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62 Property valuations are a commoditized product, right? It really doesn't matter which national valuation firm you utilize as long as the price is right and the turn time is fast because an appraisal is an appraisal, a BPO is a BPO, yes? e truth is the notion is not even close. In the face of the today's stringent regulatory requirements, there are both slight deviations and vast differences among valuation vendors. From technology to review process to panel management to customer service and more, the variances from one vendor to the next go well beyond who can provide the least expensive report in the shortest amount of time. So how then do you choose a valuation vendor? Do you select the biggest provider or a smaller, boutique valuation vendor? Do you Google search and pick the one with the best website? Do you choose the one who calls you the most often? Is it the one who you met on that ski trip? Do you ask industry colleagues for a referral? e first important step in selecting the right valuation vendor is to understand your needs so that you can choose a vendor who most ideally fits those specific needs. Do you need a standard report or would a customized solution work better? Do you have special order, delivery, or reporting requirements? Are there any special instructions you need the provider to understand and be able to implement in their process? Do you need additional data or market intelligence? ere are numerous things to consider in identifying what is important in the valuation process, and those needs are unique from company to company. While there are many good valuation vendors (and some not so good ones), there is likely a limited subset of vendors who are a really good fit for your company. e key to selecting the right valuation vendor—one that is a fit based on the needs you've identified—is to ask the right questions. Let's take a look at nine important ones that anyone shopping for a valuation vendor should ask: CAN YOU TELL ME WHAT YOU DO TO PROVIDE A QUALITY PRODUCT ON A CONSISTENT BASIS? Every decent valuation vendor should have a good answer for this question, but the devil is in the details. How do they ensure quality in the process? What concrete steps can they describe that demonstrate their commitment to quality? Do they do a manual review on every report? Do they use third-party data sources? What are the experience requirements of their staff? Are they compliant with all regulations? All of these details make a difference in the quality of the report that is ultimately delivered. e best valuation vendors have definitive processes that help maximize the delivery of high-quality, well-supported valuations. HOW DOES TECHNOLOGY PLAY A ROLE IN YOUR PROCESS? Vendors rely on different technology in various ways in their valuation process. e use of technology can range from a very limited scope such as handling ordering and tracking to more robust technology that can provide everything from an automated workflow to rules-based engines that check for quality, completeness, and compliance. Some vendors rely on third-party technology, while others have a proprietary, patented platform integrated. Make sure that you understand not only what technology the vendor uses but also what kind of functionality that technology provides and how they use it in their process. ere are many idiosyncrasies inherent to technology that can D A T A & R E S E A R C H / C H R I S M C C L A I N PROPERTY VALUATIONS 101: THE HOW-TO GUIDE FOR SELECTING YOUR NEXT PROVIDER

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