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Monthly Archives: April 2017

Must know about Property Appraiser

Different Types of Property Appraisers

Three types of appraisers are recognized:

  • General
  • Certified Residential
  • Licensed

General appraisers can appraise any and all types of property, and are most likely to work on commercial valuations. Licensed appraisers have the lowest-level licensing status and have less formal training than either General or Certified Residential appraisers. Licensed appraisers have more restrictions on the types of property they can value, and fewer and fewer lenders will engage appraisers at this licensing level for service.

The typical appraiser engaged by a lender to value property for a real estate transaction is Certified Residential.

Appraiser Licensing

Real Estate Appraisers are licensed by individual states, with federal oversight by the Appraisal Subcommittee (ASC). Eligible appraisers are listed on the National Registry which is a database maintained by the Appraiser Qualifications Board (AQB) containing the names and licensing status of State Licensed, State Certified Residential and State Certified General Appraisers who are eligible to perform appraisals in connection with federally-related transactions.

In order to become a licensed property appraiser, individuals must meet a strict set of criteria which includes classroom education and on-the-job training as a trainee.

Appraiser Training

Before a trainee can be sponsored by a more experienced appraiser, he or she needs to first complete classroom-based training (or online training) that covers:

  • Basic Appraisal Principles (30 hours)
  • Basic Appraisal Procedures (30 hours)
  • 15-Hour national USPAP or Equivalent (15 hours)

In addition to classroom-based training, new appraisers are trained in the field by more experienced appraisers that hold a licensing level of Certified Residential or General.

In-the-field training of 2000 hours over 12 or more months is required before being licensed. In-the-field training of 2500 hours over 24 or more months is required before becoming a Certified Residential Appraiser.

Once the training has been completed, the applicant must sit for a long and comprehensive exam as well as undergo an oral exam. Each state maintains a website with information about licensing requirements, training requirements and exam information.

In-the-field Training

Appraiser trainees go out in the field with their sponsors. This means they visit property to be valued and perform certain tasks, including:

  • Measuring the dwelling and any outbuildings
  • Making a diagram of the measurements of the building(s)
  • Taking photographs inside and out
  • Evaluating the condition and the quality of the improvements
  • Evaluating any external influences that may affect value (train tracks, power lines, commercial property, busy roads)
  • Evaluating the neighborhood

Growth in Real Estate Market

The surprise package that has everyone excited is the upsurge of Darwin. After experiencing a loss in growth, Darwin went from -2.5% to being expected to grow by as much as 2%. After a really good decade of growth, Darwin has dropped off the top of the list in the past 2 years, and against what some experts had predicted, has re-established itself as one of Australia’s best places to invest in housing.

Last month, we witnessed an ‘auction frenzy’, as one weekend saw an unbelievable 79% of auctioned properties sold nationally. That is the second highest level in data going back almost seven years. Buyers are seeing no end to these price rises, with the median price for a Sydney house now in excess of $900,000, with Melbourne approaching a median house price of $700,000.

capped off a year that saw capital city homeowners add an average of 7.9% in value to their properties, and experts are again forecasting more growth.

Prices in our capital cities have more or less doubled in the last 10-12 years, and in particular parts of those metropolitan areas it has gone through the roof. What we all need to figure out for ourselves is not ‘when should I buy or sell’, but rather ‘where’.

Right Industrial Premises

Often when people are looking for industrial premises they will make the mistake of going too big too quickly. While some properties obviously look better than others, they will also come with a bigger price tag which could well put them out of your reach. If you sign a lease on a property like this and your company doesn’t grow rapidly enough to fill it, you will find that you might not be taking enough money to pay your rent, and therefore your whole business could collapse as a result.

If you’re looking for industrial premises such as office space, consider no further forward than your next year. There’s no point planning for the long term if it means paying for space you can’t use and probably can’t afford either. Hot desking is a great solution for smaller and growing companies as it means you’re able to rent industrial premises on a per person basis. This means that your office space can grow with you without the hassle of having to find new property whenever you need to take on new members of staff and grow departments.

Once your growth has stabilised, and you have reached what might the perfect number of staff for your business, you can begin to look for industrial premises based on their specific size. This is a really common way of finding the perfect space, and you can even buy which can be cheaper when you’re looking for a more permanent solution to your space dilemma.

Consider just how much space you need, and make sure you have considered the furniture and the space that will take up. It’s a good idea to bring a tape measure with you so you can gauge just how much space each desk will take up within a room or building. It’s very easy to think a space is much bigger and more usable when it’s empty, and guessing is rarely a good or successful idea.

Real Estate Classes

Most people are on their best behavior at the beginning of a job. They are never as well dressed, articulate, or punctual as they are during the job interview. However, fast forward six months, and they show up wearing shorts and flip-flops right before lunch, blaming traffic, and hand in a very inauthentic doctor’s note claiming that a ten-day vacation to Disneyworld is the prescription for this particular malady (there is also a marijuana leaf in the upper right hand corner of the doctor’s stationery).

Given that this is the behavior of 95% of the humans on planet Earth, it is understandable that you may have slacked in the personal appearance department. However, in your chosen career of real estate, appearance is very important.

While you are looking in the mirror, ask yourself the following questions:

1. When you picture a successful realtor, does she look like this?

2. Would I hire me as a realtor?

3. Do I look professional and trustworthy?

4. Is my pants zipper undone right now?

Hopefully, after answering these questions, you know that some changes may be needed (and your pants are now zipped). The purpose of taking real estate classes and continuing education is the principle of continuous improvement. Continuous improvement of your professional appearance is just as important. If you still think that this is superficial and has no bearing on true success in the area of real estate, consider this statistic. If you look at the female realtors that made it onto the list of top 250 realtors in the country, 56% of them wore a jacket in their professional photos. What is the percentage among the pool of other realtors? 47%. Do they know something you don’t?