Article: It's really important to meet with your potential property appraiser before you enter into any sort of working relationship.This is a way to make sure they have the qualifications you are looking for, but also that you are on the right page as far as expectations go. It is also important to have a level of comfort that will make your working relationship go more smoothly. Things like personality and the vibe of your interactions with them can really help build trust. Make sure they are personable and are willing to answer your questions and explain their process. Their ability to deal with people and communicate smoothly can affect their ability to find out information about the property and thus how accurate their appraisal is. A good appraiser should be able to answer important questions that give insight into their strategies, philosophies and experiences. However, this also means that you will need to know the right questions to ask. Some good questions to ask include: Will you receive a preliminary report? You should require every appraiser to give you a preliminary report so you can ensure the appraiser has access to all the information you consider important. Additionally, it will give you the opportunity to end the appraisal process before a final report is issued if you are not happy with the process. What qualifies you to appraise my specific property? Do you belong to an appraiser society that tests? There are a number of certificates and training programs for appraisers, but only some have standardized teaching and testing methods. If they are part of an organization that requires testing to be accredited, you can be sure that they meet the required expectations. How will you handle issues outside your specialty? There are over 220 areas of specialty knowledge in appraising and no one person can master them all. It is likely that they will come up against issues that they are not fully qualified to understand. Their ability to consult other colleagues and experts can assure that they have the problem solving skills needed to successfully do the job. What will your report look like? You should receive formal and organized documentation of how they came to their conclusions. Ask for examples of their previous work so that you can see how they organize and present their information so you can make sure you understand their work. Once you decide that the appraiser you've met is one that you want to move forward with, you'll want to make sure you know all the details of the working relationship you are about to enter. The fee you'll pay depends on the complexity of the property, type, size, and market. For residential appraisals you can expect to pay anywhere from $250-$1000 USD, with averages in the $300-$500 USD range. Rental appraisals can cost anywhere from $400-$2400 USD and should include documentation of rental history. Commercial properties are more expensive and can range from $1,000-$5,000 USD. They should also be able to give you a rough turn around time when it will be done. The usual time frame is about a week, but they may be able to get it done sooner for an additional fee.
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Set up an interview. Ask them the right questions. Make sure to find out the details of their compensation and report turnaround.