In this interview, Scott Dugan—a Certified General Appraiser with 20+ years of luxury appraisal experience in the Las Vegas Valley—shares his professional insight on luxury home appraisals.
Price per square foot isn’t the only component to consider when appraising a luxury home. Find out what other variables appraisers use to determine a home’s value.
In the end, we share stories about deals that fell apart because the seller didn’t get an appraisal up front and discuss the rise of incompetent appraisers due to appraisal management companies.
***IN THIS EPISODE, YOU’LL DISCOVER***
- When would a seller want to get an appraisal?
- What is package price per square foot and how do appraisers use it?
- What does an appraiser use when it comes to picking comps?
- How long does the appraisal process take?
- What can a seller do to help an appraiser maximize their valuation?
- “The good thing about getting an appraisal prior to selling is that it gives the seller some additional information that they can use for marketing.”
- “A lot of appraisers in the market these days are rookies. They might come in low and ruin the deal.”
- “Here’s my advice on using price per square foot: I recommend trying to be as ‘apples to apples’ as you can.”
- “Give us figures on what you’ve spent, because that’s really helpful to an appraiser.”
- “It’s really important for the buyer’s agent to make sure they’re using the best lender available—not just for the lending process, but for the appraisal process.”
- “You have to know how to play the game to the best of your ability to get the sale consummated.”
- “In order to get the interest rates we have today, you’d have to go back to the 1970s.”
***ABOUT THIS WEEK’S GUEST***
Scott Dugan is a Nevada State Certified General Appraiser and since 1989 has held the Appraisal Institutes SRA designation of Senior Residential Appraiser. Over the past four plus decades, he has performed a wide variety of residential and small commercial assignments in the Southern Nevada area.
Scott specializes in the valuation of high-quality luxury homes, including estates and high-rise condominiums. He is a recognized expert for these properties by local Realtors, lenders, attorneys and the courts. Over the past decade or so, Scott has appraised nearly 60% of the $1,000,000 plus luxury homes sold through the Greater Las Vegas MLS.
***GET IN TOUCH WITH SCOTT***
***ABOUT THE SHOW***
Welcome to Luxury Real Estate Talk, where you get expert advice on buying and selling Luxury Real Estate. Learn from the best and brightest real estate agents, brokers, and other professionals, as they share real-life stories about the art and business of listing, marketing, selling, and buying high-end homes. Through casual but insightful conversations, the Talk’s host Rob Jensen will help you master your understanding of the luxury real estate market.
Rob is the president and owner/broker of the Rob Jensen Company, which exclusively specializes in working with buyers and sellers in 42 guard gated and select gated communities in Summerlin, Las Vegas, and Henderson, Nevada. Rob’s 15+ years of local industry expertise have made him a sought after real estate expert source with the media. He has served as a guest commentator for numerous national broadcast television networks including MSNBC and BRAVO. He has also provided content and commentary to The Wall Street Journal, Forbes.com, BusinessWeek.com, the Las Vegas Review-Journal, Real Estate Executive magazine, Growing Wealth magazine, and the Los Angeles Times, among others. Additionally, Rob has penned a recurring monthly real estate column for the Las Vegas Business Press.lly, Rob has penned a recurring monthly real estate column for the Las Vegas Business Press.