An Appraiser is a professional who specializes in determining the value of various types of properties, including real estate, artwork, jewelry, and more. Their expertise is essential in providing accurate and unbiased assessments that help individuals, businesses, and organizations make informed financial decisions. In this blog post, we will describe the primary responsibilities and the most in-demand hard and soft skills for Appraisers.

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Main Responsibilities of an Appraiser

The following list describes the typical responsibilities of an Appraiser:

Adhere to

Adhere to professional ethics and standards established by appraisal associations and organizations.

Administer

Administer personal property Leasehold Tax Abatements.

Analyze

• Analyze data, draw sound conclusions and summarize results in a clear and coherent fashion.

• Analyze data regarding comparable sales, listings and rentals.

Apply

• Apply knowledge of market value and other factors affecting reparability issues.

• Apply mass appraisal principles and procedures to determine values of heavy industrial properties.

Appraise

• Appraise agricultural assets for collateral.

• Appraise and set reserve values to movable property.

• Appraise various types of collateral.

Assess

• Assess the economic, social, and political factors influencing property values.

• Assess the value of business assets and intellectual property.

Assist in

• Assist adjusting personnel when necessary by providing expert advice on property damage losses.

• Assist clients in determining the appropriate listing or purchase price for properties.

• Assist in drafting client presentations, proposals, and engagement letters.

• Assist in resolving issues that arise in regards to estimates.

• Assist in the construction of financial models, including discounted cash flow.

• Assist the Vice President of Collateral Risk and Chief Appraiser with ongoing audits.

Attend

Attend conferences, seminars, and training sessions to enhance appraisal skills and knowledge.

Audit

• Audit assessments, and review and confirm municipal assessment rolls.

• Audit claims and follow up on corrections to assess the quality of work completed by providers.

Build

• Build and review valuation models, analysis and appraiser reports.

• Build effective relationships with internal / external stakeholders.

Coach

• Coach and help train Operations and Credit Risk Division colleagues.

• Coach and help train Operations colleagues.

Collaborate with

• Collaborate with clients to understand their appraisal needs and provide expert guidance.

• Collaborate with financial institutions to evaluate collateral for loans and mortgages.

• Collaborate with real estate agents, lenders, and other professionals involved in property transactions.

Collect

Collect and analyze data related to property sales, market trends, and comparable properties.

Communicate

• Communicate appraisal findings and recommendations effectively to clients and stakeholders.

• Communicate effectively, Complexity, Decision quality, Situational adaptability.

• Communicate potential issues identified during engagement to project manager.

Complete

• Complete a job given in an timely matter.

• Complete remote appraisal(s).

• Complete Total loss evaluations through market and Autosource search.

Conduct

• Conduct audits or unreturned new personal property accounts of existing accounts.

• Conduct feasibility studies and market research to assess the viability of real estate development projects.

• Conduct market research and analysis on sales for the Farmland Values Report and Valuation Guides.

• Conduct market studies and feasibility analyses for real estate investment portfolios.

• Conduct selected interviews with client and company management.

• Conduct thorough inspections and examinations of properties to assess their condition and characteristics.

• Conduct valuations for insurance purposes to determine coverage amounts.

Construct

• Construct financial models including discounted cash flow.

• Construct financial models, including discounted cash flow.

Consult

Consult on projects and initiatives impacting appraisal processes and practices.

Contribute to

• Contribute market analysis and appraisal expertise to the annual FCC Farmland Values Report.

• Contribute to complex aspects of a project.

Cooperate with

Cooperate with staff in planning meetings and schedules.

Determine

Determine the fair market value of properties using various appraisal methods and techniques.

Develop

Develop positive business relationships with internal and external parties.

Document

Document and reports results of reviews on an individual and summary basis.

Educate

Educate self on our products and business during downtime.

Employ

Employ systems (e.g. customized exception reports, tracking reports etc.) to manage information.

Engage

Engage in negotiations with insurance companies for fair repair approvals.

Ensure

• Ensure corrective action is taken.

• Ensure customer authorization is received from owner before proceeding with parts order.

• Ensure equitable and fair payment of physical damage losses within authority granted.

• Ensure the respect of our estimation guidelines and the cost control.

Establish

• Establish and maintain business relationship with independent repair contractors / vendor.

• Establish and maintain good working relationships with customers and insurance adjusters.

• Establish fair valuations for total loss vehicles.

Estimate

• Estimate damages and review provider estimates and quotes.

• Estimate the time necessary to repair damage.

• Estimate the value of automobile.

• Estimate the value of automobile, homeowner, farm or commercial salvage.

• Estimate the value of automobile salvage.

• Estimate the value of homeowner, farm or commercial salvage.

Evaluate

• Evaluate the impact of environmental factors on property values.

• Evaluate the potential impact of zoning and land-use regulations on property values.

• Evaluate the value of personal property, such as artwork, antiques, and collectibles.

Follow

• Follow the car through the repair process and submit all required supplements.

• Follow the EDGE customer greeting processes with all individuals.

• Follow the standard imaging process on all potential insurance appraisals.

Follow-up

Follow-up on customer appraisals, in order to increase closing ratio.

Gather

• Gather additional information relevant to the valuation.

• Gather and analyze data relating to the properties being appraised.

Handle

• Handle multiple priorities and meet deadlines in a fast-paced environment.

• Handle taxpayer issues by phone or in person.

Identify

• Identify and recommend action plans for resolving issues.

• Identify business needs, designs / develops tools and training programs.

• Identify deficiencies and recommend corrective action plans.

• Identify issues regarding engagement based on client contact and / or analysis of information.

• Identify potential recovery situations and refer to Manager.

• Identify selected risk management issues.

Input

Input and process collected valuation data into the Agency's mass appraisal computer system.

Inspect

• Inspect property and interview market participants along with a Senior Appraiser.

• Inspect qualified vehicles and write damage appraisals.

• Inspect repair and meet with customer when picking up vehicle to ensure customer satisfaction.

Interact with

• Interact on a regular basis with clients.

• Interact with existing and potential new clients.

Interpret

Interpret the impact of relevant economic and industry-specific data on a subject analysis.

Lead

Lead or participates in special project(s) as directed by management.

Maintain

• Maintain accurate and detailed records of appraisal assignments and reports.

• Maintain accurate records based on company standards and policies within the claims system.

• Maintain and improve the company's appraisal quality and production.

• Maintain and update project information in Gordon Brothers' Appraisal Application database.

• Maintain any licenses or state certifications needed.

• Maintain knowledge of vehicle repair practices and requirements.

• Maintain vigilance in the detection and prevention of fraud.

Make

Make claims settlement recommendations.

Manage

• Manage timely and efficient inspection appointments at various locations.

• Manage workflow, prioritize and meet deadlines.

• Manage work product for structured finance transactions involving renewable energy.

Meet

• Meet company service standards by maintaining an active production schedule and diary system.

• Meet with existing and prospective clients.

Monitor

Monitor repair and service shops and identify any concerns with vendors.

Negotiate

• Negotiate automobile total losses.

• Negotiate claim settlements with customers in accordance with business unit standard methodologies.

• Negotiate repair prices with repair facilities and secures agreed prices for repairs.

• Negotiate total loss settlements and work with contracted salvage vendors.

• Negotiate with repair facilities on repair plan processes.

Obtain

Obtain all necessary documentation to substantiate the appraisal and / or settlement being offered.

Offer

• Offer guidance on property tax assessments and appeals.

• Offer recommendations to various parties when deemed appropriate.

Operate

Operate a computer and other office productivity machinery.

Perform

Perform site visits and interviews to gather relevant information for the appraisal process.

Prepare

• Prepare appraisals and other consulting reports that can assist the client with decision making.

• Prepare detailed appraisal reports that include property descriptions, valuation methods used, and supporting data.

• Prepare detailed cash offers / valuations of customer's motorcycles.

• Prepare highest and best use land and property studies.

Process

• Process abatement / refund requests for personal property and motor vehicles.

• Process all required paperwork.

• Process and supervise the administration of appeals for personal property and motor vehicles.

Provide

• Provide advice and guidance to assigned business / group on implementation of solutions.

• Provide appraisal training including industry knowledge / trends for TD.

• Provide coaching for our preferred contractors network.

• Provide consultation services to individuals and organizations seeking investment opportunities.

• Provide customers with an optimal motorcycle selling experience.

• Provide exceptional customer service.

• Provide expert testimony and support during legal proceedings or property disputes.

• Provide formal valuation training and coaching to colleagues.

• Provide input into the planning and implementation of operational programs.

• Provide opinion on complex construction issue.

• Provide report to detail department and CSR reception.

• Provide strategic direction and guidance on a broad range of complex operational activities.

• Provide training to internal associates as needed.

• Provide valuation services for eminent domain cases and property expropriations.

Refer

Refer estimates to appropriate parties for re-inspection as required.

Re-inspect

Re-inspect repaired vehicles for quality of service and cost control measure.

Research

• Research and assess property information.

• Research and respond to enquiries from the external company representatives and government officials.

• Research and stay updated on local, state, and federal regulations pertaining to property appraisal.

• Research benchmark rates of return including cap rates and discount rates.

• Research benchmark rates of return, including cap rates and discount rates.

• Research comparable sales, listings and rentals.

• Research the local marketplace.

Resolve

Resolve issues with policyholders, claimants, or State Insurance Departments.

Return

Return completed appraisal to the handling office no later than 24 hours after inspection.

Review

• Review and analyze property appraisals conducted by other professionals for quality assurance.

• Review and assess condition reports received from auctions.

• Review client deliverables to ensure complete.

• Review internal and external appraisals.

• Review internal appraisals.

• Review other appraisers' work.

• Review recommendation and rationale with project manager.

Seek

Seek and follows direction.

Sign off

Sign off final inspection section of QA checklist validating vehicle is ready for delivery.

Stay updated on

• Stay updated on industry standards, best practices, and emerging trends in property appraisal.

• Stay up-to-date on regulations with ongoing continuing education.

Suggest

• Suggest courses of action.

• Suggest improvements to processes, methods and tools.

Supervise

Supervise appraisers to meet engagement objectives.

Support

• Support a national valuations team with market research and valuation of agricultural assets.

• Support claims advisors and answer questions about damages.

• Support the development and promotion of a business / group program.

• Support unit to achieve Satisfactory internal Audit results.

Take

Take detailed photographs of movable property.

Travel

Travel to farms, agribusiness and agri-food operations, and FCC offices in your region.

Undertake

Undertake the valuation of various types of real estate properties.

Update

• Update system with appraised report and upload photographs.

• Update WIP report based on production meeting findings, copy report.

Upload

Upload photos and estimate and document file with notes regarding decision-making process.

Use

Use data and analytics to tell a story and influence decision making.

Utilize

Utilize computer software and databases to organize and manage appraisal data.

Verify

Verify property ownership, legal descriptions, and other relevant documents.

Work

• Work directly impacts quality and timeliness of deliverables.

• Work schedule flexibility to accommodate client / borrower needs.

• Work to resolve any customer concerns or dissatisfaction with the work or the Company.

• Work with estimating software vendor to create part codes for unique vehicles.

Write

• Write estimates to restore damaged vehicles to pre-loss condition.

• Write up cost estimates and / or reports.

Most In-demand Hard Skills

The following list describes the most required technical skills of an Appraiser:

1. Proficiency in appraisal methods and techniques, such as sales comparison, income capitalization, and cost approach.

2. Knowledge of property valuation principles, including depreciation, appreciation, and market analysis.

3. Expertise in utilizing appraisal software and tools to perform valuation calculations and generate reports.

4. Competence in conducting property inspections and recognizing key features that impact value.

5. Familiarity with real estate market trends, economic indicators, and demographic data.

6. Skill in analyzing financial statements, cash flows, and income-producing properties.

7. Understanding of legal and regulatory requirements related to property appraisals.

8. Proficiency in using geographic information systems (GIS)

9. Knowledge of property tax assessment methodologies and guidelines.

10. Competence in utilizing statistical analysis to support appraisal conclusions.

11. Proficiency in reading and interpreting legal documents, such as deeds and contracts.

12. Understanding of construction and building codes to assess property conditions.

13. Skill in performing property measurements and calculations accurately.

14. Familiarity with environmental assessment procedures and regulations.

15. Knowledge of valuation techniques for specialized properties, such as historical buildings or industrial facilities.

16. Expertise in conducting feasibility studies and market research for real estate development projects.

17. Competence in assessing the impact of environmental factors on property values.

18. Proficiency in using computer-aided design (CAD) software for property analysis and visualization.

19. Understanding of appraisal methodologies for personal property and business assets.

Most In-demand Soft Skills

The following list describes the most required soft skills of an Appraiser:

1. Excellent communication skills to effectively interact with clients, stakeholders, and other professionals.

2. Attention to detail to ensure accuracy in data collection, analysis, and reporting.

3. Strong analytical and problem-solving abilities to assess complex appraisal scenarios.

4. Time management skills to prioritize assignments and meet deadlines.

5. Ethical conduct and integrity to maintain objectivity and impartiality in appraisals.

6. Flexibility to adapt to changing market conditions and client requirements.

7. Professionalism and the ability to maintain confidentiality in sensitive appraisal matters.

8. Collaboration and teamwork to work effectively with other appraisers or professionals involved in property transactions.

9. Customer service skills to provide exceptional support and address client concerns.

10. Continuous learning mindset to stay updated with industry advancements and appraisal methodologies.

Conclusion

Appraisers play a crucial role in determining the value of various properties, assisting individuals, businesses, and organizations in making informed financial decisions. Their responsibilities range from conducting thorough inspections and analyzing market data to preparing detailed appraisal reports and providing expert guidance. Appraisers require a combination of hard skills, including proficiency in appraisal methods, knowledge of valuation principles, and familiarity with relevant software and tools. Additionally, soft skills such as effective communication, attention to detail, and ethical conduct contribute to their success in this profession. By possessing the necessary hard and soft skills, Appraisers provide valuable insights and expertise in assessing the worth of properties, ensuring transparency and confidence in the appraisal process.