Before signing any paperwork, you should have an expert determine the fair market worth of your property or company. Each appraiser has a “qualification sheet” that details their experience with various property kinds, training, certification, and professional affiliations. Get a copy of the appraisal by having it emailed, faxed, or sent to you. Any appraiser who has earned a designation from one of the aforementioned organizations has demonstrated expertise over and beyond what is required by the state.
Essentially, this should convey a desire to excel beyond merely meeting minimum standards. Prior to making a hiring decision, it is important to assess the appraiser’s expertise and education. If the state is concerned enough to keep raising the bar on what kind of education and training must be obtained by appraisers, then clearly this is a problem. Find an appraiser who has experience in your local market. It’s possible that a real estate appraiser from out of town won’t know as much as one from the area. While some appraisers cover multiple counties, others focus on only one.
It stands to reason that a local appraiser would have greater familiarity with the area due to his or her proximity to it. You should not assume that because you contacted a licensed appraiser that the person assigned to your case will also be licensed. Do not take it for granted that this will occur. Look at the status of the company to see if they are highly regarded in the industry and how they respond.
The qualified appraiser acts as the trainee’s mentor. You can choose to have a trainee appraiser do the work if that’s what you’re comfortable with, but if you want a professional’s opinion, you should require the certified appraiser to conduct the inspection and write the report. A valid license card must be carried at all times by appraisers; be sure to check for it when they arrive at your home. As commercial properties tend to share more common value qualities, which necessitate the appraiser conducting research beyond the market area, this would be more relevant for the residential user.
The Appraisal Institute has been providing education and training for appraisers for some time before the state and federal governments began requiring licenses for the profession. When it comes to appraisal education and materials, f ew rival the Appraisal Institute’s reputation. When it comes to developing appraisers, their criteria have always been greater than state and federal minimums. Their courses are notoriously difficult to complete and slightly more expensive than those offered by other institutions.
Last but not least, the cost must be considered. Products vary, as will the prices you pay for them. Don’t forget that you usually get what you pay for, therefore this should be your last point of evaluation. There are a large number of qualified appraisers and real estate brokers in the Charlotte County area. Get to know them through interviews and pick the right people. Take your time and set up interviews with several people to have a sense of how they work.