Which step follows the collection and analysis of data in the appraisal process?

After collecting and analyzing data in the appraisal process, the next logical step is to decide on the approach. This step is crucial because it involves determining the most suitable method for appraising the property based on the data gathered. Factors such as the type of property, market conditions, and the purpose of the appraisal can influence the chosen approach.

By making this decision, the appraiser can tailor their analysis and valuation methodology—whether it be the sales comparison approach, cost approach, or income approach—to best fit the property being evaluated. This step is fundamental because it sets the direction for how the appraiser will interpret the data and ultimately estimate the property's value.

Following this decision, tasks such as writing the appraisal report, reconciling the final property value estimate, and completing preliminary inspections may take place, but these occur after the decision on the approach has been made. Choosing an appropriate approach is the foundation for the subsequent steps in the appraisal process.