Review the submitted appraisal order request to ensure all necessary information and documents are provided. Determine if the request is complete and meets the company's requirements. Confirm the scope of work, property details, and client expectations. Identify any missing or incorrect information and communicate with the client to obtain the necessary details. This task is crucial in initiating the appraisal process accurately and efficiently.
1
Residential
2
Commercial
3
Industrial
4
Land
1
Property Title Deed
2
Previous Appraisal Report
3
Property Survey
4
Property Photos
5
Market Analysis
Verify Property Address
Verify the accuracy of the property address provided in the appraisal order request. Confirm the street name, number, city, state, and zip code. Cross-reference the information with available sources, such as online databases or property records. Address verification is essential to ensure that the appraisal report is based on the correct property, avoiding any mistakes or discrepancies.
1
Check public records
2
Contact local authorities
3
Utilize online mapping tools
4
Request address confirmation from client
5
Perform site visit
Assign Appraisal to Certified Appraiser
Assign the appraisal order to a certified appraiser who specializes in the property type and location. Consider the appraiser's experience, workload, and availability. Ensure that the assigned appraiser is competent and qualified to perform the appraisal according to industry standards and regulations. This task determines the appraiser responsible for conducting the property valuation.
1
Residential
2
Commercial
3
Industrial
4
Land
1
City A
2
City B
3
City C
4
City D
5
City E
Arrange Property Visit
Schedule a mutually convenient date and time to conduct a physical visit to the property. Coordinate with the property owner, agent, or tenant to ensure access during the inspection. Plan for sufficient time to thoroughly inspect the property, gather necessary data, and take photographs if required. Property visit arrangements are crucial for gathering accurate information and assessing the property's condition.
1
Owner occupied
2
Tenant occupied
3
Vacant
1
Property Floor Plan
2
Property Maintenance Records
3
Property Lease Agreement
4
Property Renovation Details
5
Property Inspection Reports
Conduct Property Site Inspection
Physically inspect the property to gather relevant information for the appraisal. Conduct a comprehensive evaluation of the property, considering its condition, features, amenities, and any unique aspects. Take note of any observable issues, strengths, or deficiencies that may impact the appraisal. The site inspection directly influences the accuracy and reliability of the appraisal report and the subsequent valuation.
1
Excellent
2
Good
3
Fair
4
Poor
1
Structural damages
2
Repair requirements
3
Upgrades or renovations
4
Landscaping features
5
Amenities
Research Recent Nearby Sales
Conduct thorough research on recently sold properties in the vicinity of the subject property. Analyze the sales data, including the sale price, property characteristics, location, and relevant market conditions. Assess the comparables and determine their suitability for use in the appraisal report. Accurate and relevant sales data is crucial for establishing the value of the subject property.
1
1
2
2
3
3
4
4
5
5 or more
1
Similar square footage
2
Similar number of bedrooms
3
Similar number of bathrooms
4
Similar property condition
5
Similar location
1
Multiple Listing Service (MLS)
2
Public records search
3
Real estate agent contacts
4
Online property listing platforms
5
Local appraiser network
Analyze Market Trends relating to Property
Analyze the current market trends and conditions that affect the subject property. Consider factors such as supply and demand, economic indicators, interest rates, and local or regional factors. Evaluate how these trends influence the property's value and marketability. Understanding the market context is essential for accurate valuation and effective communication in the appraisal report.
1
City A
2
City B
3
City C
4
City D
5
City E
1
Population growth
2
Industry development
3
Infrastructure investments
4
Employment rates
5
Rental market conditions
Compile Property Description and Appraisal Report
Compile a comprehensive property description and complete the appraisal report. Describe the property's characteristics, improvements, and other relevant details. Include the valuation analysis, supporting data, and corresponding adjustments. Ensure accuracy and compliance with professional standards and guidelines. This task involves gathering, organizing, and documenting all essential information, resulting in a professional appraisal report.
Approval: Appraiser's Report
Will be submitted for approval:
Compile Property Description and Appraisal Report
Will be submitted
Send Draft Report to Client for Preview
Email the draft appraisal report to the client for their review and preview. Seek their feedback, input, or any clarifications required. Encourage the client to carefully review the draft report to ensure that it accurately reflects the property and meets their expectations. This task facilitates open communication and allows the client to provide valuable input before finalizing the appraisal report.
Draft Appraisal Report Preview
Incorporate Client Feedback
Incorporate the client's feedback, suggestions, and clarifications into the draft appraisal report. Review the client's comments and revise the report accordingly. Address any concerns or discrepancies raised by the client and ensure that the final report accurately reflects the property's characteristics and meets the client's expectations. This task aims to provide a satisfactory appraisal report to the client.
1
Yes
2
No
1
Property Description
2
Valuation Analysis
3
Comparable Analysis
4
Adjusted Values
5
Conclusion and Summary
Prepare Final Appraisal Report
Review the revised draft appraisal report and prepare the final version. Ensure that all adjustments, revisions, and client feedback are accurately incorporated. Review the report for completeness, clarity, and compliance with professional standards and guidelines. Finalize all sections, including the executive summary, detailed analysis, valuation, and supporting data. This task results in the completion of the final appraisal report.
1
Check for spelling and grammar errors
2
Verify calculations
3
Review format and layout
4
Ensure compliance with standards
5
Ensure data consistency
Archive Appraisal Report and related data
Archive the final appraisal report and any related documents or data for record-keeping purposes. Store the files securely in an organized manner to ensure easy retrieval if needed in the future. Consider confidentiality and data protection requirements while archiving the appraisal information. Proper archiving facilitates efficient documentation management and regulatory compliance.
Invoice Client for Appraisal Services
Prepare and send an invoice to the client for the appraisal services provided. Include detailed information about the services rendered, pricing, payment terms, and instructions for payment. Ensure accuracy in the invoice to avoid any billing disputes or delays in payment. This task involves the financial aspect of the appraisal process, facilitating timely and accurate payment for the services rendered.
1
Net 15
2
Net 30
3
Net 60
4
Upon Receipt
5
Custom
Approval: Final Billing
Will be submitted for approval:
Invoice Client for Appraisal Services
Will be submitted
Delivery of Final Appraisal Report to Client
Deliver the final appraisal report to the client upon completion. Share the report securely through a preferred method, such as email, secure document transfer platforms, or physical delivery. Confirm the client's receipt and address any questions or concerns they may have. Timely delivery of the final appraisal report concludes the appraisal process, ensuring that the client has the necessary documentation for their purposes.