Do you want to sell your home for the right price, renew your mortgage, or separate your family assets? These are just a few situations where the services of a certified appraiser are essential.
Knowing you need an appraiser is just the first step; you also need to find one who is qualified and competent. Not just any appraiser will do.
Here’s how to ensure you choose the right professional for your needs.
What is the role of a certified appraiser?
A certified appraiser is a real estate valuation expert qualified to estimate the market value of your property. This value reflects the most likely price your property could fetch at a specific point in time.
The appraiser’s role is to provide a neutral and impartial opinion, relying on three key valuation methods:
- The comparable method.
- The cost method.
- The income method.
These techniques can be applied to various property types, including single-family homes, duplexes, condominiums, apartment complexes, commercial building and farm properties. The results of these methods are compared to deliver a reliable and well-rounded estimate of the property’s value.
Why hire a certified appraiser?
Here are the key reasons to hire a certified appraiser for your real estate appraisal project:
- They are trained and certified to deliver accurate valuations using recognized methods.
- Their independence guarantees an unbiased analysis, free from conflicts of interest.
- Their evaluations reflect the true market value, protecting you from under- or overvaluation.
- The appraisal report they provide can serve as legal evidence in case of disputes.
- Most financial institutions require an official appraisal to approve mortgage loans or refinancing requests.
How to choose an appraiser?
Now that you understand the role of a certified appraiser, here are the key criteria to ensure you select a competent professional:
- Qualifications.
- Professional training.
- Membership in a professional organization.
- Professional liability insurance.
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Qualifications
A competent certified appraiser must possess a variety of skills to deliver exceptional service. Key qualities to look for include:
- Integrity
- Objectivity
- Independence
- Excellence in analysis and judgment
- Professionalism
- Sense of initiative
- And many more!
Consider these qualities when selecting an appraiser to ensure reliable and professional results.
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Professional training
Becoming an appraiser is not a role anyone can assume. In Quebec, appraisers must complete post-secondary education to practise their profession. This specialized training, offered at three universities in the province, equips students with the knowledge and skills required for their future careers and provides opportunities to apply this knowledge in real-world settings.
Beyond academic coursework, aspiring appraisers must also complete a supervised internship lasting 48 weeks (approximately 11 months) before they are qualified to practise independently.
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Membership in a professional organization
In Quebec, a certified appraiser must be a member of the Ordre des évaluateurs agréés du Québec (OEAQ) to legally practise. This professional organization is responsible for supervising the profession, ensuring service quality, and protecting consumers.
The OEAQ enforces several control mechanisms to uphold professional standards, including:
- A code of ethics.
- Mandatory continuing education.
- Disciplinary sanctions.
Before hiring a certified appraiser, ensure they are a member of the OEAQ. Additionally, verify that their professional record is in good standing and check for any sanctions or disciplinary actions. The OEAQ maintains a public record of disciplinary decisions and convictions (available in French only) to protect consumers.
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Professional liability insurance
When hiring an appraiser for your property, it's essential to confirm they have professional liability insurance. In accordance with the Règlement sur l'assurance de la responsabilité professionnelle des membres de l'OEAQ, all members of the Ordre des évaluateurs agréés du Québec (OEAQ) are required to subscribe to the organization's insurance fund.
This insurance provides protection against potential errors or omissions in their work, ensuring accountability and safeguarding your interests.
Questions to ask before hiring a real estate appraiser
Before making your decision, it's wise to interview the appraiser you're considering to ensure they meet your expectations. Here are some key questions to 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
It’s not always easy to know if the first appraiser you meet is the right one to hire. That’s why comparing multiple quotes is a smart approach. This allows you to evaluate the prices and services offered by different professionals. The price of a real estate appraisal can vary depending on several factors, including:
- Type of property.
- Location.
- Research required.
- Experience of the appraiser.
- Other variables.
Avoid choosing an appraiser based solely on price. A higher price doesn’t always guarantee better service, and a price that’s too low could indicate a lack of quality or experience.
Take the time to compare several quotes, and prioritize selecting an appraiser who demonstrates honesty, reliability, and competence. A thorough comparison will help you make the best decision for your needs.
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