Geographic competency

[ucbruin]

When I first moved to MA (1996) one of my 1st assignments was in Wellesley....
The person who assigned the work informed me that I should be aware there were 4-5 distinct sections of Wellesley....
That changed around 2002, when I met a Wellesley real estate agent who informed me that "dirt was dirt" in Wellesley....
No value difference based on the different sections....

 

[Elliott]

I recall when AMCs were starting up after 2008, there was a requirement the appraiser couldn't be more than 35-miles from the subject property. I always get a kick that some of the profiles in Appraiser USA have appraisers who do six to twelve counties. I frequently hear from realtors, that out of area appraisers expect (demand) that at the inspection the realtors provide them with their comparables. So the concept of 'being geographical competent' apparently is in the eye of the beholder and isn't treated seriously.

 

[glenn walker]

Thank you, I know a realtor there, and she is very knowledgeable about neighborhoods, but wonder if gaining knowledge through her and MLS would be sufficient to start working on my own. I appreciate your input.

Rain coat, hat, rubber boots, all wheel drive Subaru, tanning booth, and learning how to measure houses in the rain

 

[Terrel L. Shields]

It shouldn't take long.

You are right. I worked as a geologist all over the South and West, and even back in W. VA. You quickly learn the nuances of a community. What is driving the economy, where the "good" places are, the bad places, and how people live. That was one aspect of my job I enjoyed without really realizing it until that life was put behind me. I miss going into some small town in W. Texas or Wyoming and visiting with locals, how they live, what they like or don't like about it.

I remember once I stopped at an RV park in Westcliffe, CO and the owner was a Texan who had turned over his C stores to his sons and was running the camp as his sort of semi-retirement dream job, with a beautiful view of the Sangre de Cristo's. (The pix was within shouting distance of that RV Camp) In town, a lady told how they were bummed out as teachers and started their little business. I recall the waitress being a student from 300 miles away who took the summer job to "do something different". For an introvert, I really enjoy visiting with people I don't know. I miss some people very much from those days. I even stopped in Four Corners, OK to check on an older woman who ran the café there. To my disappointment, not only had she died, but her son who was younger than me had died. Her husband was all that remained. It is a remarkable country and we have a lot of remarkable people in it.

 

[sputnam]

I never moved my practice to a different state. However, I have moved to different markets within the same state.... several times. There are many ways to develop geographic compentence. Associate with a appraiser or appraisal firm in the area. Spend a lot more time than you would like researching and completing assignments. Spend a lot of time studying and learning about your new market.

 

[Hudojni4ka]

Thank you to all who answered and gave me a lot of tips. All of them are highly appreciated. I got a response from one company that I contacted and it seems like things will move forward with them. They are an established company with 30+ years of being in the business. It is so funny that I actually come from a company like that here in AZ (30 years in business, small office) and if I end up working there it will very similar. Even my new boss's first name would be the same as my old boss haha I appreciate everyone's input and will do all of the things suggested. Coming from a much larger metro area here, I think it should be easier there but at the same time it might be more segmented vs. broader neighborhood boundaries here.

 

[Tim The Enchanter]

Check the city web sites. Some cities here actually break down the various hoods in their town, with a map, online.
Even if they don't have anything that handy you can probably find zoning maps, land use maps, etc to help.
See if there is a public gis system.

 

[Jerry Bone Jr]

Hudojni4ka

Remember we have nice fees here. I haven't done a sub $775 appraisal in years. Please don't low ball our appraisal market.

 

[norapp]

In 2013 I moved from Long Island, NY where for 16 years I did primarily suburban appraisals along with urban NYC appraisals. I also appraised the East End (The Hamptons to Montauk) which to me was rural. I had lived on LI my whole life and was very comfortable covering these areas. I moved upstate near the Adirondack Mountains (5-6 hours away). Very different world up here. Mix of suburban (hard to wrap my brain around comps that are 5 miles away. I describe it as rural/suburban) to very rural farming communities along the Vermont border and then North into the mountains with rural secondary/vacation areas. I did not know any of these areas at all. I moved here without knowing anything other than it looked like a good place to live. I started doing insurance inspections. It was frustrating work that paid very little considering the time and ground I was covering. My time in the car doing the insurance inspections took me all over this region. I could have started appraising sooner but was very afraid that geographical competency might get me in trouble. Took me awhile but within 9 months I felt comfortable enough to start appraising with some of the more populated areas in this large geographical locale. I started off slow and eventually added different areas. It took me 2 years before I would even attempt to do a lakefront property. These complex properties all have different markets and nuances. Very different than the waterfront I covered on Long Island which included direct oceanfront, soundfront, bayfront and canals. I asked a lot of questions of the brokers who met me on site. I would frame these questions in a way that I let them describe their market and how different features add to value. What I found was they were used to appraisers being sent up from Albany (1-2 hour drive) to appraise these homes and they welcomed my questions as so many of the Albany appraisers did not really know these areas and never asked questions. The broker who rented me my townhome became my go to person. She was great and helped me whenever I had a question. You need to choose what is best for you. Although I hated the insurance inspections and the company that ordered them it was invaluable to see firsthand what a lot of these towns looked like. Get your MLS up and running. Pull comps for the easier areas as if you were doing an appraisal and see where you feel comfortable and where you might need more time. Most populated areas are the same and starting there should be fairly easy. Ask about school districts. Go online and pull data for districts. Very important I think everywhere. Use Wikipedia. Sounds silly but I was able to use info found in the site for different areas. Start simple. Time will bring you the experience you need to move to different areas.

 

[norapp]

Thank you to all who answered and gave me a lot of tips. All of them are highly appreciated. I got a response from one company that I contacted and it seems like things will move forward with them. They are an established company with 30+ years of being in the business. It is so funny that I actually come from a company like that here in AZ (30 years in business, small office) and if I end up working there it will very similar. Even my new boss's first name would be the same as my old boss haha I appreciate everyone's input and will do all of the things suggested. Coming from a much larger metro area here, I think it should be easier there but at the same time it might be more segmented vs. broader neighborhood boundaries here.

They might make you sign a non compete clause. Be careful what you are signing. You might find that you are able to appraise sooner than later at full fee.