When appraising a commercial real estate property, it's very important to be flexible and open to the creative possibilities associated to using the building in question either as it is or as part of an extensive renovation project aimed at making it look and feel just right for a certain segment of the market.
The idea is that, unlike residential real estate, commercial buildings can bring in a lot of money as long as they're used properly, so a commercial real estate assessment can also get much more complicated than one might expect.
A well-designed commercial real estate building that was used unsuccessfully as a hardware store I'm the past might be located close to a school, and it could be used to sell sweets and pastry items instead. Similarly, an old office building can easily be restored and turned into a hotel, if it’s in the right area.
Location, market trends, the amount of work required for a full makeover and the effective possibility for promoting the property all play a role in the potential success of a business simply due to its ownership of the building in question. As a real estate appraiser, you have to keep these aspects in mind when appraising even a property that doesn't necessarily look like it has a lot going for it. Before purchasing appraiser software, be sure you look at the commercial real estate appraisal software reviews of the product you are considering.
Original Post right here: Why Should Commercial Real Estate Appraisers Be More Flexible in Their Assessments?
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