Episode 058 - Are All Appraisers the Same?
Appraisers tend to get lumped into the same category of other professions that are considered “bad”. Is that fair? Brian has a take that might help change your mind. Not all appraisers are the same but for reasons that some might not consider.
This episode gets into how and why appraisers are different, both good and bad. From license type to training, education, and property type all set appraisers apart from each other.
Understanding why appraisers are different can help you when encounter a difference of opinion or when you hire an appraiser for a specific job. Enjoy the episode!
SHOW NOTES
- 00:40 – Are all appraisers the same? B’s wife might have an opinion on this topic.
- 01:00 – Not all appraisers are the same but for reasons that might surprise you.
- 01:55 – License type: trainee license; new licensed appraiser that needs training and supervision.
- 03:52 – Licensed Residential Appraiser: licensed to appraise residential real estate up to $1,000,000.
- 04:38 – Certified Residential Appraiser: licensed to appraise anything residential and some light commercial property.
- 05:18 – Certified General Appraiser: licensed to appraise anything; typically, only focus on specific property types.
- 06:09 – Appraiser designations: Appraisal Institute – MAI & SRA.
- 07:08 – Other education and background: college degrees are relatively new; what is their degree in?
- 08:44 – Other real estate experience: broker, instructor, construction, and other real estate background.
- 09:12 – By far the biggest difference in the difference in appraisers is their training and their mentor. Lack of training is an indicator of poor appraisal practices.
- 11:43 – Does the supervisor attend all inspections? They should up front and for specialty properties.
- 12:14 – Continuing education needs to be more than a requirement. Take classes that help the appraiser learn.
- 13:12 – Property type separates appraisers from each other too. Background and experience in specific property types will fit in with some appraisers but not all.
- 14:34 – Assignment type: court, lending, income tax, property tax. Some appraisers are well suited to take on some assignment types and not others.
- 15:20 – Client expectations can make appraisers different. Appraisers fall into a rut with one type of client and gets lazy.
SHOW LINKS
BETWEEN THE LINES LINKS
Email
brian@brianclee.com
Web
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YouTube
https://www.youtube.com/channel/UCcv4dHU39-b5_QVVCIhbcBA?
