SHOULD AGENTS BE PRESENT DURING A BANK APPRAISAL ?
While I can't find anything in the Act or any Board Rules and Regulations regarding Agent's presence during an appraisal...
In today’s market where Banks are getting tougher and tougher, I don't think it hurts to attend at the Appraisal. I feel as an agent; I would want to be at the appraisal for the following reasons.
1) I would want to be available in person for any questions
2) I would want a conversation with the appraiser about the property; it's condition, upgrades and how it was marketed.
3) My goal would be to share data and communicate how buyers perceived the property in the neighbourhood market. Of course, I would be careful with my words, so I was providing information and sharing my perspective (not pressure).
4) Lastly, I would also like to briefly point out features of the property that might impact value or were attractive to buyers. It would be fine of course to do this on the phone if possible, but meeting in person ensures a better interaction. Don’t hover over the appraiser, but do point out anything that helps the house stand out. Is there anything different about this house that is more appealing than other homes in the neighbourhood?
This is why I also recommend that when meeting the appraiser, you provide a detailed list of all upgrades, information about the neighbourhood and specific information about recent sales and listings.
ON A SIDE NOTE:…It’s a common occurrence that Bank Appraisers call Listing Brokerages directly for appointments. For security purposes, as the listing agent, I would want the appraisal appointment confirmation made through the Co-op Agent and the lockbox released to them rather than someone we don’t know who calls us direct. In confirming the appointment with the Co-Op agent, It might be an excellent time to hint at why he should be present.