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How to select the Best Commercial Appraiser
Unlike residential appraisals, commercial appraisals are intricate, hence the need to choose a qualified appraiser for accurate valuation. 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. The appraiser should have a good understanding of the community when it comes to matters like properties that have been sold recently, price ranges, social amenities and facilities like school.
The numbers of years that they have been in the industry is an important consideration when you are looking for an appraiser. Opt for an appraiser that has expertise in the type of commercial property that you want to be appraised. Besides, if you will be submitting the appraisal for tax purposes, you need an experienced professional who will ensure that it meets the requirements of the Internal Revenue Service. A good way of evaluating their level of competency is by inquiring for a slit of references that you can contact.
For a commercial appraiser to work on your property, they should be licensed by the state where they operate. This is clear indication that thy have met the necessary qualifications and requirements. You can contact the Bureau of Real Estate Appraiser to check the status of their licenses. You can also check if they have any disciplinary actions, revocations or suspensions.
Apart from licensing, information on their education and training will help you determine if they are suitable for the work. They need to complete their education from a recognized organization in order to acquire the right skills for operating as an appraiser. They should be active members of a professional appraiser’s association which requires its members to follow their standards for their training and education.
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. Know who will conducting the inspection and make certain that they are certified and experienced in doing commercial real estate inspections and writing reports.
Inquire about the methods that the commercial appraiser is going to use the appraising your property. The appraisals may use data of recent sales or listing information of various agents to come up with the valuations.
Lastly, consider the fees charged by the commercial appraisal especially if you are on a tight budget. It should not be the only determining factor as it will determine the type of report you will receive.