After completing the first two steps of the appraisal process, what does the appraiser do next?

The next step an appraiser takes after the initial two steps of the appraisal process, which typically involve defining the problem and determining the scope of work, is to gather and analyze data. This step is crucial because it forms the foundation of the appraisal opinion. During this phase, the appraiser collects pertinent data such as property characteristics, market conditions, and comparable sales that are essential for developing an opinion of value. The quality and relevance of the data gathered will ultimately influence the accuracy and reliability of the appraisal.

Gathering and analyzing data ensures that the appraiser has a thorough understanding of the property and the market it operates within. This analysis leads to a more accurate valuation and supports the appraiser's conclusions. Only after data has been sufficiently gathered and analyzed can the appraiser proceed to methods such as preparing a sales comparison or conducting a field inspection, as these steps rely heavily on the insights gained during the data-gathering phase.