Commercial properties can be valued in several ways, using different approaches, but regardless of these, valuation is accurate only if information used in the analysis is also accurate. Some of the more accurate and best commercial real estate appraisal software programs that are now available should be considered.
Completing a traditional report takes a lot of time, but the market for commercial real estate appraisal software has grown in recent years, which makes it now possible for appraisers to use different tools that make valuing commercial property more accurate than ever.
A good appraisal must be accurate and unbiased, because it plays an essential role in the purchase price. Appraisers must have access to correct data, and for this they go through many reports, statistics, rent rolls etc. Making errors is human, especially when you work with so much information. Fortunately, as automation improves the margin of error decreases. It is estimated that it will be reduced down to 2-3%, depending on the role of the people involved in the process.
Right now, appraisers are professionals, but in the future they may be required to be technicians, due to the technological progresses, because one day the appraisal process is expected to move to an algorithm-based process exclusively.
Automated valuation can reduce confirmation bias and assessments will be more and more considered in terms of a range, not a match to the sale price.
Original Post here: Preventing Mistakes With Commercial Real Estate Appraisal Software
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