Appraisers Love Pictures

 

The other day I ran across a great post by Jenifer Owens about writing descriptions for listings. And that got me thinking about how important descriptions, and pictures, are too real estate appraisers. Our MLS service only allows for 8 short lines of description, 4 for the public, and 4 for the agents, and that’s not nearly enough room to give an accurate description.


As you can see there is a world of difference between these two outbuildings. Both MLS listings indicated something to the effect that each property had a “great outbuilding”, which, as you can see there is a dramatic difference between the two in relation to value. If an appraiser isn’t able to ascertain the difference between them, this could greatly affect the amount of the adjustment between the two, and could result in a lower appraised value.

 

Bank REO’s, and short sales, is where an increase in the number of photo’s (both interior and exterior) helps greatly. Many times the description reads, “Needs TLC”, or, “Handyman Special”, which can mean anything, and with no photo's it's hard to figure out the condition so the appropriate adjustments can be made.

Once, one of my appraisals was being reviewed, and the lender wanted to know why I didn’t use a particular sale; if I hadn’t been able to show them pictures of that comparable sale that showed a gutted kitchen, then they would of required that I use that sale, which would of ultimately lowered the value of my appraisal.

Bottom Line: Pictures help appraisers tremendously; we look for and see many things in pictures, which help us create better appraisals.

 

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69 Comments on Why Appraisers Love MLS Photos

20 Most Recent Comments Displayed Show All

OCT
28
2011
145,762 Points 17 Featured Posts Called Shot Master

Pamela-Thanks for the comment-well at least there's a few appraisers out there that think the same way! :)

Lynn-OUCH!! Yes, a lot can be said about the levels of professionals within the real estate industry. But, I look at it this way-it affirms my belief that if you work hard to stand out, and above the crowd, you'll reap what you sow.

Evelyn-20 photos-I like it! We are in an information age, the more the better.

Monica-Thanks for the kind comments, very much appreciated. That's a good point, when you don't see a certain picture you always wonder why, inquiring minds want to know.

 

Thanks for the comments!!!!
1:32pm • #50
270,224 Points 13 Featured Posts Outside Blog Called Shot Master

Thanks for writing about REO's and appraisals.  Pretty wise to have lots and lots of photos!  You might want to also include in your title, that you are an appraiser.  Someone on AR showed me that if I write my first and last name in the profile section, then my title in the last name section, I can include more verbage.  Just a suggestion.  Have a great weekend!
1:33pm • #51
569,544 Points 1 Featured Post Localism Sponsor Outside Blog

Hi Michael,  I agree that pictures are critical.  That said, I hope agents will realize the need for quality before quantity !
1:49pm • #52

I was kind of hoping the appraisers might actually look at the property. And, frankly, I was kind of hoping that agents would be familiar enough with properties on the market in their areas that they might have actually seen the one in their CMAs.
DeVallon Bolles, Ph.D.
1:51pm • #53
1,125,696 Points 90 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

I wish all agents took advantage of using multiple photos. I hate it when I am trying to find properties for a buyer and there is only 1 outside photo. Why not use more?
2:13pm • #54
145,762 Points 17 Featured Posts Called Shot Master

Marshall-But the photo's that home inspectors come up with are, well lets just say that there more interesting at times.

Jan-I'll definitely look into adding appraiser to my profile-I hope no one was thinking I was trying to impersonate a Realtor, then that would really open the flood gates.

Bill-I like quality photo's, although those wide angle photo's that show the whole room make me dizzy.

DeVallon-Thanks for stopping by, all views are welcome.

Erica-I thinks that's been the consensus, the more the better. And by sounds of it, Realtors want more pictures than appraisers.

 

Thanks for taking the time to comment!

 
2:54pm • #55
1 Featured Post Outside Blog

Great post!  Seems so obvious after reading it...but never realized that I am also shooting photos for the appraiser. 
3:43pm • #56
195,987 Points Outside Blog

I personally believe that appraisers should physically examine the MLS comps that they are comparing to their subject property. Your illustrations point to flaws in the appraisal process and to hold RE agents somewhat responsible for your performance is unreasonable, Some MLS BOR restrict what could be added to the listing report. 
5:27pm • #57
1,352,282 Points 42 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Michael - Pictures don't just help the appraisers.  They also help the buyers which ultimately helps the sellers.
5:37pm • #58
145,762 Points 17 Featured Posts Called Shot Master

Jayne-So the next time you take a picture of a kitchen, say "This one is for Michael."

Kimo-I would love to be able to view sold listings for my appraisal, believe or not I'm all about doing what it takes to get it right. I'm not sure homeowners would appreciate a bunch of appraisers coming through their homes for the next 6-12 months. I'm always open for suggestions as how that would work. I do have a question though, would you hold Realtors to the same standard when it comes to relying on the MLS data for preparing CMA's.

Christine-I think the more information the better, for everyone. It's hard to argue that pictures don't do the best job of conveying that.

 

Thanks, and your comments are very much appreciated!

 
6:15pm • #59
177,683 Points 1 Featured Post Localism Sponsor Outside Blog Attended Rain Camp Called Shot Master

Never thought of the appraisers needing them, but glad I can help!
9:07pm • #60
OCT
29
2011
498,120 Points 13 Featured Posts Outside Blog Called Shot Master

Hi Michael, great post.  We all love photos.  That is why I have to laugh when i see an expired listing with only 1!
11:21am • #61
OCT
30
2011
105,540 Points Outside Blog

Thanks for sharing.  I submit multiple pictures to attract potential buyers to my listings.  Now when I take prictures I'll keep the appraiser in mind. 
11:50am • #62
145,762 Points 17 Featured Posts Called Shot Master

Julie-Thanks for the comment and stopping by.

Bog-Yes, What I'm hearing is that everyone is in favor of more photos when possible.

Denise-We appraisers appreciate that, as I'm sure everyone else will also.

 

Thanks for the comments everyone, very much appreciated!

 
4:44pm • #63
Outside Blog Attended Rain Camp
Maybe we should put in the even more descriptive photos once the house sells for the appraisers. Meaning the not so nice things about the house that we would not have used to try to sell it? It is a thought.
6:26pm • #64
145,762 Points 17 Featured Posts Called Shot Master

Gail-That's not a bad idea;maybe there could be a section within the MLS for non-public photos just like there is for descriptions. It would probably benefit everyone in the business!
6:35pm • #65
OCT
31
2011
199,383 Points 5 Featured Posts

Another reason why photos in the MLS are important.  There is a "Sold Remarks" section in our MLS where agents can leave helpful notes as to the condition of the property, whether the home was remodeled, etc...  Unfortunately, this section is usually left blank.
2:10am • #66
145,762 Points 17 Featured Posts Called Shot Master

Patricia-I've never heard of an area for sold remarks, sounds like a great idea-if you use them. I'm sure not all MLS services are the same. Thanks for sharing.

 

Have a great day!
1:05pm • #67
NOV
12
2011

Michael,

I couldn't have said it better myself...and you even said it in pictures.  Excellent!
6:51am • #68
FEB
17
2012
292,952 Points 3 Featured Posts Outside Blog Attended Rain Camp

It's amazing how many bank owned properties and short sales only have one exterior photo only. You'd think it would help a lot!
6:18am • #69

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Michael S. Bolton-MN Appraiser

Zimmerman, MN

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