Working as a Team to Appraise Property

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Can the appraiser work on a team to appraise property?

For the most part an appraiser does work with a team, per say, when completing an assignment. During his or her preliminary research certain avenues are sought to gain insight; this could be viewed in the sense of assembling a team in order to define the scope (seeking comparisons from brokers, Google, other expert research/findings etc).

Case in point, as with residential, it is the appraiser who source information from federal/state/local (brokers, Google, etc) to apply their findings to the particular assignment.

Could other professionals such as brokers be a component of that team?

Other professional can be a very important component of a team assembled for an appraisal assignment. In fact, I would argue that it is the norm of an appraiser to seek opinions of REALTORS®, who have sold a lot of properties in the immediate market, to comment on the matter.

There have been many times where I have been sourced by an appraiser on property sales I have been involved with. As I have a tendency to sell in-fill parcels of land within the urban boundary many of our sold listings do not compare with sales in the past (higher prices for in-fill). Although it would be stated in the MLS description as “future land development opportunity” an appraiser normally calls to clarify. The discussion normally is in reference to selling price, and they always ask me to evaluate the going rate for raw land – where I assume they are trying the cost approach to value for their client.

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