the site contact should be notified by the bank ahead of time that someone from Akrivis will be calling to come and take pictures of the inside.
If the site contact is not notified, it may cause a delay in getting the report back as the site contact may be unresponsive since they may not know who we are or why we are needing to take interior pictures.
Interior inspections will also cost more due to the extra time and effort on the part of the picture taker.
Exterior-only evaluations have a more streamlined process: a picture contractor will drive by and take a picture without disturbing the tenant.
We recommend going with an exterior-only evaluation if there is any kind of hurry needed for the evaluation, as an interior inspection can oftentimes push the due date back if there are scheduling conflicts or communication issues between the picture taker and the site contact.
Trust Akrivis With Your Evaluation Needs
Team up with Akrivis today and sit back and watch our expert team of evaluation analysts and picture contractors put their best foot forward for you!