How to appraise real estate, how to be an appraiser, resources for appraiser

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PRODIGYŽ means Professional	Tips on Appraising Real Properties 1. Before accepting the appraisal task, make sure there is no conflict of interest. You should not have direct or indirect interest on the subject property, you should not appraise the property (giving formal appraisal report) that your client is selling or buying, and you should not charge your appraising fee based on the value of the property. 2. You have to know the purpose of the appraisal. Is it for tax appeal? Divorce? Resale? Different purpose may impose different level of liability on you so that you may not want to take the task in some cases. 3. It is possible to appraise a property on a specific date (any date in the past). It is called the effective date. Effective date should be clearly stated in your appraisal. 4. To accurately appraise properties, you need to have access to the most updated market data. If you real estate board provides a database for searching properties, then it will be the most powerful tool to find the data you need. 5. Call the listing broker for details if you know the property is sold and you cannot find enough information elsewhere. For commercial properties, you may ask for the NOI to establish the prevailing cap rate. 6. Decide which approaches you will use and why. For residential properties, you may want to use Direct Sales Comparison method and supported with Cost Approach method. For commercial properties, Income Approach is commonly used, supported by the Direct Sales Comparison and Cost Approach methods. 7. The Best and Highest Use of the property is normally not analyzed in an ordinary appraisal, but the trend of the real estate market should be studied and considered in determining the final estimate. We will keep on updating this page, please come back later. Please go to Appraising page for more contents.
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