There is an old adage that says knowledge is power. Never have I found another industry this holds more true. The more we, as appraisers, understand about a specific area, neighborhood, or subdivision the more accurate and credible report is able to be produced. Let’s face it, that’s why we are here… To provide accurate estimates of value. I want to encourage all of us to reach out to our fellow colleagues to discuss current industry changes, with questions, with that tough one you worked on last week. You may be an expert in your market but there’s always someone that may know more than you in a specific area and if not there is always another perspective to consider a problem. That is the great thing about appraisals, they don’t always have just one solution or have just one right answer. We can all learn from one another with just a little more open communication.
Recently I was working on a typical subdivision townhouse appraisal. When it came to comp selection I noticed that value differed greatly in price. My subject street had all the foreclosure sales while the next street had all the arms-length sales with no discernable differences as to why. All properties were nearly identical except for the street they sat on. After quite a lot of research and debate, I called a fellow appraiser in the area and he gave me some additional information which was very helpful in the development of my appraisal. I know this area quite well, but I knew this appraiser lived very close to the subject property and was able to provide a bit more insight to the area than I was able to gain. Information is very powerful and helpful in our industry so I encourage every appraiser to pick up the phone, call a fellow appraiser when some information is needed. Starting with something so seemingly simple can make everyone’s life much easier and who knows, we all might learn a thing or two.