Adding VAL
to your appraisal engagement letters
Adding VAL
to your appraisal engagement letters
One of the reasons why the industry has not switched off systems in decades is that Appraisers think that their customers want them to use these legacy platforms. Yet when we have talked to customers, they are far more flexible. Some are indifferent and want the Appraisers to use what they feel best. Others want Appraisers to use Rockport VAL to ensure their data privacy but haven't realized that they need to tell their Appraisers that they have this choice.
The How
You are likely sending the Appraiser a letter outlining your request. Make sure that your letter either:
(a) tells them they have a choice and specifically labels Rockport VAL as a valid choice.
(b) if you want to guarantee your data stays your data, label Rockport VAL as the preferred or required option!
For example:
If the valuation of the property includes the Income Capitalization Approach (both direct cap and discounted cash flow analyses), you are [required/requested/encouraged] to utilize Rockport VAL. The VAL model and reports shall be provided using the Rockport VAL platform ‘Share’ feature.
Silence leads to misunderstanding.
What if I'm an Appraiser?
Ask your client! We and third parties have done extensive research and found that the appraisal buyers very often are okay with you using whichever platform you think is best. They want you to use the platform that you feel most comfortable in and the platform that protects the ownership of their data.