Commercial real estate appraisal is the process of determining the value of a specific piece of commercial real estate. While this makes commercial appraisals very similar to residential appraisals, the process of appraising commercial properties is much more complex, the reports prepared often being at least 50 pages long and the timeframe needed for preparing them also being much longer than in the case of residential properties.
The process of putting together a commercial real estate appraisal software report involves, first of all, a visit to the property by the appraiser, in order to inspect the property. The next phase in the process is that of documentation and of collecting additional information, including the consultation of zoning reports and other official records to determine the value of the property. The final phase of the appraisal process is the writing of the report, that is, the process of preparing a lengthy and detailed document that contains lots of images and figures to back up the conclusion regarding the value of the property. The appraiser will determine the calculation approach that is best suited for the property that is being appraised and will use that method for the complex calculations the result of which will be the figure that expresses the value of the property.
Originally Posted here: Understanding the Commercial Real Estate Appraisal Process
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