Appraisal & Property Inspection Software
The buyer population — Activities related to real estate
Base industry report for 5313 →- Establishments · CanadaA
- 8,606
- Under 10 employeesA
- 82%
- Establishments · USA
- 110,949
- Employment · USA
- 784,197
- Payroll · USA
- $54.2B
Of 8,606 Canadian establishments with employees, 82% have fewer than ten — an industry of very small operators. Each of those is one potential account, before any filter for size or fit.
Entry signal — what decides who wins here
One thing must be trueEntry turns on a single condition that can be named and tested before much is spent. Clear it and this becomes an execution question; fail it and no amount of operating skill helps.
Displace an incumbent the screen found well defended — payments attached to the workflow, data that does not leave, a contract that renews itself. Share here means giving a buyer a reason to break something that currently works, which is a higher bar than being better.
Measured, not forecast: the share of US establishments opening in one year that were still active later. It counts good operators and bad ones together, which is exactly why it is the honest answer to “what are the odds”. It is for the whole sector rather than this market, and the ten-year figure comes from an older cohort because no younger one has reached ten years.
This is not a probability of success, and it is not a verdict on you. No survival probability is published per market, and inventing one would be worse than saying so. What the bar reads is how much of the outcome sits inside an operator's control: green means the hurdles are ones a better operator clears, red means the binding constraint is capital, an asset or a permission rather than execution. Someone arriving with an advantage this screen did not assume can win a market shown in red.
Companies named in this market · 8
The binding constraint — incumbent vulnerability
The appraisal form is a lender requirement and the delivery rails are owned by the government-sponsored enterprises and their vendor panel, so the software is a compliance conduit rather than a product choice — and the mortgage-origination record at 5222 already showed who controls that pipe. Automated valuation is meanwhile removing the appraisal itself from a growing share of transactions. Sourced update 2026-09-18: the property-data layer underneath has a price. CoreLogic was taken private by Stone Point Capital and Insight Partners at $80 a share, about $6.0B of equity value, closing 4 June 2021 [B], after rejecting a $6.7B approach from CoStar. It rebranded to Cotality in March 2025 [B]. Nobody has paid anything remotely like that for appraisal workflow software, which is the record's point: the value sits in the data asset, not in the form-filling tool.
Sectors joined: PropTech · Real Estate Tech · Real Estate
[UNVERIFIED] Sector-to-NAICS mapping is analyst judgment — see data/angel-sector-map.json. Counts are a per-record cross-reference and are not additive across records.
The incumbent
Who owns this market and who is coming for it. Fields a screen never reached say so rather than guessing.
Financials & market size — sourced
Figures that came from a filing, a results release or reputable reporting, each carrying its evidence tier.
The field
Every vendor named on this record, and what each one discloses. Most disclose nothing, which is why the market is not sized.
Competitor set · 4 named · 0 disclose revenue
| Name | Revenue | Share | Note |
|---|---|---|---|
| Cotality (formerly CoreLogic)B | not disclosed | — | The priced entity in this market, and it is not an appraisal-software company. $6.0B equity value at the 2021 take-private [B], against a rejected $6.7B CoStar bid. What was bought was the property data asset, which is exactly why the workflow layer above it cannot capture much |
| ACI (First American, NYSE: FAF)C | not disclosed | — | Appraisal forms and lender delivery, inside a title insurer that does not break the line out. FAF reports, ACI does not |
| Bradford Technologies / Anow (Canadian — Calgary)C | not disclosed | — | Private appraiser-workflow tools; no disclosure of any kind |
| Reggora / Clear Capital / HouseCanary / SpectoraC | not disclosed | — | Venture-funded appraisal ordering, AVM and inspection tools. Rounds were raised; no revenue and no exit price is public for any of them |
Nobody here publishes revenue. The market is not sized for that reason — an estimate built on nothing would only look like knowledge.
Evidence
Evidence. Updated 2026-09-18. The CoreLogic/Cotality figures are press-reported around the take-private and the rebrand announcement [B] and are consistent across several outlets. They are attached because they bound the market from above — and the honest reading cuts against entry rather than for it: $6.0B was paid for property data, not for appraisal workflow, and no appraisal-workflow vendor on this record — ACI, Bradford, Anow, Reggora, Clear Capital — has ever published revenue or a transaction price. That absence is stated here rather than carried as a figure, because an absence is not a datapoint. So the original 'nothing is disclosed' claim was right about the actual category and is retained for it. The cut factor remains analyst judgment and was not tested with appraisers or lenders.
Where the industry talks
The associations, forums and events where people in this trade actually talk shop — where to listen before entering, and where the first customers are found. Each link was opened on the date shown.
'over 5,400 members' per its About page; AACI and CRA designated appraisers
Second Canadian appraiser body (DAR designation), founded 1992; no member count on site
National non-profit for home inspectors (RHI / National Certificate Holder); no member count on site
Largest US appraiser association (MAI, SRA designations); site does not state a member count
Largest home-inspector association, Boulder CO, operates in 65 countries; no member count on site
Registered forum accounts per forum statistics box; 161k threads, posts on the day checked
Active; posts within the last day via RSS
Annual appraiser conference and trade show, Las Vegas; software vendors demo on the floor
Also live but not listed to stay within eight: ASHI (homeinspector.org), Working RE magazine (workingre.com) and r/homeinspectors (active).
The businesses it sells to
Operating-business records filed along the same branch of NAICS — the customers of this software, screened as businesses in their own right.
Other software on this branch
Mature, well-capitalised, and defended by payments attach on rent collection. The interesting residual is the small-portfolio landlord, which is a low-ACV volume business with high churn.
This is the one property-tech category where the incumbent publishes its numbers, and the numbers close the door. CoStar Group's 10-K for 2025 reports $3,247M of revenue, of which the CoStar subscription product alone was $1,259M and LoopNet listings $312M, with Commercial Real Estate as a whole at $1,787M [A]. Company-wide subscription contract renewal ran at about 89% in each of 2025 and 2024 [A]. That is a data asset researched building by building for decades, sold to every broker, lender, owner and appraiser who needs comps, and defended in court as well as in sales. How it differs from the appraisal record (5313): appraisal software is a compliance conduit — the lender form and the GSE delivery rails decide the product, and the 5313 record found the money sits in the property data underneath (CoreLogic, ~$6.0B). Commercial real estate data is that data layer, and here it is owned by one public company rather than by the government-sponsored enterprises. There is no form to file; the buyer pays for the comps, the tenant roll and the ownership record, and the one who holds the most verified records wins. The challengers prove the ceiling rather than the opening. Reonomy raised about $128M and was sold to Altus Group (Toronto, TSX: AIF) for $201.5M in November 2021 [B] — barely 1.6x the capital it consumed — and Altus's fiscal 2025 release lists it as a product without any separate figure. CompStak (lease comps traded give-to-get) has raised $78M in total, last a $50M Series C led by Morgan Stanley Expansion Capital in November 2021 [B]. Crexi, the listings marketplace, had raised $41M by its January 2020 Series B led by Mitsubishi Estate [B]. Cherre (data integration for owners) raised a $30M Series C led by HighSage Ventures in September 2024 [B]. The best-funded neighbour is Placer.ai (foot traffic), at least $175M across its $100M Series C (January 2022) and a $75M round (August 2024) at a valuation of nearly $1.5B, with a $100M revenue run-rate claimed for February 2024 [B; run-rate C] — but it sells location analytics to retailers and owners, not comps, and it grew by not competing with CoStar on CoStar's asset. Altus's ARGUS (valuation and cash-flow modelling) is the other entrenched standard: Altus reports Software ARR of C$197.9M at year-end 2025, up 10.6% [A]. Incumbent vulnerability decides it: the data asset compounds, the renewal rate is near 90%, and every venture-funded attempt to rebuild the comp set has exited small or stayed niche.