Factors to Keep in Mind When Hiring a Commercial Appraiser
Commercial appraising is subjective in nature and involves a lot of processes hence, the need to hire a qualified and experienced commercial appraiser. The following are things that you should consider when choosing a commercial appraiser.
It is advisable to look for a commercial appraisal that is located in your area and is familiar with your market. This is important because there are commercial real estate appraisals that cover a number of market areas and may not have much familiarity with your market area. They should know amenities and facilities like schools, shopping centers, parks and prices of properties in the community.
The numbers of years that they have been in the industry is an important consideration when you are looking for an appraiser. This way, they are likely to know the ins and outs of the assignment and you can be assured that they will complete the task at hand with a lot of competency. In addition, appraisals that need to be submitted for tax purposes should be written by an experienced and qualified real state appraiser. You can ask for current and past references to verify the appraisers experience.
Ask the appraiser to provide you with proof of their licensing and ensure that it meets the requirements of your state. This is clear indication that thy have met the necessary qualifications and requirements. Visit your states licensing board such as the Bureau of Real Estate Appraisal to check if the appraiser license is valid. Check to make certain that the commercial appraiser you choose has no disciplinary actions, current revocations, suspensions or voluntary surrenders.
Also, check the qualifications and credentials of the appraiser before hiring their services. For commercial appraisers, it is necessary for them to hold a bachelor’s degree real property appraisal. In addition, the appraiser you choose should be a member of an appraisal organization which ha code of conducts and their own standards for members to follow.
Make sure you choose a commercial appraiser that has a good standing in the community. This will give you ideas of good appraisers who will provide you with accurate reports of the valuation. You want an appraiser who bases their report on the market data and not what you expect. Similarly, ask to meet the individuals who will be doing the inspection and write the report of the valuation.
Before making a final decision, inquire about the appraisal method to be used. Most of the appraiser usually compile their valuation by looking at recent sales and price trends database as well as using listing information.
Last but not least, inquire about their fees so you can make a final decision. This should be your last consideration since going for very low fees may get you poor quality services.