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OK - I started to investigate in Zaio.com, the self-proclaimed 'new AVM'.
I am not one to 'fast track' the appraisal process, but am interested in keeping up with new trends. In my reading, I find that (foremost) the set up fee is $9,000 with a $250 annual membership fee (wha wha what???) and was unable to find any credentials stating bonafide bigtime clients that use their program (perhaps because I stopped reading the FAQs after seeing the set-up fee) -
According to Zaio, many markets are sold out (including the Mesa area, Dave) -
Does anyone have any further information (attending a seminar, being an appraiser or client) on Zaio that they can share?
1/18/2008 - Zaio update -
I was able to attend about half of a Zaio presentation this last week with Mr. Van Camp (who has made a note on this blog) as the speaker.
Here are some things that I learned:
Zaio is pronounced Zay-O
People were supposed to make reservations for the meeting
Most of the people who made reservations did not show
My guest and I made up 50% of the attendees
Although the information packet comes with a ‘Zone Lease Application', the Zones are purchased and belong to the zone owner.
Zones can be sold on the open market by zone owners
The majority of the Portland market zones have been purchased by two individuals that are local to the area
The only market to open thus far was the Spokane test market which has been pulled for software updates
California zones could be up in 30-60 days
Zones are $10,000 without photographs, $11,000 with ½ photographed and $12,000 fully photographed, however if you purchase a zone they will immediately go out and photograph it (I guess that means zones are $12,000... period) - This might be a misinterpreted fact and so please correct me if I'm wrong
The Portland market has been approximately 25-30% photographed
The Zaio software looks like it still has quite a bit of work to go on it
Five to fifteen hours of updates per month should be expected by the zone owner
Just like any appraisal, a zone with tract homes with the same amenities, etc would be much easier and more lucrative than a zone with mixed properties
It is wise for the zone owner to do their own local marketing as Zaio is focused on larger national marketing (Jeff suggested going to Realtors to offer more comprehensive CMAs ... comp searches if you will for a small fee)
In short, I don't see this as a scam or get rich quick scheme like many have insinuated and Jeff Van Camp has reputed, however it looks like only time will tell as far as its success.
6/11/2008 - Zaio Map Update
Here is the difference in zone sales from January 2008. I do see that two zones that were pending in January are now officially sold (Milwaukie and Oak Grove area). There are also two curious zones that went from sold to now available (Beaverton area). Otherwise, I do not see any changes.
10/21/2008 - What a strange advertising campaign...
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