What is the first step in the appraisal process?

The first step in the appraisal process is problem identification. This crucial phase involves determining the purpose of the appraisal and understanding the specific conditions or constraints that must be considered. Establishing the problem helps the appraiser define what property is being appraised and why the appraisal is necessary.

Correctly identifying the problem lays the groundwork for the appraisal process. It helps in formulating a clear scope of work that guides the subsequent data collection and analysis. It also allows the appraiser to think critically about the appropriate methods to employ based on the identified needs. This emphasis on problem identification ensures the appraisal is relevant and tailored to the needs of the client or any other stakeholders involved.