What does 'know your client' mean in the context of appraising?

In the context of appraising, "know your client" emphasizes the importance of fully understanding the client's needs and objectives. This concept goes beyond merely collecting basic contact information or having previous interactions with the client; it involves a deep comprehension of what the client aims to achieve through the appraisal process. This knowledge helps appraisers tailor their services to meet specific client goals, advise effectively, and provide relevant information that reflects the client's unique situation.

By grasping the client's needs, the appraiser can ensure the appraisal aligns with the client’s expectations, whether they pertain to investment decisions, market analysis, or any other specific objectives related to the property in question. This understanding also fosters a better working relationship, enhancing communication and potentially influencing the quality and relevance of the appraisal provided.

While understanding a client's financial situation could play a role in certain appraisals, it is only a part of the broader context of knowing the client's comprehensive goals and needs. Therefore, the focus on understanding client objectives elevates the appraisal process to be more client-centric, ensuring outcomes that are more satisfactory and relevant to the client's specific context.