Peer review is a great tool to improve an appraiser’s work product. It is a critical eye on another appraiser’s work, with the intent to help educate and improve. It is typically a voluntary process, where one appraiser provides another with an appraisal to be examined in detail, where suggestions are offered in a manner that helps the submitting appraiser. It is confidential in nature, with agreements in place that no information will be shared outside of the agreed upon process. The process is structured in a way, where questions are asked in such a manner that the submitting appraiser has a “lightbulb moment” and may end up looking at answers to a problem in a new light. It is truly an educational and aspirational service. When completed correctly, the recipient of this process should come away with greater confidence on how to proceed, or even that they have done a good job in explaining what needs to be explained so that an intended user can properly understand the report offered. After all, appraisers rarely receive feedback about their work unless someone is unhappy with it.
There are so many benefits from this type of service, including exposing weaknesses in a safe environment and helping coach someone through to a better understanding of the processes involved in developing and reporting the results of an appraisal. It can expose the recipient to new ideas, give some confidence where the work product is good, and simply help someone do a more thorough job, when the work is looked at with a fresh set of eyes.
Peer review should never be a place to be hurtful and unkind, as it is counter to its purpose. It should never be used to “internet shame” someone, or to group pile onto another. In fact, this type of consulting assignment should be confidential in all respects, and never exposed on the internet. Peer review is not offering a second opinion of value, or a review in the sense of Standard 3 & 4, but as an educational tool in the truest sense.
There are different types of peer review. The most common we see is the formal peer review completed as a part of the designation process with some appraisal organizations such as the Appraisal Institute. In that format, several appraisal reports are examined and the peer reviewer interviews the candidate based on those reports. The screening reviewer asks questions that helps gauge the candidate’s level of knowledge that might not come across in the reports, and helps lead the candidate to a better understanding of where weaknesses may lay. Both positive and negatives are addressed, and deficiencies may result in a request to return with some improvements. It is never hostile and always helpful.
Peer-to-peer review is completely voluntary and undertaken when an appraiser is concerned there may be weaknesses in the reporting or analysis. Normally an appraiser will seek out someone who has an excellent reputation of both knowing the processes involved in completing work, and who can help educate without undue judgment. The terms of the process are negotiated between the two participants. As with formal peer review, the process and results are confidential.
Many appraisers are isolated, in that they work on their own and do not have anyone to bounce ideas off of, or ask for advice. Peer-to-peer review can be a way of gaining competence, confidence, and establishing relationships with other appraisers who can help them along the way. If done properly, it is hard to see a downside to it.
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