Do you want to sell your home for the right price? To renew your mortgage? Do you need to separate your family assets? These are just a few of the reasons you may need the services of a certified appraiser.
But even if you know which professional to hire, you still need to find the right one. And not just any appraiser! They need to be qualified and competent.
Here's how to find the right appraiser.
What is a certified appraiser?
First, let's define the role of a certified appraiser. A certified appraiser is a real estate valuation expert who can accurately estimate the market value of your property. This value represents the most likely price you could receive for your property at a given time.
The appraiser must provide a neutral and impartial opinion. The appraiser's opinion is based on three different valuation methods:
- The comparable method;
- The cost method;
- The income method.
These techniques can be used to value many different types of properties (single-family homes, duplexes, condominiums, apartment complexes, commercial buildings, farm buildings, etc.). In all cases, the results of each method are compared to provide a reliable estimate.
There are many situations in which you can use the services of this professional, such as for your mortgage refinancing or for evaluating the value of your estate.
How to choose an appraiser?
Now that you know a little more about the role of this real estate professional, let's take a closer look at the selection criteria you can use to make sure you choose a competent appraiser. These include:
- Qualifications;
- Previous education;
- Membership in a professional organization;
- Professional liability insurance.
Qualifications needed
A good certified appraiser needs several different skills to practice his profession to the full. In particular, he must possess the following skills to provide a quality service to his clients:
- Integrity;
- Objectivity
- Independence;
- Excellence in analysis and judgment
- Professionalism;
- Sense of initiative;
- And many more!
Look for these qualities when choosing an evaluator to work with.
Professional training
Not just anyone can become an appraiser! To practice their profession in Quebec, appraisers must first complete a post-secondary education. This training, offered at three universities in the province, allows students to acquire the knowledge necessary for their future profession and to put it into practice in the field.
In addition to their coursework, apprentice appraisers must complete a supervised internship lasting 48 weeks (about 11 months) before they can practice on their own.
Membership in the Ordre des évaluateurs agréés du Québec (OEAQ)
To legally practice in the province, a certified appraiser must be a member of the Ordre des évaluateurs agréés du Québec (OEAQ). The main objectives of this organization are to supervise the practice of appraisers, ensure the quality of their services and protect consumers.
The OEAQ has established several control mechanisms, including:
- A code of ethics;
- Mandatory continuing education;
- Disciplinary sanctions for breaches of duty.
So, before you hire a certified appraiser, it's important to make sure he or she is a member of the OEAQ. You should also check that the appraiser's file is in order and that he or she has not been sanctioned. To protect the public, the organization does not hesitate to share a record of its disciplinary decisions and convictions (in French only).
Errors and omissions insurance
Another criterion to consider before hiring an appraiser for your home is professional liability insurance. According to the Règlement sur l'assurance de la responsabilité professionnelle des membres de l'OEAQ, every appraiser who is a member of the organization must subscribe to the insurance fund.
Questions to ask before hiring a real estate appraiser
In addition to reviewing the items above, it may be a good idea to interview the appraiser you are considering hiring to help you make an informed decision. Here are a few examples of questions you might ask:
- How long have you been in business?
- What training have you had?
- How long have you been a member of the Ordre des évaluateurs agréés du Québec?
- How much does your professional liability insurance cover against errors and omissions?
- How many appraisals have you performed this year?
- Do you always provide a written report following your analyses?
- What does your appraisal report contain?
- What are your fees?
Compare quotes to choose the right appraiser
Of course, it can be difficult to know if the first appraiser you meet is the one you want to hire. That's why it's a good idea to compare several quotes. You'll also be able to compare the prices charged.
It's important to remember that the price of a real estate appraisal can vary from one appraiser to another. Several factors can affect the cost, such as:
- Type of property;
- Location;
- Research required;
- The experience of the appraiser hired;
- Etc.
However, choosing an appraiser based on price alone would be a mistake! A higher price does not mean better service, while a price that is too low could be a bad sign. There are many other things to consider.
So, take the time to compare several quotes. And above all, make sure you choose the appraiser you feel is honest, reliable and competent.
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