Appraisers include management fee in CAP rate?

[Timothy Munger]

Do appraisers automatically include a 10% property management fee despite it being managed by owner or if its possible to secure a lower say 7% management fee? If they do that can result in a drastically lower appraisal due to CAP rate adjustment...anybody with experience with this? Thanks!

[Drew Sygit]

If the appraiser doesn't do it - the lender will! 

Lenders are conservative and don't care that you will self-manage. WHo will manage if you get transferred and somehow incapacitated? Lenders want to be covered for those events.

FYI - they will use the local market rate, which may or may not be 10%