World class appraiser blogger Tom Horn wrote a great article titled, “Things agents do that appraisers hate.” Tom’s article inspired me to think about the opposite side of that coin. Whenever I speak at real estate offices, agents often tell me about off putting things that some appraisers do when interacting with agents. It is important for both appraisers and real estate agents to understand the thoughts and frustrations of the others so that we can conduct our work in a manner that is both efficient and respectful. Here are my top three agent irritators.
1. Agents complain that appraisers go to vacant lockbox properties without first calling and asking the agent. This is against the rules of the Portland area RMLS (Regional Multiple Listing Service) and to me, it is trespassing. Appraisers do not have the right to use the RMLS lockbox anytime we want.
2. Agents complain that appraisers will show up at the property, not talk or ask questions, and then leave quickly. I understand that appraisals are business and that time is money. It is difficult to make a living as an appraiser these days without being quick. However, the real estate agent and the homeowner hold a wealth of information. Each should be interviewed carefully by the appraiser. From my experience of having several appraisers who work for me, the ones who take time to chat with homeowners and agents build trust. Their appraisals do not get challenged nearly as often, even if the appraisal report quality is similar.
3. Agents complain that appraisers will call them and say, “Can you tell me what the concessions are on this recent sale?” Once answered, the appraiser quickly ends the call. As an appraiser, it irritates me that other appraisers would be short when someone else is helping them, but is also annoying that many appraisers would only be interested in concessions. The concessions are important, but there are many other important things that an appraiser should know about a sale that do not make it into the RMLS. In addition, agents are not only sources of information for appraisers, real estate agents are important sources for continued appraisal work. A Quality Appraisal, LLC is built on non-lender or private appraisal work. Real estate agents generate most of our private estate and divorce appraisal referrals. It is important for appraisers to be courteous, humble, and grateful on the phone or in emails when requesting information. Our company has received many referrals directly resulting from data verification emails and phone calls.
Did I leave anything out or do you want to join in the conversation? Are you a real estate agent with appraiser grievances? Let me know constructively in the comments below.
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