Real Estate Appraisers are independent, unbiased professionals that have the skills, experience, and credentials to determine the value of real estate.
While appraisals can be requested by both lenders and consumers, the reasons for appraisals all center around the need to accurately assess the value of a property, be it residential or commercial.
In New Jersey alone there are 2,696 active Real Estate appraisers on the National Registry of the Appraisal Subcommittee. With so many Real Estate professionals to choose from, finding one with the proper credentials and experience can be challenging.
Consider the following 3 things to find the best.
#1 Areas Of Service
While property valuation and market value estimates are the core services provided, not all appraisers offer full valuation services. Some of these include: estate planning, conservation easements, retrospective value, appraisal review, insurable value estimates, leased fee/leasehold estates, expert witness testimony and other litigation support. Be sure to choose the appraiser that provides the services you need.
In assessing the experience of a potential real estate appraiser, inquire about: local market knowledge and geographic competency, years of experience, and track record of assessing your particular type of property in your area.
Be sure any appraiser you are considering is an Appraisal Institute Designated member. Their Competency Rule demands all members have geographic competency before accepting a valuation contract. It’s part of their Uniform Standards of Professional Appraisal Practice (USPAP). Any member who fails to comply faces penalties.
Typically, 5 years of experience is sufficient for simple property evaluation, and 10 years for more complicated valuations
If the appraiser must travel 150 miles to assess your property, or does not have prior experience valuating any properties similar to yours within your area, they will most likely not be your ideal candidate.
Choose an appraiser who has achieved both MAI and SRA designations, which ensure the highest levels of education, experience and ethical practices within their industry.
Not only have these professionals proven their credibility in their field, but they are bound to continuing education requirements that keep them well versed in current conditions and practices.
A Simple Formula For Success
Qualifying an appraiser using these 3 considerations – along with confirming they use alternate sources for data verification beyond the local MLS – will help you get the most accurate and dependable valuation services.