In the 8 steps of the appraisal process, what is the role of reconciliation?

In the appraisal process, reconciliation plays a critical role as it is the stage where appraisers synthesize all the information and analyses they have gathered through various methods to arrive at a final value estimate for the property. After conducting thorough research, collecting data, and applying different appraisal techniques, reconciliation allows the appraiser to weigh the relative strengths and weaknesses of the value estimates derived from these methods.

During reconciliation, the appraiser considers the different perspectives each method provides and determines which value or range of values best reflects the property's worth in the current market context. This reflective and integrative process ensures that the final appraisal is well-supported by the analysis carried out earlier, leading to a more credible and reliable property valuation.

While the other steps like gathering data, applying different methods, and defining the scope of the appraisal are necessary preliminary activities, they do not finalize the valuation. Only through reconciliation can the appraiser present a coherent conclusion that encapsulates all findings into a single value estimate that stakeholders can rely on.