The Job of a Commercial Real Estate Appraiser
Understanding the ins and outs of Orlando commercial real estate appraisals is often complicated, especially since so many assume it’s just like appraising residential properties. Of course, it’s a very different process and can involve a great deal of communication between a property owner and the appraiser. When a property owner contacts us for an appraisal, it’s usually because they want to buy or sell or perhaps get an idea on the lease value of a particular property. Here is some insight on how an appraiser can assist you in getting the best possible assessment for your property.
If you are interested in hiring an appraiser to evaluate your commercial property, note that it often requires a great deal of communication between the owner and appraiser. Inspecting the property is really only the beginning, and while certainly a valuable and critical part of the appraisal, it’s usually not the most time consuming step. However, once this is completed, it’s time to gather information. This is where an appraiser needs, “just the facts.” It is important that we “get the truth and nothing but the truth” from clients regarding any and all questions we ask. Credibility is a must, so clients should never withhold any details. The pertinent paperwork we require, which can include property tax, income information and building designs, is necessary to accurately give you the most precise appraisal. Clients that are unable to provide this in a timely manner, or dispute the reasons for gathering this paperwork, can often lead to a delay in finalizing the project.
Orlando commercial real estate appraisers work for the person that hires them and client confidentially is carefully guarded. For example, if a client is the lender, information regarding the appraisal report cannot be released to the borrower. If a client is disputing his property tax and hires an appraiser to seek the value of his commercial real estate, then the report is given to the client and not released to the property tax board without the client’s permission. Also, an appraiser needs to be made aware of who can use the final report. In other words, let’s say you want to buy a property and you aim to share the appraisal with the lender and seller. It will then be these parties that are authorized to use the appraisal only.
Finally, all clients need to know that commercial real estate appraisers must follow a very strict code of ethics. Of course, what client wouldn’t want this in an appraiser? But any appraiser’s opinion must always be unbiased as failure to do this can lead to disciplinary action. Therefore, if a client insists that the Orlando commercial real estate appraiser do something that violates his code of ethics, then he should decline the assignment.
