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Real estate evaluations have increased substantially in the last decade. As more and more appraisals are replaced by evaluations, the real estate appraisal world has taken a keen notice of this controversial tool. In this post, the difference between appraisals and evaluations will be highlighted and a few of the most popular questions about these tools will be answered.
Are you better today than you were yesterday? How about last week, or last month? Are you better than you were last year?
Advisory Opinion 37, Computer Assisted Valuation Tools was originally included in the 2018-2019 version of the Uniform Standards of Professional Appraisal Practice (USPAP). So, what does it mean for you? AO-37 clarifies the scope of computer-assisted valuation tools related to appraisers and their responsibilities. These tools gather and analyze market data, and when used correctly, can add credibility to completed appraisals. AO-37 also reminds appraisers of their responsibility for the entire valuation process. Appraisers cannot use software or valuation tools to shield themselves from scrutiny.
As appraisers, we don’t often talk about delighting our clients and customers. We rely on our businesses to let us know whether our clients are satisfied through the number of orders we receive. We also rely on underwriters to give us feedback by suggesting additional comps (which we’ve probably already considered) or accepting the valuation without question.
It’s just one of those facts of life that things change. It’s definitely no different for appraisers; we have to get used to the idea of alternative approaches to valuations. Recently, our very own Chief Appraiser, Jared Preisler, SRA, spoke about hybrid appraisals at the National Association of Appraisers conference in Nashville. If you missed it, check out this presentation.
It seems like most days are the same: I wake up and get into the routine I’ve been honing over my life. Every once in a while, I find something that makes me think differently and gives me the kick in the pants I need to break out of my shell. And most of the time it’s thoughtful people who’ve written thought-provoking articles.
There’s no question that birds of a feather flock together. These are some of the qualities residential appraisers have that make them suited to the job of appraising.
