How much work goes into an appraisal?

Quite a bit, actually. We personally inspect each property and photograph it. We maintain an extensive in-house database of comparable properties and stay up to date through our subscription to Costar Information Service. We also subscribe to multiple sources of information to obtain zoning, flood and tax maps and information, demographic data, and market trends. In most cases we perform a cash flow analysis with Argus and a replacement cost analysis with Marshall and Swift We analyze the neighborhood where the property is located as well as its employment trends. Because of the number of appraisals we have done in New Jersey alone, we have an enormous amount of market data and expertise to draw upon. Our staff includes 5 senior appraisers who are MAIs, a CPA as well as 8 staff appraisers and researchers. A typical appraisal done for mortgage financing can take from 30 to 40 hours to complete.

Appraisers, who must be licensed by the State of New Jersey, must take certain college courses, as well as 300 hours of appraisal training courses, 3000 hours of appraisal work, and must pass an exam in order to be licensed by the state. Holders of the MAI designation have more stringent requirements.

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