76: BEHIND THE LEADER with Leigh Walker | President, Lawrenson Walker Appraisers

WATCH ▶️ ⁠⁠⁠⁠⁠Watch this episode on YouTube⁠⁠⁠⁠⁠ *** EPISODE DESCRIPTION In this episode, Dean & Deryk are joined by Leigh Walker. Leigh is the President of Lawrenson Walker Real Estate Appraisers Ltd. from the Greater Vancouver Area in BC, who began his real estate career in 1993 and is currently a CRA designated appraiser with the Appraisal Institute of Canada (AIC) and member of the Greater Vancouver Real Estate Board (GVREB). With a strong voice as an industry advocate, Leigh is the co-founder and President of the Business Association of Real Estate Appraisers (BAREA), and also volunteers as a Director of the Canadian Mortgage Brokers Association (CMBA). He has also been an Executive Co-Chair of the Vancouver Chapter of the Appraisal Institute of Canada, and the Director of the BC Association of the Appraisal Institute of Canada. Leaders in the field of residential real estate appraisal and consulting, Lawrenson Walker Real Estate Appraisers was established in 1992, and currently service British Columbia and Alberta. Leigh is here to discuss: → How he got into real estate, why he took the business development of LWA so seriously, and where the company is going. → The importance of developing the appraiser-broker relationship, how a broker can make an appraisal harder, and one thing brokers misunderstand about appraisers. → The appraiser-lender relationship: The "90/90/20" rule, if lenders ever visit properties, and why there's increased lender scrutiny of appraisals. → Why an appraisal can come in low, the importance of KYCP (know your clients' property) and conditions, and the cost to build vs the return you'll actually get. → The honest truth about appraisal management companies or AMCs, what they do, and how they work. → Why there is no such thing as a "blanket appraisal", where the term came from, and the ongoing OSFI crackdown. → How unauthorized suites impact appraisals, appraising pre-sales in this market, and how appraisers evaluate rents with no database. → The factors that show the market will turn around in a big way and advice for new brokers. *** 🌎 Lawrenson Walker Appraisers Website: www.lawrensonwalker.com 📸 Lawrenson Walker Appraisers Instagram: @lawrensonwalkerappraisers 🔗 Leigh Walker's LinkedIn: @LeighWalker *** CHAPTERS 00:00 Intro 00:31 Today's Guest: Leigh Walker 02:46 Where LWA is Today and Future Plans 05:57 Sophisticated Readers vs. Homeowners 07:59 The Increased Lender Scrutiny of Appraisals 09:05 Why an Appraisal Can Come in Low 14:15 Do Lenders Visit Properties? 15:36 The Appraiser/Realtor Relationship 18:19 The 90/90/20 Rule & Lender Policies 21:52 The Appraiser/Lender Relationship 23:47 AMCs - Appraisal Management Companies 31:43 KYCP - Know Your Clients Property 34:41 Appraisal Stories 38:30 Appraisal Tips for Brokers 44:07 How Unauthorized Suites Factor Into Appraisals 45:45 Evaluating Rents 46:58 Appraising Pre-Sales & Government Buy-Backs 49:37 Blanket Appraisal & OSFI Crackdown 52:19 The Market Will Turn Around Big 54:34 Advice for New Brokers 56:03 Wrap-Up *** CONNECT WITH THE SHOW 🎙️ The Mortgage Broker Podcast Podcast: ⁠⁠⁠⁠⁠⁠⁠⁠@abetterwaymortgage⁠⁠⁠⁠⁠⁠⁠⁠ 📺 The Mortgage Broker Podcast YouTube: ⁠⁠⁠⁠⁠⁠⁠⁠@MortgageBrokerPodcastNetwork⁠⁠⁠⁠⁠⁠⁠⁠ 📝 The Mortgage Broker Podcast Blog: ⁠⁠⁠⁠⁠⁠⁠⁠@ABWMedia⁠⁠⁠⁠⁠⁠⁠⁠ *** CONNECT WITH THE HOSTS 📋 Justin Noda's LinkedIn: ⁠⁠⁠⁠⁠⁠⁠@JustinNoda⁠⁠⁠⁠⁠⁠ 📋 Dean Lawton's LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠@DeanLawton⁠⁠⁠⁠⁠⁠⁠⁠⁠ 📋 Deryk Williamson's LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠⁠@DerykWilliamson⁠⁠⁠⁠⁠⁠⁠⁠⁠ 📋 Jason Marshall's LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠@JasonMarshall⁠⁠⁠⁠⁠⁠⁠⁠ *** CONNECT WITH A BETTER WAY MORTGAGES 🔗 A Better Way Mortgages Website: ⁠⁠⁠⁠⁠⁠⁠⁠www.joinabw.ca⁠⁠⁠⁠⁠⁠⁠⁠ 📸 A Better Way Mortgages Instagram: ⁠⁠⁠⁠⁠⁠⁠⁠@abetterwaymortgages⁠⁠⁠⁠⁠⁠⁠⁠ 📋 A Better Way Mortgages LinkedIn: ⁠⁠⁠⁠⁠⁠⁠⁠@ABetterWayMortgages⁠⁠⁠⁠⁠⁠⁠⁠ 👥 A Better Way Mortgages Facebook: ⁠⁠⁠⁠⁠⁠⁠⁠@ABetterWayMortgages⁠⁠⁠⁠⁠⁠⁠⁠ 📬 A Better Way Mortgages Tuesday Mortgage Memo: ⁠⁠⁠⁠⁠⁠⁠⁠@ABWTuesdayMortgageMemo⁠⁠