The role of the appraiser is to provide objective, impartial, and unbiased opinions about the value of real property—providing assistance to those who own, manage, sell, invest in, and/or lend money on the security of real estate.
Here are a few things that highlight the items important to prepare an accurate and reasonable appraisal.
When appraisers send a request for information, we are trying to step in and gain a great understanding of the property and nuances associated with it. The Request for Information allows the appraiser to obtain a good depiction of the historical operations and maintenance of the property.
When confronted by property owners frustrated by this process, it is helpful to communicate that not receiving the information results in greater subjectivity, and thus, potential for less credible results.
A good appraiser should spend some time interviewing the property owner, confirming sales and rental information with buyers, sellers, and brokers. This very critical element of the appraisal process helps the appraiser gain a deeper understanding of the property being appraised, market attitudes and motivations. Again, greater transparency leads to more accuracy.
Lastly, it is always fun working with parties looking to grow their business or real estate investments. We strive to deliver with the highest degree of integrity, our best opinion of value, ON Time!
Mitchell Simonson, MAI