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How Are Appraisals and Floorplans Going Completely Digital? With Jeff Allen & Nikki Rinkus

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May 31, 2022

Summary: Louisa
is joined by
Jeff Allen, President of CubiCasa and Nikki Rinkus, Field Staff Appraiser at Clario Appraisal Network
for the 6th episode of season 9 of
The Propcast. The discussion kicks off with a description of
CubiCasa’s product, what it provides, and how it speeds up
floorplan and appraisal processes. Louisa, Jeff, and Nikki chat
about the trend of tech adoption and digitization in the industry
and how CubiCasa has a strong foothold in 142 different countries.
Jeff explains how their company differentiates itself from
competitors and describes the PropTech scene in Finland. One of the
main takeaways in this episode is that technology isn’t eliminating
any jobs, it’s creating more efficiencies. 

Resources:


Companies Mentioned:


Shout Outs:


Key Insights From This Episode: 

  • You can go completely digital, I walk into an
    appraisal inspection with just my phone, no pad of paper, just the
    phone and it does everything. – Nikki
  • Technology isn’t eliminating any jobs, it’s
    creating more efficiencies. – Jeff
  • Appraisers are naturally a sceptical bunch, we
    want to check and double-check everything so we are slow to adopt
    new technology. – Nikki
  • PropTech touches something universal and is
    important to everybody in the world. – Jeff


About Our Guests:

Jeff Allen, President of CubiCasa

 

Jeff Allen serves as President of CubiCasa where he leads the company’s overall strategy
to digitize property data collection and unlock actionable data
insights for homeowners and mortgage professionals alike. In
addition, Jeff serves as Executive Vice President, Innovation Labs
for

Clear
Capital
, the real estate
valuation technology company that acquired CubiCasa in 2021. In
this capacity, Jeff spearheads Clear Capital’s in-house innovation
hub, which focuses on the research, testing, and development of new
products and solutions. Jeff has held a wide range of leadership
roles throughout his career, including Vice President of Operations
at CoreLogic, Chief Operating Officer at Rels, Director of Research
Services at 10k Researching and Marketing, as well as Research
Manager at Minneapolis Area Association of
REALTORS®. 

 

About CubiCasa

CubiCasa is a PropTech company focused on providing
value for real estate professionals through the digitization of
properties. Headquartered in Oulu, Finland, CubiCasa is the global
market leader in mobile indoor scanning and is known for its fast
and easy-to-use floor plan app on the App Store and Google Play
Store. CubiCasa’s technology is used in 144 different countries and
has helped create over 1 million floor plans to date. CubiCasa
provides technology for the real estate, appraisal, and mortgage
industries and is on a mission to digitise real estate.

 

Nikki Rinkus:

Nikki Rinkus has been appraising real estate in the
Chicagoland market for 30 years and also holds her sales broker
license. Over those 30 years, she has experienced unprecedented
technological shifts in both arenas and has always been an early
adapter. Some of her most interesting side jobs over the years
include international courier and DJ. 

 

About Clario Appraisal Network

Clario Appraisal Network
is a full-service residential real
estate appraisal firm. Composed of highly-experienced appraisers,
we provide the highest quality services across the nation. We
specialise in real estate valuations for the mortgage lending and
financial services industries.

 

About Our Host

Louisa Dickins

Louisa is the co-founder of LMRE, which has rapidly
become the market leading global PropTech recruitment platform and
search consultancy with operations across North America, United
Kingdom, Europe and Asia-Pacific.

To promote the industry she is
so passionate about, Louisa set up the Global podcast


‘The Propcast’
where she
hosts and invites guests from the built environment space to join
her in conversation about innovation.


About LMRE

LMRE is globally recognised for leading the way in
Real Estate Tech & Innovation talent management.

From the outset our vision was
to become a global provider of the very best strategic talent to
the most innovative organisations in PropTech, ConTech, Smart
Buildings, ESG, Sustainability and Strategic Consulting.

At LMRE we are fully committed
at all times to exceed the expectations of our candidates and
clients by providing the very best advice and by unlocking
exclusive opportunities across our global network in the UK,
Europe, North America and Asia-Pacific.


Timestamps:

[03:20] Jeff: Can you talk us
through your journey to the PropTech space in
CubiCasa? 

  • I’ve been involved in either real estate or
    mortgage appraisal, for my entire career. 
  • Before I came to CubiCasa, I was running the
    R&D Innovation Lab at Clear Capital.
  • We were trying to find something that would
    enable anyone to collect accurate property data and floor plan
    measurements without any training and we found CubiCasa and made
    the acquisition. 
  • It’s something that enables anybody with a
    smartphone to do a five-minute walk-through scan of a property, and
    then receive back accurate and detailed floor
    plans. 

[05:25] Nikki: How did you meet
Jeff? 

  • I had a long road to Clario, but about six
    years ago, I started working there and they are a subsidiary of
    Clear Capital and Jeff recruited me for one of his pilot
    programs. 
  • Before CubiCasa we had an app that allowed us
    to walk through a property to get data points and someone at Clear
    Capital sent back information. 
  • CubiCasa saves a lot of time for the appraiser
    so we could focus more on the valuation part and less on the data
    entry part. 

[06:45] Jeff: Can you go into a
bit more detail about CubiCasa’s product?

  • The product works on a smartphone, a user can
    download the app and use it without training. 
  • You just walk through the property room by
    room, pointing your smartphone down, where the walls meet the floor
    then the data that’s collected and captured is processed through
    our computer vision and proprietary.
  • Ultimately then it is reviewed by a human to
    make sure that we produce an accurate end floorplan result and then
    delivered back to the user. 
  • Floor plan in a lot of different versions and
    property data as well, bed and bath counts and square
    footage. 

[08:40] Nikki: How long would it
usually take to do something like that without CubiCasa?

  • It varies between ranch style or cottage style
    houses at one level, rectangular properties, complex properties and
    multi-story properties. 
  • Overall it can cut it by ¾ of the time and
    accuracy is much better.  

[11:15] Jeff: CubiCasa is in
over 142 countries, what trends have you seen in terms of tech
adoption and are there any countries you are looking to launch
in?

  • What’s cool about CubiCasa is that the
    technology scales to different use cases and many different
    geographies.
  • It’s really a general-purpose technology that
    fits a lot of different use cases so it has organically
    grown.

[14:00] Jeff: The debate that is
going on is that tech is taking away people’s jobs but CubiCasa
helps people do their job as well as create new ones, would you say
so?

  •  Technology isn’t eliminating any jobs,
    it’s creating more efficiencies. 
  •  A lot of people spend a lot of time
    drawing floor plans and it is easy to get it wrong when doing it by
    hand.

 [15:00] Nikki: What are
you seeing in terms of people being hesitant to adopt new
methods? 

  • With a lot of appraisers, there’s a level of
    trust involved and appraisers are slow to come to it.
  • What I would say to appraisers is; “Do you want
    to go back to the cut and paste era of appraisals?”

[17:55] Jeff: How does CubiCasa
differentiate itself from its competitors in an ever-growing
market?

  • The major things that set us apart are ease of
    capture, and getting the data and information. 
  • The most common way to get floor plans for
    people is either to hand draw or a virtual tour and you’re going to
    be scanning the house with special hardware, it’s going to take you
    an hour and you’re going to need specialised training. It’s not
    scalable or democratising.
  • With our product, all you need is a smartphone
    and you are doing a 5-minute scan with no training.

[21:15] Jeff: Could you tell the
audience more about the Finland technology
ecosystem? 

  • Before finding CubiCasa, I didn’t know there
    was a PropTech scene in Finland. 
  • There is a huge pipeline of talent and great
    technical talent coming out of the universities. 
  • The Finnish PropTech scene is growing pretty
    significantly.

[22:40] The ‘LMRE’ part, Louisa asks the guests to talk
about; 

L – Touch on
the main 
lessons you have learnt throughout your
career.

Nikki: Just be
adaptable.

Jeff: Be nice to people and good
things will happen,

M – Please give
a
 mention to anyone / product / service.

Nikki: CubiCasa

Jeff: Nikki for testing out
crazy stuff for us.

R – What has
been the most 
rewarding aspect of working in PropTech?

Nikki: Just being able to use
the technology in the appraisal space and see how it’s made the
process more reliable and streamlined.

Jeff:  PropTech touches
something universal and important to everybody in the
world.  

E – What are
you 
excited about in the future of PropTech?

Nikki: To see the appraisal
forms go from the static format that we’ve had for the last 19
years to a more logic-based cloud environment.

Jeff: AI and computer vision are
already making an impact, but it’s just getting
started. 


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