How can you find property valuation services that offer customizable reports?

When a customer states the purpose of a valuation and any special needs, the appraiser/valuer determines the scope of work to produce a credible report. Often, a customer's purpose may fall into a category with specific report requirements. Examples include IRS Reporting, Estate Planning, Probate, Demulation of value, Divorce, Listing/Purchase Price, Rental, Tax dispute, PMI removal, and many more. A proper definition of value would also be important. If it falls outside any typical category, it is essential to communicate clearly to the appraiser or valuer.

Real Estate Analytics and Data Providers: ● CoreLogic: Known for detailed and customizable property valuation reports, used by professionals. ● Altos Research: Provides customizable real estate market reports that can be tailored for various metrics and trends. ● HouseCanary: Offers detailed property valuation and forecasting tools with customizable reports.

It's crucial to clearly understand what specific information and customization you need in your valuation reports. This ensures that the services you choose align perfectly with your requirements.

Appraisals or Valuations fall into two categories: federally related transactions (Mortgages) and personal work. In mortgage transactions, the lender is the client who needs to identify asset value and collateral requirements. They have specific requirements when ordering assignments to remain independant under DoddFrank. For personal work, the customer can directly hire an appraiser through searches. networks, associations, and directories and then verify credentials on ASC dot gov. You should always ask the appraiser if they have specific experience and are qualified for the type of assignment.

Research Professional Appraisal Companies: ● Appraisal Management Companies (AMCs): Many AMCs offer customizable reports. Some well-known ones include Clear Capital and CoreLogic. ● Local Appraisers: Contact local appraisers or real estate consultants who often provide highly customized reports.

Request Demos and Trials: Contact the service providers to request demos or trial access to their tools. This allows you to evaluate the customization options available and ensure they meet your specific needs.

Online Valuation Tools with Advanced Features: Mashvisor: Known for its detailed real estate analytics and customizable reports tailored for investment properties. Real Estate Investment Analysis (REIA): Offers detailed and customizable reporting features for investors.

In my experience, it can be beneficial to use a combination of these methods for a thorough valuation. For example, for a mixed-use property, you might use the income approach for the commercial portion and the CMA for any residential units. Adjustments and reconciliations between methods can provide a more comprehensive valuation.

Banks and Financial Institutions: Chase Home Value Estimator: Provides property value estimates with some customization in the reporting format. Wells Fargo: Offers home value tools that might include customizable reports through their mortgage and real estate services.

Here are some other things to consider: Ensure the appraiser is properly certified and licensed to practice in your state. Different states have varying requirements, but generally, a certified appraiser has met rigorous education and experience standards. An appraiser with a deep understanding of the local real estate market can provide more accurate valuations. They should be familiar with the area's economic conditions, zoning laws, and any future developments that might affect property values.

Check if the appraiser is a member of professional organizations such as the Appraisal Institute (AI), the International Right of Way Association (IRWA), or the National Association of Realtors (NAR). Membership in such organizations often indicates a commitment to ongoing education and adherence to a code of ethics. Request references from past clients, especially those with similar properties to yours. Checking reviews and testimonials can also provide insight into the appraiser’s reliability, professionalism, and the accuracy of their appraisals. Ensure the appraiser carries professional liability insurance (also known as Errors and Omissions Insurance). This protects you in case of mistakes or negligence in the appraisal report.