Gather all information relevant to the appraisal.
Review the history of the property.
Inspect the subject property for relevant characteristics and features.
Compare the subject property with comparable property sales.
Analyse current market conditions.
Assess any additional information that will impact property value (i.e. zoning laws, etc.).
Apply appropriate valuation approaches.
Formulate preliminary appraisal conclusion.
Prepare draft of appraisal report.
Approval: Preliminary Appraisal Report
Review any flags or issues raised during the approval process.
Adjust appraisal conclusion based on feedback.
Prepare the final appraisal report.
Ensure that report follows the USPAP standards and report certifications.
Approval: Final Appraisal Report
Deliver the final appraisal report to the client.
Client follow-up and discuss any possible clarifications.
File and archive the final report along with all the findings and notes.
Ensure record compliance with USPAP Retention Schedule.
Audit review of process for continuous improvement.