Brian, first of all, I think it's great that you are addressing the issue of draft reports. I think it's critical that people understand what they are and what they are not. They are a wonderfully useful tool when used properly, but have a phenomenal capacity for abuse when they are used improperly. There are a couple of things from the article that I'd like to comment on: "I was scanning an engagement letter wherein the client, holding a large portfolio of hotels, agreed to pay an appraisal firm nearly $100,000 upon the delivery of draft reports. This amounted to about 25% of what the total fee would be for the finished products. This is a fairly standard arrangement." I don't know of anybody who would have this as a fairly standard arrangement, other than a tax appeal appraiser who is issuing prelim letters under the guise of drafts. In our practice, the entire fee has been earned upon delivery of a draft report. Our engagement letter clearly so state. IMO, the issue of prelim letters is something that needs to be separated from a discussion of drafts as they are more commonly used. "Why would a sophisticated user pay $100,000 for something that they cannot ultimately use? The answer is, of course they wouldn’t. The first thing to do is to figure out what users are doing with these drafts." The sophisticated user IS using the draft report in the way an appraisal report is intended to be used - as part of a decision making process. If the decision is not to proceed with the investment, the loan, the tax appeal, etc., a final report may not be needed, depending on other requirements. "Doesn’t the very fact that an appraiser is submitting a draft report to a client suggest that the client has some input on the final version? Doesn’t this create a partnership between the client and the impartial appraiser? ... Appraisals are not a tag‐team effort with the client." IMO, appraisal, at least on the commercial side that I work on, is not a "take it or leave it" business. My clients have input into my reports. I strive to give my clients a feeling of partnership with me in the process. The process is very much a tag-team effort - I can't do my job without input from the client. I take full ownership and responsibility for what's in my report, but I have no problem whatsoever with the client providing input and feedback based on my draft report. Sometimes the client can point out things that aren't readily apparent, sometimes the client is aware of a piece of data that I didn't have, sometimes the client catches a mistake. All of these things are valuable because they go toward the common goal that I have with my clients - producing a credible and supportable estimate of the market value of the property.