How to choose a Real Estate Appraiser
People who want to get a professional estimate done on the market value of a piece of property will often choose to hire a real estate appraiser. Because of the importance of getting an accurate and detailed appraisal in the selling or purchasing of real estate, it is important to choose a qualified and experienced real estate appraiser. When choosing a real estate appraiser, you should look for one that has a large amount of professional experience and that meets all national licensing requirements and professional standards for the appraisal industry. A professional appraiser will be local and have knowledge about the area covered. Because getting an accurate estimate of your real estate’s market value is an important step in determining your property’s listing price, it is important to choose a reliable and independent real estate appraiser. A professional appraiser has many forms of contact and business information. A phone number, address, and email should be made available to potential customer through the phone book and a website. Before choosing a real estate appraiser, you should make sure that they have the qualifications and experience that is needed to do a good job. Some things to look for when choosing a real estate appraiser are whether or not they are a member of professional organizations. Organizations such as the Office of Real Estate Appraisers (OREA), National Association of Independent Fee Appraisers (NAIFA), Appraisal Institute, local Board of Realtors in the area covered, Chamber of Commerce, or various state and local certification board. Since most professional real estate appraisers will be a member of some professional organization, you should find out exactly how much professional experience they have in real estate appraisals. Real estate appraisers with many years of professional experience will usually have a track record of providing accurate and detailed appraisals.
Here is my check list for hiring a professional appraiser:
1) Must be in the local phone book, the very least consideration in hiring a professional.
2) Must have address in local phone book (if not how can you send any correspondence, are you hiring an appraiser working illegally according to zoning?) This is the responsibility of the appraisers’ client which may not seem to be a big deal but if you consider the fact that vacant rental office space is hurting our community and the reflection of unprofessionalism on clients hiring these appraisers you can see just how a big deal it truly has become.
3) Must have a website. The website will have information about the different types of appraisals offered. It will have information for new buyers and new sellers to help them know what the appraisal means in valuing their property. This website will answer any question that a customer may have about appraisals. The website will explain the process needed once one knows what type of appraisal is needed. Ordering an appraisal through the website shows professionalism by saving time for the customer and provider of service. All contact information will be listed such as address, phone number, and email address.
4) Must be a member of appraisal organization that sets a higher standard of professionalism. These organizations include National Association of Independent Fee Appraisers (NAIFA) and Appraisers Institute. The organizations that the professional appraiser is a member of will be listed on the website and will explain why the organizations are important.
5) Must be a member of local organizations such as the Chamber of Commerce. A professional is involved in local communities and local business networking. A member that is involved in local organization is active in the community. A member has access to community information otherwise not available.
6) Must be a member of the local Board of Realtors. The Board of Realtors provides information about the buying and selling of property in the area covered. An appraiser must be a member to receive this information.
7) Must only take appraisals from localized area. A professional will be an expert on a surrounding area and focus their work in the area they know. An appraiser from out of the area will not understand the market and the information about the market are not made directly available to them. This is the number one complaint about real estate appraisers.
8) Must look, act and talk like a professional. Appraisers must keep up with the appraisal industry. (Any appraiser still hand drawling a sketch is in the prehistoric appraisal era & a risk to the client)