Effective Tips for Choosing Commercial Real Estate Appraisers
If you are looking to get an accurate value for your commercial property, it is important to hire a competent appraiser. Here are some tips for choosing a commercial real estate appraiser.
When seeking a commercial appraiser, it is a good idea to consider one that specializes in your geographical location. 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 have knowledge of the amenities, facilities, and properties that have been sold recently.
The numbers of years that they have been in the industry is an important consideration when you are looking for an appraiser. What’s more, an appraiser that has experience in the type of property that you need appraisal service is a good choice as they are more likely to know what they are doing. 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.
Ask the appraiser to provide you with proof of their licensing and ensure that it meets the requirements of your state. A proper license will assure you that you are working with an authorized commercial investment appraiser. 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 also be actively involved in professional appraiser’s association which sets some standards and code of ethics for the appraisers to follow.
Review the background information of the commercial appraiser online to help you make an educated choice. Reputable appraisers will adhere to set code o ethics when evaluating your property in order tom ensure accuracy. Getting reports from appraisers who work to give you a value that you want and not one that is based on the market data can cause you problems in the future. Ask to speak to the person who will doing the inspection and ensure that they are highly trained to complete the task as required.
While choosing an appraiser, it is critical to know which appraisal method they will use. They can get data on recent sales or information on listing services to make their valuation.
Last but not least, inquire about their fees so you can make a final decision. However, it is not wise to hire an appraiser based on fee as very low fees could result to substandard report.