We already know that career satisfaction is high among real estate appraisers. Most appraisers love (or at least like) their job. But we were curious to learn which individual steps in the process appraisers enjoy the most. So we asked our real estate appraisal community, “What’s your favorite part of the appraisal process?” The top three most popular answers were “Data collection and property description,” “Data analysis,” and “Application of the approaches to value.” Read the full survey results below.
What’s your favorite part of the appraisal process?
Want to participate? Click here to answer this month’s “Question of the Month” survey.
Data collection and property description (38%)
“The best part is the property review. I enjoy seeing what people have done to their properties and talking to them about their homes.”
“I enjoy viewing/observing the subject home.”
“Detective work ”
“Each dwelling is different, and not every appraiser takes the time to clarify the differences in the dwellings. The quality, the construction, the egresses, and especially the correct way to calculate GLA or measure a dwelling.”
“Collection of the data for the comparable sales is, in my opinion, one of the most critical parts of the process. If the appraiser relies on incorrect data concerning the sales then the estimate of value is potentially incorrect.”
Data analysis (27%)
“Picking my way through all the possibilities.”
“To me data analysis is the crux of an appraisal. When done with attention to detail, it gives your opinion of value its strength.”
Application of the approaches to value (15%)
“The most interesting part of the appraisal assignment is the actual application of the approaches to value, where the appraiser’s knowledge and experience can be put to work to produce the final estimate of value. Each one is different. Still loving it after 35 years.”
“I love to kick back and complete the sales comparison approach. That’s my jam.”
“Application of the approaches. Comparing the subject to the market, this is when the magic happens.”
“I love analyzing, diagnosing and putting all the pieces together in the application of the approaches to value.”
“I use the 80/20 rule: 80% of my time and energy is focused on market analysis and ‘qualifying’ market data. The remaining 20% of the time allows me to streamline the approaches to value because I have good market intelligence and relevant comps.”
“Applying the income approach can be difficult without available data. However, by calling the salesperson one can gain valuable information. The cost approach is so important because the value of land and improvements tells a storyline for determining the dollar amount for adjustments.”
Reconciliation of value indications and final opinion of value (8%)
“I love the challenge that is being an appraiser.”
Identification of the problem (5%)
5% of survey respondents said that “Identification of the problem (intended use, assignment conditions, etc.)” is their favorite part of the appraisal process.
Scope of work determination (3%)
“Because each appraisal assignment is individual and unique, determining the scope of work I will complete for each one is the one of the fun parts, along with the actual physical viewing of the property which is my favorite part of the job!”
Site value opinion (2%)
2% of survey respondents identified “Site value opinion” as their favorite part of the appraisal process.
Report of defined value (2%)
“I honestly don’t have a ‘favorite.’ Reporting the estimate of value means the report is done so that is probably a natural favorite.”
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