Melanie McLane directly addresses camera:  Frustrated that a property you listed didn't get the appraisal you expected? Not sure what information you can give an appraiser? 
      I'm Melanie McLane, a broker owner, appraiser and educator. Let's take five minutes to talk about insights regarding a residential property valuation and how we, as real estate professionals, can avoid common mistakes in the appraisal process.
      It's important to understand that we need to leverage the correct comparables when it comes to pricing and valuation. Fannie Mae's requirements state that comparable sales must be physically, functionally, and locationally as similar to the subject property as possible. It's a mistake to suggest a comp that's newer, larger and located miles away, and expect it to work. Even if we were to use that, we'd often find ourselves back at the original value once adjustments are made for the differences.
      The key to correct pricing lies in education. I highly recommend the PSA course (NAR's Pricing Strategy Advisor class). I'm a co-author of this course. It can equip you with the knowledge to understand an appraiser's job and the differences between an agent's and an appraiser's roles. 
      Remember, agents are advocates for their sellers or buyers. We aim to get the highest price possible for our clients. Appraisers are not advocates; their primary job is to assure the lender that the property provides sufficient collateral for the loan.
      Another essential point is understanding how appraisers make adjustments. Adjustments are highly relevant to your market and the price range you're dealing with. Buyers' expectations differ at different price points, and adjustments should reflect this understanding.
      Now, let's discuss some actionable advice for working with appraisers: First, develop relationships. Establishing a professional relationship with appraisers in your market area is crucial. You can benefit from advice about highest and best use, and unusual properties. Appraisers can advise you on many topics, and they can benefit from your first-hand market insights, as you are on the front lines of the real estate market. 
      As with all parts of the transaction, communication is key. Providing the appraiser with all the necessary information about the property is not only helpful but appreciated. It's important to remember that attempts to influence an appraiser's conclusions unduly are not just unethical, but they are also illegal. You can share data, discuss attributes and offer insights, but you should avoid trying to steer the appraiser toward a specific valuation.
      You may facilitate the appraisal process by preparing a comprehensive appraisal packet. The packet should include as much relevant information as possible, such as recent improvements, dates of any remodeling work, a survey of the property if available, and any other pertinent information that can be invaluable to the appraiser. You might also include the comps you used in your pricing strategy, which can provide additional market insights for the appraiser.
      Next, respect the appraiser's time. If you commit to meeting the appraiser at the property, be on time. In cases where you can't make the appointment, notify the appraiser well in advance.
      Real estate professionals bring a lot of market knowledge to the table. Use this to your advantage when working with appraisers. Understand that we all play different roles in the property transaction process, but we aim for the same goal — a smooth transaction and the best outcome for our clients. With these tips in mind, you can foster more productive relationships with appraisers and enhance your service to buyers and sellers.