Having trouble extracting depreciation in your market?
Jim Amorin, CAE, MAI, SRA, AI-GRS, ASA, CDEI
Author of The Generative Shift: Preparing Appraisers for Artificial Intelligence Models Like ChatGPT | Seeking Exceptional Opportunities
In this example, the subject property is an older home in a suburban market. Assistance is needed extracting annual depreciation for use in the cost approach. Use of a GPT model in this case can provide a base case an appraiser can build upon, double-checking her spreadsheet model with the output of the GPT responses. The following information is in an Excel file:
ChatGPT Prompt:
In the attached file you will find a table with several sales in it. I need to extract the annual depreciation percentage for each sale. You can follow these steps:
To calculate the annual depreciation, we'll need to follow these steps:
Provide the results in a table with the first column being the Sale Number and the second column being the Annual Depreciation Percentage. Make sure you show the Annual Depreciation Percentage as a percentage to two decimal points.
Model Output:
I have calculated the annual depreciation percentage for each sale. Here are the results for the first five sales:
These percentages are formatted to two decimal points as requested. If you need the results for all the sales, I can provide that as well.
#valuation #appraisal #appraisers #TheGenerativeShift #ChatGPT #workingsmarternotharder
Absolutely! ChatGPT and similar tools are game-changers when it comes to simplifying the extraction of depreciation from the market. As a tech startup for patent lawyers, we're always on the lookout for innovative solutions to streamline valuation processes. Excited to see how AI continues to transform the appraisal landscape!