What is typically the first step an appraiser takes when approaching a new property valuation?

The first step an appraiser typically takes when approaching a new property valuation is data collection. This step involves gathering relevant information about the property and its surroundings, including factors such as the property's location, size, type, condition, and features. This information may also include historical sales data, zoning regulations, and economic indicators relevant to the property's market.

Data collection is crucial because it lays the foundation for the entire appraisal process. By obtaining accurate and comprehensive data, the appraiser can make informed decisions throughout the subsequent stages, such as market analysis and site inspection. This initial collection of data influences the appraiser's understanding of the property and its potential value in the current market context.

Following data collection, the appraiser usually moves on to perform a site inspection to assess the property's physical and functional characteristics directly. However, this happens after the foundational data has been gathered and organized. The appraiser's ability to analyze and evaluate the property effectively relies heavily on the thoroughness of the initial data collection.