Redstone Step-by-Step Demonstration
Appraisers are being tasked with providing even greater detail and analytical support for their adjustments and comparable selection. Your local market experience and knowledge are invaluable to providing a thorough analysis, but lenders are demanding greater transparency and repeatable results using accepted methodologies – Redstone was developed specifically to address these challenges. This video provides a detailed demonstration of Bradford Technologies' Redstone software. From MLS set up, analysis and preparing for your final report.
|Redstone & ClickFORMS – Better Together|
|Redstone Market Boundary Update|
Sign In to your AppraisalWorld account. Click on "Redstone" from the "MY Desktop Software" section.
Using Redstone with other From Filling Software
|1.||What does Redstone do for me?
Appraisers are accountable to document how they determined the adjustments used within their appraisals and the criteria used to select comps. Redstone uses an analytical process to assist in determining the adjustments as well as documenting the selection process for comparables. In addition, a 1004MC is completed.
|2.||How long does it take to complete a Redstone analysis?
You will need to spend more time per analysis until you become familiar with the selection of the market area, exporting the MLS data and processing the analysis. There is a learning curve. Once familiar with the process, it will take fifteen to thirty minutes to complete an analysis and select comps.
|3.||Are classes offered for Redstone?
On-line, free webinars are offered from time to time.
A Redstone User Guide and Regression Overview are available under the Help drop-down menu within the Redstone software program and on the Getting Started webpage.
Free technical support is available Monday – Friday, 8:00 a.m. to 5:00 p.m. Pacific Time. You may send an email to email@example.com, click on Request Support under the Help drop-down menu in Redstone or call 1-800-622-8727
|4.||Where are training materials located for Redstone?
Getting Started with Redstone information is contained under the Support Tab on the www.AppraisalWorld.com website. (Link above in answer 3.) Log into your AppraisalWorld My Office account to access all Bradford Technologies training materials.
|5.||Is there a Redstone User's Guide?
You can access the Redstone User guide and a Regression Overview PDF file under the Help drop-down menu in the Redstone software.
|6.||How much does it cost for each Redstone analysis?
The cost is five dollars per analysis completed for a specific address report (pay once for the address with no additional charge for edits). New users can take advantage of a onetime special offer to purchase ten Redstone reports for ten dollars for a net savings of forty dollars.
You can purchase a 10 for $10 pack in the AppraisalWord Store. Under Appraisal Packages you'll find the 10 Redstone Analysis for $10 option. Be sure to enter the coupon code "RS102016" at checkout.
|7.||What types of subject properties are best suited for a Redstone Analysis?
Single family homes, condominiums and townhomes.
Specialized properties with qualities not included in the components of value: view, quality, location or exclusive should only be compared to properties with similar qualities, location or exclusivity. The reason for this is these qualities that have a highly significant impact upon the value of each property cannot be accounted for within the regression analysis and will compromise the results. For example, ocean view, high end custom home, lakeside properties, gated communities, golf course communities and senior developments. Even within a community, location may be important. For example, homes that border a golf course within a golf course community should be grouped separately from homes not bordering the golf course.
|8.||Does Redstone's 1004MC conform to UAD ENV file format conventions?
Yes and will fill in the form within ClickFORMS. Users of other Appraisal Form Filling software will have to transfer the data into their software's version of the 1004MC form.
|9.||Why doesn't Redstone just go into my MLS and get the information it needs?
There are over 900 MLSs throughout the United States using numerous software vendors to manage the local MLS data. Each MLS can only be accessed by a member of the MLS board/service. Consequently, each member needs to access, search and then export the MLS information needed. A limited number of MLSs have provided a specific MLS export that can be used with Bradford Technologies products. Other MLS Systems need to have a custom export built for use with Redstone.
|10.||Why do I need to create an Export file for Redstone to import in order to create the Analysis?
Obtaining accurate data is problematic for most areas as Public Data and other sources are not as closely related to the listing and sale of property as the local MLSs. The extent of the data needed to complete the regression process, the 1004MC and the selection of Comparable Sales is best provided by the local MLS.
|11.||How do I bring my MLS data into Redstone?
We will provide you with instructions on how to complete an export definition containing all the fields needed for completing a Redstone Analysis. Complete the form below with your MLS information and you will receive instructions on how to set up a custom export in your MLS for use with Redstone.
If you would like Bradford Technologies to setup your MLS export, please refer to Question 12 for more information. Once you have setup your MLS for use with Redstone, please refer to the Redstone User Guide's Process Tab 3: Market Data for more information on how to import your MLS data into Redstone.
|12.||How much does it cost to have Bradford Technologies' MLS Exports team create an MLS export for me?
The standard cost for the creation of an MLS Export definition is $99. Periodically, a discounted price of $49 is offered when Bradford Technologies introduces new software products. You can order the MLS setup from the My Office Store once you signed into your AppraisalWorld account.
|13.||Why do I need to bring in all Sold, Active, Contingent, Expired and Withdrawn listings from my MLS for use within Redstone?
It is easier to bring in all the potential data needed for the analysis than to have to go back and revise the search. The Regression will use all the sales in the market area and the 1004MC will use all the properties included in the Subject Property market. In addition, MLSs periodically change their software providers. When this happens, a new MLS export definition needs to be created.
|14.||What do I do when there are fields missing from my MLS import?
Every time an MLS import is brought into Redstone, the data is reviewed by the mapping program to determine if a field name has changed and/or is missing. The missing fields are displayed within a window with a dialogue box appearing below it. Make a note in the dialogue box and click the button on the lower left of the window marked, Send Comment to MLS Mapping Team. Needed corrections will be made and you will be notified that you can now proceed with the import function. (We realize the urgency of the situation. Changes are typically made the same business day or the next business day at the longest.)
|15.||How do I replace my current MLS data with new data?
Simply import a new MLS export. A window will appear asking: Do you want to override the existing data?
Regression Analysis Answers
|16.||How do I perform a Regression Analysis?
There is a Regression Analysis Overview available under Redstone's Help, drop-down menu. There is an additional white paper, Statistics Without Fear, available in the AppraisalWorld My Office page under the CompCruncher Training option.
|17.||How many Sales do I need for a Regression Analysis?
The greater the number of sales, the greater number of adjustment values can be determined. More than 100 sales are best. A point of diminishing returns can be reached with more than 300 sales. Each market is different. For the specified market, it is important to:
|18.|| Why does the Regression Analysis need to include all the sales in the market rather than just those comparable to the Subject Property?
The Regression Analysis is NOT done for the sake of the Subject Property. Rather it is an analysis of the neighborhood where the Subject Property is located. Certain characteristics are significant when determining the Subject Properties neighborhood marked as defined in #17 above. Once outliers and invalid values for specific Components of Value are removed, the results of the Regression Analysis sets the value ranges for each of the Components of Value. Those Components of Value with a p-value of less than 0.05000% are considered statistically significant. The values are then used to calculate the baseline value of the Subject Property and will range from the derived value +/- the standard error.
|19.||I live in a rural area or there aren't that many sales in the area. Will Redstone still work for me?
There are many types of rural and sparsely populated areas. Properties with added out buildings, horse facilities or specialized agricultural use are not good candidates for regression analysis. Acreage properties may be grouped by size to make up a neighborhood grouping. The area may need to be expanded geographically or 24-months of data may be needed. Properties less than 1-acre typically fall within a different category than properties with more than 1-acre. Depending on the local market, properties with city services may need to be considered separately from properties with wells and septic tanks.
|20.||Why isn't the number of bedrooms a component of value?
Including the number of bedrooms as a component of value would result in a collinearity issue between bedrooms and Gross Living Area, GLA (Gross Living Area).
"How To" Answers
|21.||How do I select which Redstone Analysis pages I want to add to my appraisal Report?
After you click the Create PDF button, you can check/uncheck the check box in the Include column to select the pages for your Redstone Addendum.
|22.|| How does Redstone calculate time adjustments?
Using Appraisal Institute Guidelines, the sales included in the 1004MC are spread across the calendar year. The Median Sales Price for each month is determined. The Median Price for the Current Month of the Appraisal Effective Date minus the Median Sale Price of the Month for the Sale of the Comparable Property divided by the Median Sale Price for the Sale of the Comparable Property to determine the percentage adjustment.
A = $110,000 Median price of the current month for the effective date of the analysis
B = $100,000 Median price of the comparable for the month sold =
C = $10,000 A - B
A – B = C/A = % adjustment $110,000 - $100,000 = -$10,000/$110,000 = 9%
|23.||How do I remove time adjustments if I do not want to include them in my Redstone analysis?
The fields displaying the comps and the adjustments can be edited. The information in each field may be deleted. To delete the twelve month time adjustment graph, right click it to select it and press the delete key on the keyboard.
|24.||Why are there property selection filters before the Subject Market Area and Comp Selection and how do I use them?
All sales are considered for the Regression analysis. For the 1004MC, only properties that would be considered by the buyer are needed. The first sort is used to refine the database to meet this criteria. After the Subject Market is defined, the available sales are then further filtered to provide a list of potential sales comps. The Ranking tool provides the tools needed to sort the comps based on the Appraiser's market criteria to identify the most likely comps. Comps can be further evaluated by double clicking the property description on the table to open a display comparing the potential comp to the Subject Property. Additional MLS marketing information is provided and a Google Street View is shown if available. Updated reports are then available under the Reports tab.
ClickFORMS Integration Answers
|25.||How do I add my Redstone Analysis to ClickFORMS?
Once you have completed your Redstone Analysis, go to the Edit menu and select Copy Redstone Analysis. In ClickFORMS open the report you would like to paste your Redstone analysis. In a blank ClickFORMS Template, go to the Edit menu and select Paste Redstone Analysis.
|26.||Do the comps that I select in Redstone populate the Sales and Listings grids in ClickFORMS?
Yes. ClickFORMS users can transfer the selected Comparable Sales and Listings comparables to the ClickFORMS Sales and Listings Grid. If more than 3 comparables are being transferred, add an extra comps page before making the transfer.
|27.|| Is the information in UAD format?
Yes. The information transfers to ClickFORMS in UAD format.
Using Redstone with other From Filling Software Answers
|28.||How do I add a Redstone Analysis into ACI and a la mode reports?
Click the PDF icon under the report tab and select the pages to include in the PDF. Import the PDF into your appraisal software using the import PDF function to create an addendum. Note: the 1004MC page will be an image. The information contained on Redstone's 1004MC page will need to be copied and pasted into your appraisal software's 1004MC UAD form in order to convert it to an ENV format.
Note: PDF files are automatically saved in the Documents Library under My Redstone PDF files
|28.||Do I have to start a Redstone analysis over and pay again when I make a mistake on my MLS import or in the analysis?|
No. As long as the address and the geo code for the subject property is correct, everything else can be adjusted or replaced. For example:
|• Neighborhood boundaries can be reset under the Coverage Area tab.|
|• Subject Property information can be changed under the Subject tab.|
|• MLS data can be increased or replaced under the Market Data tab.|
|• Regression, market analysis and comp selection can be re-run under the Analysis tab.|
|• Updated reports are then available under the Reports tab.|
You have the font size set above 100% on your preferences. To reset the size, first close all programs including Redstone as you will have to restart your computer. After closing the programs, complete the following steps:
|1.||Right Click on your Desktop screen and this menu appears. Click on Personalize.|
|2.||A Window appears with a number of available background themes. In the lower left-hand corner, Click on Display.|
|3.||A window appears. At the top there are selections for font size. Select Smaller – 100% (default).|
|4.||Once selected, a window appears with a message that you will need to restart your computer for the change to take effect.|
|5.||Once restarted, open Redstone and create your market area map.|
The dialogue box for saving the analysis file is displayed automatically. Sometimes it will appear behind the main window and you do not see it. There are two methods to try to get it to come to the front:
|•||For Windows 8 and 10, click the bottom right corner of the screen to get the desktop to appear. Click on the Redstone icon in the status bar and the main window should appear with the save dialogue box in front of it|
|•||For Windows 7 and XP, hold down the Alt and Tab keys at the same time to cycle through the open screens. Try to locate a small dialogue box and select it. If you do not see it, select the Redstone screen.|
|•||If you are unable to save the analysis, contact support for assistance. If possible, do not close out of the analysis.|
There is no charge for changes made on a timely basis after the completion of a Redstone analysis that do not require changes to the Subject Property address.
contact Technical Support at 1-800-622-8727