In a rapidly evolving industry, staying ahead of technological advancements is crucial for success. Recently, I had the opportunity to sit down with Jim Amorin, a trailblazer in the appraisal field and author of the groundbreaking book focused on AI for appraisers. Jim's book is the first of its kind, dedicated to helping appraisers understand and utilize generative AI in their work.
Introducing Jim Amorin
Jim Amorin is a seasoned appraiser with a unique perspective on integrating technology into traditional practices. He has spent many years in the leadership of the other "AI" (Appraisal Institute). His book, The Generative Shift: Preparing Appraisers For Artificial Intelligence Models Like Chat GPT, is a testament to his forward-thinking approach and commitment to innovation in the appraisal industry. Jim has always marched to the beat of his own drummer, and his book reflects this pioneering spirit.
Diving into AI for Appraisers
During our conversation, Jim shared the motivations behind his interest in AI. He emphasized that while generative AI might seem daunting, it essentially acts as a super-smart assistant capable of creating new content based on learned patterns from vast amounts of data. This makes it an invaluable tool for tasks that require creativity and precision.
Jim explained that generative AI works by learning from numerous examples, similar to teaching a very smart person by showing them countless instances and then asking them to create something new. This capability can significantly enhance tasks like creating report-ready data visualizations, extracting depreciation from market data, and ensuring compliance with client requirements.
Why Appraisers Should Care
Jim highlighted several reasons why appraisers should embrace generative AI. From increasing efficiency and productivity to providing enhanced accuracy and insights, AI can be a game-changer. He shared practical examples from his book, such as determining value-impacting characteristics of properties and responding to client requests efficiently.
The Importance of Prompts
A significant portion of Jim's book focuses on the art of crafting effective prompts. He explained that the ability to have a favorable experience with generative AI largely depends on how well one learns to prompt. Different scenarios require different prompting techniques, and sometimes a series of back-and-forth prompts will generate the best responses.
Jim emphasized the importance of asking for sources to ensure trust and accuracy, especially in an age of misinformation.
Custom AI Models for Appraisers
Off air, Jim touched on the future of custom AI models. He noted that platforms like ChatGPT have made it easier for non-developers to create custom models tailored to specific needs. Jim has developed several custom models himself, including one for answering appraisal questions based on current Appraisal Institute textbooks and another for providing UAD classifications based on uploaded photos.
Looking Ahead
Jim remains optimistic about the future of AI in appraisal. He believes that while the technology is advancing rapidly, the core principles and ethical considerations outlined in his book will remain relevant. He assured appraisers that AI is a tool to enhance their work, not replace them. He stressed that if AI can replace someone's work today, it means they are not practicing professional appraisal.
Jim Amorin’s insights and his book provide a valuable roadmap for appraisers looking to integrate AI into their practices. By embracing these tools, appraisers can stay ahead in an ever-evolving industry, ensuring accuracy, efficiency, and innovation in their work.
Check out The Appraiser Coach Podcast for more info on this topic:
991 A Generative Shift for Appraisers: Interview with Jim Amorin VIDEO AUDIO
