Ask an Instructor: Comparables and the Report Writing Checklist
Tuesday, March 20, 2018 in Ask an Instructor
ISA members are invited to send in their questions on all things appraising and education to ISA's instructors. One of ISA's instructors will share answers on the ISA Now Blog. Please send questions to firstname.lastname@example.org.
Question: How many comparables do I need to include in my appraisal?
Answer: This question is one of the most commonly asked to the ISA instructors throughout the year. The answer is…enough.
You want to include enough comparables to produce a credible valuation. Sometimes you may have two or three comparables available to use. Sometimes only one is sufficient to make your point. And, sometimes, you will need to provide more than three comparables. What you do NOT want to do is print out every comparable from Artnet or Askart or another subscription service for the last 50 years with thousands of examples. Choose the most relevant comparables for the appraised item, and explain in your reasoned justification how you narrowed your search as well as why each comparable listed is relevant to the appraised item. End your justification with how you came to your value conclusion based upon the comparables cited. Remember that the reasoned justification is just as important as listing the comparables themselves.
Question: Do you know where I can find the 2018 ISA Appraisal Report Writing Checklist?
Answer: Yes! You can download the newly updated Checklist here. We also have a blog post with more information on the updated checklist. You can also always find the Checklist posted on the ISA Forum under the Education topic.
- Meredith Meuwly, ISA CAPP
Director of Education