Rural property appraisals can be challenging for valuation professionals, and require a lot of data and expertise to ensure that appraisers can generate credible, reliable opinions of value. While having the passion for this area of valuation is one key to success, another is having the proper knowledge and resources.
The Appraisal Institute has material to help rural appraisers provide credible opinions of value. Here are four resources that rural appraisers may find useful:
- The Appraisal Institute’s 2017 book, “Rural Property Valuation,” helps both experienced valuers and novice appraisers successfully complete challenging rural valuation assignments. This book also lays the groundwork for a broad understanding of rural properties and offers specific data and analytical tools appraisers can use in their daily work.
- In AI’s 2Q 2017 issue of Valuation magazine, there is an article titled, “Big Country,” which discusses how appraisers working in rural markets face multiple opportunities and challenges.
- Rural appraisers should reference AI and Freddie Mac’s seminar on rural appraising, Rural Area Appraisals: Freddie Mac Guidelines and Property Eligibility Requirements. This 7-hour seminar addresses eligible and ineligible property qualifications; price ceiling limitations in rural markets; how urban development, farm productivity and conversion to residential uses affect land prices; highest and best use problems in rural residential appraisals and much more.
- Appraisers also can reference the seminar, Rural Valuation Basics. This 7-hour seminar teaches residential and general appraisers the fundamental skills they need to complete rural valuation assignments.
To find more resources about rural appraisals, please visit the Appraisal Institute’s Lum Library, or contact a Designated Member of the Appraisal Institute using the organization’s Find an Appraiser directory.