No two real estate appraisal assignments are alike. Some of the more unusual cases will require a more “thinking outside the box” approach. In this episode of our podcast, Beyond the Numbers with McKissock Appraisal, Jason Ormiston, owner of Todd Appraisal, Inc. and a Certified FHA Approved Appraiser for over 15 years in the Kansas and Missouri markets, provides expert advice on how to tackle unusual appraisal problems.
Watch the full episode above or listen wherever you get your podcasts. Don’t have time to take in the full discussion? We’ve outlined three key takeaways below.
Key takeaways
1. Remember the basics
When it comes to unique cases, you always need to remember the basics. Setting client expectations is a critical first step in any real estate appraisal assignment. Make sure you’re fully aligned with your client every step of the way in order to set the tone and help prevent potential dissatisfaction. Answering exactly what you’re being asked, as opposed to delivering more general responses, will keep everyone on the same page and help keep your appraisal clients happy.
2. Reach out to your professional network
When tackling unusual appraisal problems, contact other appraisers in your professional network who may have encountered the same or similar issues in the past. “When I get an appraisal problem that I don’t know, I have a pretty deep reservoir of people upon which to draw, who I can just call and bounce ideas off of,” says Ormiston. Running things by your peers—including not just appraisers, but also other professionals in related fields—is a good way to get the ball rolling on the problem-solving process and to get useful input and advice.
3. Gain experience by assisting other appraisers
“Nothing beats experience,” Ormiston says. The best way to learn how to tackle unusual appraisal problems is to get out there and get experience under your belt, especially if you’re a new appraiser. If you receive a request for an oddball appraisal that you cannot accept due to lack of competency, instead of just passing it off by referring it to another appraiser with more experience, why not reach out to the appraiser and ask if you can tag along on the assignment? Volunteering to help with an unusual appraisal is a great opportunity to learn from an older appraiser and gain valuable experience.
For more insights into how to approach unusual appraisal problems, listen to Episode 3 of Beyond the Numbers with McKissock Appraisal on YouTube or wherever you get your podcasts.
