Real estate appraisal, property valuation or land valuation is the process of valuing real property. The value usually sought is the property’s market value. Appraisals are needed because compared to, say, corporate stock, real estate transactions occur very infrequently. Not only that, but every property is different from the next, a factor that doesn’t affect assets like corporate stock.
Real Estate Appraisers are one who estimates officially the worth or value or quality of subject property (vacant lot, agricultural land, house and lot, condo units, etc.). Ever wonder how appraisers come up with their results to their report? The appraisers relatively estimate the lot area manually according to Fair Market Value or according to their comparables. One of the helpful gadgets nowadays for appraisers is the GPS or Global Positioning System. Global Positioning System is a space-based satellite navigation system that provides location and time information in all weather conditions, anywhere on or near the Earth where there is an unobstructed line of sight to four or more GPS satellites. The system provides critical capabilities to military, civil and commercial users around the world. It is maintained by the United States government and is freely accessible to anyone with a GPS receiver. The GPS project was developed in 1973 to overcome the limitations of previous navigation systems.
GPS is primarily and commonly a military tool used for navigation, tracking of potential targets, bomb and missile guidance, rescue and emergency response, need accurate and updated maps at various scales for the military forces not to be lost. And now, they released the GPS devices for civilian use.
Using a GPS device as a tool in appraising, it will be easy and efficient for the appraisers. It lets appraisers know how to find out the Cartesian Coordinates, or what they call the Northings and Eastings (Longitude and Latitude), and calculating the area of the subject property. It is cost efficient because it can determine the distance from where the appraiser is going to the subject property, it is time efficient because it can calculate how long it will take to arrive there and lastly it gives the exact location of the place you want to see or go.