Abstract/Summary

The ”Wisdom of the Crowd” refers to the phenomenon where the average estimate of a group is superior to the estimate of any individual within the group, even if that individual is an expert and the others are not. When applied to real estate for the first time, it is demonstrated that a group of non-real estate professionals could arrive at a more accurate physical property categorization than a real estate expert. Importantly, this more accurate assessment of the physical condition can be achieved by merely viewing photos of the property. This appraisal trend makes the finding even more relevant to practical implementation.