by Stan Choate, Appraisal Tech / Valuation Associate
August 2015
"How much will it cost, and how long will it take?” These two questions represent the chief concerns of most consumers in any market. Buyers know what they want, they want it now, and they want it to have a small price tag. Unfortunately, many consumers learn too late to ask a third question: “How much am I getting for my money and time?” Questions of quality are often an afterthought, until we learn how valuable it is. After those hard lessons, people learn that the best way to receive the best product is to go to the best provider.
The appraisal business is no different. Customers often prefer the appraiser who promises the lowest price and quickest completion date. They are pleased to find an appraisal firm with a much smaller fee and a shorter waiting list than other firms…until they receive the finished product. Factual errors, questionable data, and strange logic are all combined into a poorly formatted, illegible report. Sometimes, the customer may even discover that their selected appraiser does not even have the proper credentials to do the project. Most appraisals are ordered out of necessity and need to be reliable, but cheap-and-quick appraisals might be cheap-and-quick for a reason.
Appraisers must make a profit, and if they work for unusually low fees, they might be saving you money at the expense of quality. You’ll get nothing for your money but poor customer service and an inferior report. The short waiting period could also have consequences. A well-done appraisal is like any product: it takes time. (For how much work goes into an appraisal, you might be interested in reading this page on our website.) A quick completion date may lead to a substandard appraisal.
In the world of business, the true advantage goes to the provider who offers the best product with a competitive price and without unnecessary delay. Here at Spurgeon Appraisals, we strive to be that company. We have built our reputation by providing reliable appraisal products. Quality is our highest priority, as shown by our thorough research and customer service. We are also constantly improving our process to reduce your waiting period and your fee without cutting corners. Testimonials from past customers, and our ever-growing coverage area, prove that we have found a way to meet your appraisal needs with a mixture of affordability, timeliness, and—above all else—quality.
Spurgeon Appraisals regularly appraises a variety of property types. We have experience appraising farms, residences, and commercial properties. We pride ourselves on providing excellent customer service and quality appraisals. Contact our team to see how we can meet your appraisal needs and exceed your service expectations.
HOW CAN A CLIENT ENSURE A FASTER APPRAISAL PROCESS?
So you find out that you need an appraisal on your real estate. What do you, the client, need to contribute to the process? Is it enough to contact the appraiser, describe the real estate, and ask about the fee and turn-around time? After this, the appraiser can just figure it all out, right?
The truth is that many appraisers take such a long time because they must dig up basic, but crucial information on the subject property. Such information includes:
legal description of the property
sale history
recent property taxes
annual property insurance premium
lease information
whether the property has undergone renovations or updates and the costs thereof
whether there are any contracts on the property, such as CRP
whether there are special easements
This list is not comprehensive, but it names many common items which are crucial to an appraisal. The leg-work and research that the typical appraiser invests into digging up such information, and finding out what information is even relevant to the subject property, often proves to be quite time-consuming. And yet, the client could be of great help to the appraisal by providing this information from the beginning of the process.
The time spent on an appraisal comes right down to the client being knowledgeable about the subject property. The more a potential client knows about the real estate, and the more informed the appraiser is right from the start (thanks to a knowledgeable client), the more likely a particular appraisal assignment will be a smooth and timely process.
Spurgeon Appraisals regularly appraises a variety of property types. We have experience appraising farms, residences, and commercial properties. We pride ourselves on providing excellent customer service and quality appraisals. Contact our team to see how we can meet your appraisal needs and exceed your service expectations.
