What does the process of reconciliation involve in appraisal practice?

The process of reconciliation in appraisal practice involves a careful consideration of the quality and quantity of data. During this phase, appraisers analyze and weigh the information gathered from different sources and methodologies, ensuring that the data contributes meaningfully to the final appraisal value. This is crucial because not all data hold the same level of reliability or relevance to the specific property being appraised. By critically evaluating the data, appraisers can effectively consolidate their findings and ensure that the conclusions drawn are well-supported and accurate.

This process is fundamental to producing an appraisal report that stands up to scrutiny and meets the standards of the appraisal profession. It highlights the need for thoroughness and rigor in evaluating all data points before arriving at a final value, reinforcing the importance of integrity and precision in the appraisal process.