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Tips To Choose The Right Commercial Real Estate Appraisal Service
Finding the right commercial real estate appraiser is a daunting task. However, knowing important qualifications and traits will help you make sure you're choosing the right commercial real estate appraisal service. Here’s what you should do:
Determine whether you need an appraisal or estimate
Although both of these tasks are common in the real estate world; however, each one is used for a different purpose. With the estimate, it is more of general calculations made when exact calculations are not that important. It is often prepared for the purpose of putting a property on the sales market. Estimates can be made by anyone, but effectively by real estate agents themselves. When it comes to an appraisal, it requires exact calculations of value and takes into account a number of scientific factors. Appraisals are often used for tax and loan purposes. For instance, to figure out the tax liability of a homeowner or to figure out what type of mortgage someone will need. Appraisals must be completed by trained individuals or a commercial real estate appraisal service.
Make sure they are licensed or certified
Always make sure the service you choose is licensed or certified by the state to perform real estate appraisals. While state licensing and/or certification won’t always indicate quality, it still ensures that an individual has met certain standards and is authorized to perform property appraisals. Also, bear in mind, some states do not require licensing to perform real estate appraisals.
Inquire about their experience
It is significant to check the experience of a professional or an agency before opting for their service. You can ask whether they’ve had experience working on the property and neighborhood you are looking to get appraised. Even though experience sometimes indicates quality, there are certain benchmarks quality appraisers they have met. It also takes about five years to get good working knowledge and competency.
Ask around for references
You can find an appraiser in the yellow pages, but you might not have much information about them. It is crucial to crowdsource people in the industry. You can ask a lender, real estate agent, attorney, or accountant for an appraiser they have used in the past. Finding the right service indicates a good start.
When you look for a commercial real estate appraisal service, consider these few tips mentioned in this guide to help you pick the right one.
Author: The author is a blogger and the article is Simple Guide To Choosing The Right Commercial Real Estate Appraisal Service.
MR Valuation Consulting is an independent valuation and consulting firm providing reliable business valuation, advisory, and consulting services.
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