Real Estate Journal — Financial Digest — Appraisal — April 13 - 26, 2018— 7A
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M id A tlantic
A ppraisal By Ed Falkowski III, MAI, SRA & Walt Krzywicki, MAI, AI-GR Real Estate Appraisal Career FAQs
How do you become one? What oppor- tunities are there?” These are four ques- tions which are both com- mon and typi- cally asked in “Y
viduals. Are you unsure about how an appraiser can assist with your valuation needs? Ask us! A s w i t h
are different valuation-related educational (200 hours resi- dential, 300 hours commercial and a national exam for both) and experience (2,000 hours residential, 3,000 hours com- mercial) requirements. The ex- perience requirements, known as your “trainee” time, need to be satisfied under the guidance of a certified appraiser who will serve as your “mentor” during this process. Competency, how- ever, isn’t something which is satisfied by the completion of an exam or by a fixed number of hours. The appraisal profes- sion is one which necessitates Recent AppRAisAls
continuous learning, adapting and updating of one’s skillset in order to perform your du- ties competently. Additionally, ethics, another key component in real estate appraisal, goes hand-in-hand with compe- tency during a person’s career. Therefore, make sure that you keep up with the latest trends, laws, and events in real prop- erty valuation! We are often asked two addi- tional questions: “have you ap- praised anything interesting” and “what do you like about your job”? We have appraised unique properties such as: a
national monument, golf cours- es, fractured condominiums… we’ve even appraised an ease- ment between two neighbors’ houses! We never know what kind of assignment will come in next and we always need to be ahead of the curve to serve our clients’ valuation needs. Another great facet about our job is flexibility. With both of us having young families, we can be there to get our kids off of the bus, go on a hay ride during a field trip or see the school play. We also make time for the off-the-cuff round continued on page 14A
ou’re an appraiser… what do you do? Why do you do it?
most licensed professions, the following are critical elements in the successful navigation to a chosen ca-
Ed Falkowski III Walt Krzywicki
reer in this field: education, experience and competency. Depending on your desired career path (residential or commercial valuation), there
conjunction with one another. An appraiser provides an opinion of value on a property utilizing market data and fi- nancial analysis. For most properties, this is done by one or more of the following techniques: Sales Comparison Approach, Income Capital- ization Approach and Cost Approach. Why would I pay more/less than the property which just sold down the street (Sales Comparison)? Which property offers me the best re- turn (Income Capitalization)? Why would I pay more for an already-built property when I can build the same property for less and exactly the way that I like it (Cost)? These are some of the major questions that appraisers have to answer for every assignment. There are many “intended uses” for real property valua- tions; some of which you may not know existed. The most common use is for mortgage lending purposes. Have you ever purchased a house or an investment property? Chances are that you’ve encountered an appraiser during the lending process. They are an essential part of helping the lender to understand the pledged col- lateral and structuring a loan package. The mortgage lending industry is a large part of the American economy and ap- praisers play a crucial role in that industry. However, what about the intended uses that many may not know about? Property tax assessment ap- peal, estate planning, pre-list- ing guidance, financial report- ing/purchase price allocation, PMI removal, condemnation, divorce, partnership dissolu- tion, investment decisions… these are just a few of the myriad uses for real estate appraisals. Additionally, we perform these valuations for mortgage lenders, insurers, REITs, pension funds, attor- neys, accountants, financial planners, investors, buyers/ sellers, corporations and indi-
Wade Appraisal, LLC delivers value-added services to clients through diligent research, analysis and well-documented, unbiased opinions. Specializing in commercial, industrial, multi-family and special purpose properties and can handle all of your appraisal needs.
• Class A Medical Office Building in Monroe, NJ • 2 100,000 SFWarehouses along the NJTpke. Corridor • 150-unit Garden Apartment complex, Ocean County, NJ • Affordable Housing Subdivision, Hudson County, NJ • Several LargeTracts Of Land for a Public Utility
Gary M.Wade, MAI, principal ofWade Appraisal, LLC, gives his personal supervision to every client project. He has been appraising commercial real estate since 2004.
www.wadeappraisalllc.com
GARY M.WADE, MAI Principal ofWade Appraisal, LLC gwade@wadeappraisal.net
Call Today: 732-204-6445 | 908-477-7202 | 732-204-6445
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