The worldwide ERC and Relocation Appraisal and Consultant are proud to announce the annual contest winner: Michael Manley, CRP, IFA.
The winner of the 2022 Relocation Appraisal Report Writing Contest is Michael Manley, CRP, IFA. Judges based their decision on factors such as clarity of communication, internal consistencies, complexities of the report, thoroughness, and completeness.
Michael Manley, the owner of Michael Manley LLC, is a residential appraiser in Littleton, Colorado. He entered the field shortly after graduating from CU Boulder when Rick Foos, a friend of his mother’s who was looking for someone with no real estate experience but had just graduated college, hired and trained him from scratch. Now 33 years later, Manley is an experienced relocation appraiser as well as a certified luxury home appraiser in the Denver Metropolitan Area.
This was Manley’s first time submitting to the annual Relocation Appraisal Report Writing Contest. He said, “I have a good friend who has been a RAC member for years and she finally encouraged me to enter. Thanks, Marie!”
Manley’s report focused on a complex golf course property appraisal he was recently chosen to do. “I didn’t feel very lucky at the time,” Manley says, “The market, the compound, and the house itself were new territory for me, so it took longer than usual to come up with an accurate sales price. But in the end, my research paid off.”
The two most frequent types of appraisals are mortgage and relocation, but they differ significantly in their approach and purpose. According to Manley, “Relocation appraising is more difficult since it requires the analyst to be able to compare market data and sales beyond what is necessary for mortgage appraisal.”
The purpose of a mortgage appraisal is to provide an estimate of value to assess the amount of risk a lending institution takes on when offering the loan. Conversely, appraising properties for relocation purposes requires not only expert knowledge in appraisals but also specific experience with corporate home purchase programs.
The reason for this is that the Worldwide ERC Summary Appraisal Report requires a more in-depth analysis than what is merely needed for a mortgage appraisal. A Worldwide ERC Summary Appraisal Report necessitates a comprehensive evaluation of all market factors and more intricate, narrative-based assessments, including an examination of a home’s interior decoration rather than simply the design or condition of the house. “In my opinion, it boils down to putting in the effort and keeping your abilities sharpened,” Manley says.
“There is no set formula to follow, so appraisers must be vigilant in their analysis of comparable sales and listings to reach conclusions about the relocation properties they are evaluating.”
Manley states that forecasting is examining past trends of similar properties in the area, as well as current trends, to estimate future market patterns for the given property. This assessment affects estimated pricing and marketing time frames are moving forward. To complete a forecast analysis, appraisers must compare recent sales data with the subject property while making adjustments accordingly.
We would like to express our gratitude towards Michael Manley for his hard work on the Worldwide ERC Summary Appraisal Report. As a show of appreciation, he has been given complimentary entry to RAC Conference 2022, as well as a $500 gift card and registration to the Worldwide ERC® Spring Conference.
