The job of commercial appraisers is very similar to the tasks performed by residential appraisers – they estimate the value of property and provide reports using commercial appraisal report writing software that summarize their findings. The approach and the process of appraising commercial property is essentially the same as in the case of residential property, but there are several important differences as well. Here are some of the most important tasks that a commercial real estate appraiser is in charge of:
- Appraising the value of land, office building, hotels, commercial centers and industrial buildings – unlike residential appraisers, commercial appraisers evaluate buildings and property used for commercial or industrial purposes;
- Verifying legal aspects – an important part of the appraisal process is the verification of data, such as dimensions and ownership titles, in public records;
- Inspecting the property – this process is similar to the inspections performed by residential appraisers, the expert visits the property, notes its characteristics and takes photographs to back up their findings with evidence;
- Comparisons – the value of any estate is determined in relation to the similar properties surrounding it, so the commercial appraiser will perform that kind of comparison as well;
- Preparing the report – in the final phase of the appraisal process, the appraiser will summarize their findings and conclusions in a report written to meet the requirements related to the specific purpose that the report will be used for.
First Posted over here: What Do Commercial Appraisers Do?
No comments:
Post a Comment