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In order to receive the most accurate appraisal on your properties, you’ll want to make sure you’re hiring a qualified, reputable appraiser. In this video, I’m sharing five questions you should ask before hiring an appraiser to evaluate your rental properties.
This video is for you if you’re unsure what to look for in an appraiser. You have to know the right questions to ask in order to receive a proper and thorough appraisal of your rental properties. Different appraisers have different qualifications, memberships, and knowledge bases; it’s not a one-size-fits-all role. I’ve hired the wrong person before, but you can avoid that mistake by using these tactics.
These five questions will ensure that you hire an appraiser who is qualified, local, and knowledgeable. Your real estate business can run smoothly, as long as you know the right questions to ask. Any reputable appraiser would be glad to address your questions and concerns.
1) What is your license number? It’s imperative that you hire a licensed appraiser. If you ask a prospective appraiser for their licensing number and they can’t supply you with an answer, that’s a huge red flag!
2) Where is your office located? This is important—I once hired an appraiser and later discovered he was located in an entirely different state than the property he was appraising. A qualified appraiser knows the area the property is located in.
3) Do you work alone, or with a company? Generally speaking, an independent appraiser doesn’t have regular contact with other appraisers. Routine discourse with others in the industry allows appraisers to discuss consistencies and more about their specific market.
4) Are you licensed or certified? There’s a difference between the two. A licensed appraiser can fill out forms, but a certified appraiser has the ability and right to examine any residential property.
5) Are you a member of the local MLS? The Multiple Listing Service is a local resource where realtors list their properties. Because it’s regionally based, you’ll want to hire an appraiser who has access to this resource in your rental market.
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DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
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