I have read many articles such as, "Realtors are only concerned about their pockets" or "Appraisers are making buying a home more complicated". These articles might not be intended to diminish a realtor or appraiser but it can decrease the faith homeowners, future homeowners, buyers and sellers have in both of us. The industry needs both realtors, appraisers and home inspectors to maintain the market which is the main reason we need to work together.
Below are a few suggestions I believe could minimize the conflict between appraisers and realtors as well as increase the faith our customers have in all of us.
1) Be Professional
First impressions go a long way so stay focus on the task.
Realtors: If you feel that an appraiser is being bias before the appraisal is complete, contact your lender and request for a new appraiser to be sent.
Appraisers: If you feel your realtor is being bias, continue to do the appraisal. Stay focused and work on getting a value based on market readings only.
2) Share Information:
This may be regarded by both parties but isn't the homeowner our main focus? Sometimes realtors preparing for an appraisal and appraisers explaining the methods in which they came up with the value can be very helpful.
Realtors: Prepare a fact sheet of the property being appraised. Make a list of things you found to be of some importance, pull comps. Don't be insulted or bothered if an appraiser doesn't include your findings. The appraiser has the option to either accept or deny. Every appraiser is different, some may appreciate the work while others may not.
Appraisers: Don't be so quick to deny information from a realtor. Yes, we're not supposed to have outside influences. However, if you're an ethical appraiser, information shared by a realtor shouldn't offend you or affect your value in any way. If you do consider using the information, first complete the appraisal then review the realtor's information. Do not use the information to change your value. However, use the information to see if it can be valuable to your report. Sometimes we as appraisers do miss information that a realtor may have been aware of or seen; it happens.
3) Respect Each Other
As realtors and appraisers, we can all agree that there will be times where we are either not satisfied or disagree on some things. As professionals we should respect one another before, during and after the appraisal is complete.
Realtors: Trust the appraiser to do their job unless you have reason not to. Give the appraiser space to complete the appraisal. Some of us do understand you're on a deadline and your contract depends on the report. Give us time to get the report back to you, it is better to have waited a couple of extra hours than to have a report full of errors.
Also, you as the realtor should know there is a possibility that the value is different than what you expected. Instead of arguing or getting upset with your appraiser, maintain your professionalism. Ask them to review it a second time not for your benefit of closing a deal but if you honestly believe something may have been overlooked. No appraiser shoots for a low property value, if so, they are treading on dangerous soil.
Appraisers: Understand that there may be times a realtor gets frustrated when the value comes in low. Maintain your professionalism and when questioned about your report don't take it personally. Instead, use that opportunity to inform the realtor on how you came up with the value and why.
After being in the business for 12+ years you learn that working together is very crucial in this industry. Everything I have suggested or pointed out may hit people the wrong way, but it is only an opinion on how I view things. At the end of the day, we're all trying to stay in business, put food on our table, and serve homeowners and future homeowners. Until we can learn to work together, those three things will seem very hard to achieve in peace.
If you have any questions about an appraisal or need one done on your home, call (404) 955-9997, we will be glad to serve you.
Also, Please share this blog with others and follow us on: Facebook, LinkedIn and Twitter.