What is the function of an appraiser in property valuation?

The function of an appraiser in property valuation is primarily to estimate the value of a property using various approaches. Appraisers employ different methodologies, such as the cost approach, sales comparison approach, and income approach, to derive a property’s value based on its characteristics, comparable sales, and potential income that could be generated. This evaluation is crucial for lenders, buyers, and sellers, as it provides a neutral, professional assessment of the property's worth, facilitating informed decision-making in real estate transactions.

In contrast to negotiating property sales or overseeing the closing process, which are roles typically associated with real estate agents and brokers, the appraiser's role is strictly focused on valuation. Additionally, legal advice on property disputes falls under the purview of legal professionals, not appraisers, as appraisers do not provide legal interpretations or advice.