What do appraisers really do?

When we inspect a property for an appraisal, the inspection is really the "tip of the iceberg". Before we do a site inspection, we research public records information, get a plat map, check the zoning and flood data, and printout sales and listings of similar properties. During the inspection, we usually create a drawing of the property and other improvements and make notes on physical characteristics such as floor coverings and built in appliances, air handlers. We check the site boundaries against the plat map. We look at the adjacent properties. After completing the inspection, we select comparable sales and listings and take photos of them. Back at the office, we contact real estate agents for more information on the sales terms, condition of the property, etc., reconcile conflicting information from different data sources. With a commercial property we usually need to inspect and analyse three years of financial and tax information on the property, and create a cost reproduction scenario - and then write up the report. Total time? For a residential property about 6 to 8 hours, on average - for a commerical property, the time can exceed 30 hours and more, with a report of 60 to 100 pages on average.

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