iGUIDE’s ANSI-compliant measurement and reporting ensure more accurate residential square footage measurements to minimize square footage disputes.
Waterloo, ON, Canada, (February 4, 2022) iGUIDE – creator of an industry-leading spatial data solution for use in the real estate, insurance, restoration, property management, and affiliated industries — announces ANSI Z765-2021 compliant measurement and reporting to facilitate highly accurate residential square footage measurements for clients throughout North America. The ANSI Standard is the accepted method for the National Association of REALTORSⓇ and, most recently, by the North Carolina Real Estate Commission. This measurement standard will also be necessary for appraisals on loans sold to Fannie Mae on April 1st.
“This process has been about bringing our clients in America the best, most accurate services we can that aligns with their systems. We also wanted to be looking at expanding our influence to states like North Carolina where there is an understanding that reporting the square footage is critical to giving prospective purchasers accurate knowledge, and building trust between the agent and their client. We want to be the tool to help facilitate that,” said Michael Vervena, iGUIDE’s VP of Sales & Marketing.
Developments in the residential real estate market have resulted in a growing number of square footage disputes among home buyers, home sellers, Real Estate Agents, Brokers, and appraisal professionals. Due to this, an increasing number of real estate boards are beginning to require the use of ANSI standard when measuring and reporting square footage.
Using iGUIDE significantly reduces the time needed to get the ANSI-compliant, highly-accurate measurements and obviates the need for manual square footage measurement, calculation, and reporting. Thanks to ANSI, the residential square footage measurements become a point of agreement rather than a point of contention.
Most recently, North Carolina began to require real estate agents reporting square footage of their properties to follow ANSI Z765-2021 standard. Many, if not most, appraisers are following the ANSI Z765-2021 standard.
The North Carolina Real Estate Commission said in its decision, “Although real estate agents are not required by the Real Estate License Law or Real Estate Commission rules to report the square footage of properties offered for sale (or rent) when they do report square footage, it is essential that the information they give prospective purchasers be accurate.”
Appraisers will be required to use the ANSI Z765 measurement standard reporting areas of subject properties for appraisals requiring interior and exterior inspections with effective dates of April 1, 2022 on loans sold to Fannie Mae.
The American National Standards Institute (ANSI) adopted a standard for measuring single-family residential buildings in 1996, called the American National Standard Z765-1996. This standard was last revised in 2003. The standards were developed by consulting with several industry groups, including Realtors, Architects, and Appraisers.
For more information on iGUIDE, visit: goiguide.com.
Founded in 2013, in Kitchener, Ontario, Canada, Planitar Inc. is the maker of iGUIDE, a proprietary camera and software platform for capturing and delivering immersive 3D virtual tours and extensive property data. iGUIDE is the most efficient system to map interior spaces and features accurate floor plans, measurements, and reliable property square footage. By integrating floor plans and visual data, iGUIDE provides an intuitive and practical way to digitally navigate and explore built environments.