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Episode 08: Making Appraisals Effective
In episode 8 of the Profitable Powerhouse Properties Podcast, your hosts are joined by Tom Horn, a real estate appraiser in the Birmingham area. Tom talks about appraisals, how he conducts his business, and what adds the most value to the property.
Episode Highlights:
Learn about the property management summit AHI is putting on in Birmingham on June 5th, 2019.
Why appraisal is one of the most important parts of the buying/selling process.
How to identify comparables that will support or disprove a property value.
You have to look at what services and initiatives are coming into an area to get a picture of what property in the area is worth.
The first thing that comes to mind when Tom sees a property that’s fully updated and outfitted.
How to know what kind of finishes to put in your rental home.
How Tom collects rental comps and how that differs from sales value.
Where Tom gets his information for his workflow.
Whether bathrooms and kitchens are the most valuable upgrades in a property.
The valuation of a retail flip in a higher rate market.
How to approach different properties in different ways based on classification.
Zillow is great at reporting home sale prices, but what’s very inaccurate is the Zestimate.
Whatever the market holds is the most a home is going to go for.
Look at your market an know what it holds from a rental and sales standpoint.
The value of a good property management team and other local partnerships are extremely important.
Buy in an area that’s under restoration - if you buy in earlier you may stand to reap a greater reward.
The biggest and most important thing to know is market value - what kind of margins you’re working with and how much you want.
Know what properties are selling for and know what those properties are.
One simple thing you can check on your appraisal to be sure it’s valued properly.
Key Points:
Using comps is not a matter of averaging the top three, there are a lot of factors that go into how a comp supports a property value.
Don’t have the biggest or most expensive house in the neighborhood.
Market absorption is vitally important with the greater impact on the sales side.
Tweetable Quotes:
“It’s not just one or two things an appraiser looks at, it’s a lot of things.” -Tom Horn
“If someone wants to sell at the top of the market, the house has to look like what’s at the top of the market.
“Curb appeal has an impact because if two homes are identical the buyer will choose the one with better curb appeal.”
Resources Mentioned:
Check out our website ahiproperties.com
Check out Birmingham Insurance Group
Start earning passive income with Roofstock.com
Email Jonathan and Bryan at [email protected]
Get your appraisal questions answered and learn more about Tom Horn at birminghamappraisalblog.com
Call Tom Horn at 205-243-9304
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By pppwithahigroup
5
44 ratings
In episode 8 of the Profitable Powerhouse Properties Podcast, your hosts are joined by Tom Horn, a real estate appraiser in the Birmingham area. Tom talks about appraisals, how he conducts his business, and what adds the most value to the property.
Episode Highlights:
Learn about the property management summit AHI is putting on in Birmingham on June 5th, 2019.
Why appraisal is one of the most important parts of the buying/selling process.
How to identify comparables that will support or disprove a property value.
You have to look at what services and initiatives are coming into an area to get a picture of what property in the area is worth.
The first thing that comes to mind when Tom sees a property that’s fully updated and outfitted.
How to know what kind of finishes to put in your rental home.
How Tom collects rental comps and how that differs from sales value.
Where Tom gets his information for his workflow.
Whether bathrooms and kitchens are the most valuable upgrades in a property.
The valuation of a retail flip in a higher rate market.
How to approach different properties in different ways based on classification.
Zillow is great at reporting home sale prices, but what’s very inaccurate is the Zestimate.
Whatever the market holds is the most a home is going to go for.
Look at your market an know what it holds from a rental and sales standpoint.
The value of a good property management team and other local partnerships are extremely important.
Buy in an area that’s under restoration - if you buy in earlier you may stand to reap a greater reward.
The biggest and most important thing to know is market value - what kind of margins you’re working with and how much you want.
Know what properties are selling for and know what those properties are.
One simple thing you can check on your appraisal to be sure it’s valued properly.
Key Points:
Using comps is not a matter of averaging the top three, there are a lot of factors that go into how a comp supports a property value.
Don’t have the biggest or most expensive house in the neighborhood.
Market absorption is vitally important with the greater impact on the sales side.
Tweetable Quotes:
“It’s not just one or two things an appraiser looks at, it’s a lot of things.” -Tom Horn
“If someone wants to sell at the top of the market, the house has to look like what’s at the top of the market.
“Curb appeal has an impact because if two homes are identical the buyer will choose the one with better curb appeal.”
Resources Mentioned:
Check out our website ahiproperties.com
Check out Birmingham Insurance Group
Start earning passive income with Roofstock.com
Email Jonathan and Bryan at [email protected]
Get your appraisal questions answered and learn more about Tom Horn at birminghamappraisalblog.com
Call Tom Horn at 205-243-9304