AI for real estate appraisers
Ultramarine Work builds the comp grid, abstracts the leases and drafts the URAR and commercial narrative sections from the MLS export, inspection notes, leases and rent rolls in your assignment folder. Every number cites its source file.
418-Birchwood-comp-grid.xlsxExample| Item | Subject | Comp 1 | Comp 2 | Comp 3 |
|---|---|---|---|---|
| Sale price | 612,000 | 585,000 | 640,500 | |
| GLA at $85/sf | 2,140 sf | −8,500 | +11,900 | −4,250 |
| Detached ADU | 480 sf | 0 | +42,000 | 0 |
| Condition | C3 | 0 | 0 | −15,000 |
| Net adjustment | −1.4% | +9.2% | −3.0% | |
| Adjusted price | 603,500 | 638,900 | 621,250 |
NoteOnly one paired sale supports the $42,000 ADU adjustment, so add the 2025 Elmhurst Ave pair before giving Comp 2 weight.
Ask it for
“Build the comp grid for 418 Birchwood from the MLS exports in the comps folder, support the ADU adjustment with paired sales, and list every comp I set aside.”
418-Birchwood-comp-grid.xlsx“Review this URAR against the MLS export and the assessor records, check the grid math, verify each comp, and write up each finding with its page.”
URAR-review-markup.pdf“Abstract the five retail leases and both amendments for the Grand Plaza center, one tab per tenant: rent steps, expense stops, options and critical dates.”
Grand-Plaza-lease-abstracts.xlsx“Draft the income approach for the Crestline office with market rent from the rent comps, expenses against the trailing 12 and a cap rate from the sales.”
Crestline-income-approach.docx“Write the Birchwood ROV response: run the lender’s two comps through the grid, answer each claim, and bracket the utility adjustment at $5,000 and $10,000.”
Birchwood-ROV-response.docx“Assemble the Willow Creek warehouse appeal file. Adjust the five comparables, reconcile the assessor’s NOI to the operating statements and lay out the exhibits.”
Willow-Creek-appeal-exhibits.pptx
Inside the Real Estate Appraisal mode
Real estate appraisal and review
It shows the support behind each grid adjustment, writes narrative sections for URAR and commercial reports and works through a review one finding at a time.
Lease abstracts and rent rolls
Every lease and amendment breaks down into rent steps, recoveries, options and critical dates, and the app ties the rent roll to the leases and lists arrears.
Property tax compliance and appeals
From the assessment notice or the personal property rendition, it builds the appeal file: adjusted comps, income analysis, hearing exhibits and filing dates.
- Office skills
- Excel, Word, PowerPoint, PDF
- Tools
- Read, edit and write files, Search files, Run code, Search and read the web, View images
- Connectors
- SharePoint, Google Drive, Gmail, and additional custom connectors
- House style
- Your fonts, layouts and rules, on every file
How it works
- 1
Open the assignment folder
The folder holds the MLS export, assessor and deed records, inspection photos and field notes, the purchase contract, rent rolls, leases, trailing-12 statements and your prior reports, kept the way you keep them now.
- 2
Ask for the deliverable
Ask for a comp grid, the market medians for the 0–3, 4–6 and 7–12 month windows, a lease abstract, a review findings list or appeal exhibits. Each one comes back as a finished file with live formulas and a source on every figure.
- 3
Verify, then sign
Every figure carries the file it came from, so checking means confirming every comp against the MLS and deed records and verifying the sale through a disinterested party. The adjustments, the conclusions and the certification are yours.
Who it’s for
Residential, commercial and review appraisers and appraiser trainees.
Questions
Can a tool like this comply with USPAP?
No, a tool cannot comply with USPAP or carry the responsibility, and the Appraisal Standards Board said so plainly in Advisory Opinion 41. That opinion lays out four steps: evaluate the tool, evaluate the data, do the analysis yourself and evaluate what comes out. The files the app returns cite their sources and note what it could not reconcile, so the workfile holds the app’s output and the data behind it. You add your written analysis of how you used the output.
Am I allowed to put borrower information into it?
Only you, your firm or your compliance side can clear that. Advisory Opinion 41 says information the appraiser cannot safeguard must not go into the tool, and borrower names, loan terms, concessions and contract details are nonpublic personal information under your panel agreement. The app never reads passwords, keys or app data, and it changes files only inside the project’s folder. Ask them whether those safeguards clear your panel agreement before the first order goes in.
Where does the data actually go?
Ultramarine Work changes files only in the project’s folder. When a request needs it, it can read files elsewhere on your computer, never passwords, keys or app data, and you can turn that off in settings. The model runs on Paper Instruments’ servers, so the content it works on is sent there to be processed. Paper Instruments is SOC 2 Type II, and our security and compliance details are on our compliance page.
Will it invent comparable sales or adjustments?
No, nothing goes into the grid unless it came from the folder or a web source you allow. If the MLS export has six comps, the grid has six comps, and anything it could not verify arrives as a note instead of a confident number. Fannie still requires a named data source for each sale and verification through a disinterested party, and the grid cites the file behind every comp.