Appraising commercial properties is important qualifying for a loan, building tax, financial reporting, estimating value for selling or purchasing a property in a real estate transaction, insolvency, estimated value of insurance claims, litigation etc.
Writing an appraisal report is challenging because there are many information to take into consideration. However, technology is expected to save the day in this business too.
It is estimated that in the future appraisers will benefit more from technology, which will contribute to an increasingly accurate and easy-to-do valuation process. This sounds great, especially if we take into consideration the fact that the amount of the required details I appraisal reports increased steadily since the last market recession.
The newest commercial appraisal report writing software will continue to be developed and appraisers will rely more and more on technology to do their job. They will have access to online property databases, search and mapping functionality, integration with other providers of data needed in their reports, comparable report generation etc.
The only concern is related to the possibility of appraisal companies to develop their in-house technology platform; smaller and less-capitalized firms may not have the possibility to do this, even if this way, their reputation would increase and they would be able to maximize their billings.
Originally Posted over here: Innovations In Appraising Commercial Properties
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