Last Updated: Jul 11, 2020

What is an Appraisal?

 An appraisal is defined as an opinion of value by professional appraisal standards (Uniform Standards of Professional Appraisal Practice, see below). Appraisers consider appraising to be both an art and a science. You probably have an opinion of the value of your home. Your opinion and a professional appraiser's opinion may be the same. But appraisers are required to be objective and impartial in their analyses and opinions. A professional appraiser has been trained in appraisal methodology and looks at how your home compares with  sales and listings of homes similar to yours, considers many factors such as price trends and proximity to a freeway, complies with professional standards, and usually completes a written report. 

What is an Appraiser?

An appraiser is a real estate professional who specializes in providing opinions of value (appraisals). Most appraisers are real estate appraisers, who specialize in real property. Other appraisers specialize in other types of property, such as gems or machinery and equipment. Professional appraisers have taken courses and been supervised during their training period. State licensed and certified appraisers must pass a test and have completed basic education and continuing education. Most states also require a period of supervision, usually 2,000 hours before being able to do appraisals "on your own."

Why Is An Appraisal Important?

Performance appraisal should be a positive experience and contribute to the overall welfare of the organization. If done properly, performance appraisal is a very effective tool to improve performance and productivity and for developing employees. It helps individuals to do better, raises self-esteem and motivation. Above all it strengthens the management/subordinate relationship and fosters commitment. Performance evaluation is not a process to be avoided; rather it should be implemented in all organizations and promoted as a key management activity. The benefits to be realized from a proper evaluation system far outweigh the time and effort required to develop, implement and maintain the process.

There is much research to show that individuals have a strong need to know how they are doing and where they stand in the eyes if their supervisor. Recognizing the importance of performance feedback, it follows that discussions of performance should take place more than once a year. Frequent, regular discussions of performance should occur on an on-going basis and be seen as an opportunity for useful communication between the individual who assigns work and those performing it. These regular meetings serve to provide feedback so good performance is recognized and performance problems are nipped in the bud. The more formal periodic reviews can then simply be a summary of what has occurred throughout the reporting period recorded on the official performance evaluation form.

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