Selecting the right appraisal firm is essential to our lending process, as accurate property valuations help us assess risk and make informed lending decisions. Here’s an overview of the criteria we use to partner with qualified, reliable appraisers.
1. CRA and/or AACI Certification from the AIC
We require that all appraisal firms we work with are certified by the Appraisal Institute of Canada (AIC) and hold either the CRA (Certified Residential Appraiser) or AACI (Accredited Appraiser Canadian Institute) designation. These certifications demonstrate that appraisers meet AIC’s standards, having the expertise and training needed to conduct reliable, unbiased property valuations.
- CRA Designation: Appraisers with the CRA designation specialize in residential properties and adhere to rigorous AIC standards.
- AACI Designation: Appraisers with the AACI designation are qualified to appraise a broader range of properties, including commercial properties, adding flexibility to our requirements depending on the property type.
2. Local Expertise
We prioritize appraisal firms that are local to the areas they appraise. Local appraisers have an in-depth understanding of the unique factors affecting property values in specific neighbourhoods and regions. This familiarity allows them to account for local market trends, zoning nuances, and community developments that could impact property values.
3. Reputable Firm
To ensure the appraisal firm has a strong reputation, we assess various indicators of quality and professionalism:
- Public Reviews: We review public ratings and feedback to gauge the firm’s reliability and professionalism.
- LinkedIn Profiles: Examining appraisers’ LinkedIn profiles provides insight into their qualifications, experience, and industry reputation.
- Previous Clients: We check which lenders they have previously worked with to understand their experience and credibility in the industry.
- References from Our Network: We reach out to our professional network for references to see if others have had positive experiences working with the firm.
These steps help us ensure we partner with reputable firms that meet our standards for quality and professionalism.