When you are looking for a commercial real estate appraiser, there are many factors that will determine which appraiser will best meet your needs. Are you looking for an experienced person who can accurately assess your commercial property, whether you want to buy, sell or refinance, but what questions should you ask a commercial real estate appraiser to make sure they are the right fit for your project?
HOW MANY YEARS OF EXPERIENCE DO YOU HAVE IN THE INDUSTRY?
When it comes to evaluation, experience is essential for acquiring knowledge and skills in the field. However, the types of properties they have experience with are just as important as the length of time they conduct evaluations in general. For example, an appraiser who has a lot of experience appraising farms and farm buildings may not have the same level of expertise as residential skyscrapers in a city. Appraisers are required to disclose their skills with specific properties. Therefore, asking this question is a great way to determine if they are a good match for your type of property.
WHICH AREAS DO YOU SERVICE?
A lot of nationwide property and appraisal services appraisers work in specific geographies and are familiar with real estate trends, including current market values in their area. This type of familiarity with the local area can be excellent for an assessment of general property types. While all appraisers should give you an unbiased appraisal, if you have a unique building type, you may find that you prefer to consult an out-of-state commercial real estate appraiser to get an unbiased value for you. A business that has no vested interest in a property.
Assessors who do not have specific geographic experience can gain skills by partnering with a local assessor and should disclose if they plan to do so. They should also disclose if they are not already licensed and must apply for a temporary license in the state.
HAVE YOU APPRAISED THE PROPERTY PREVIOUSLY?
Appraisers are required to disclose if they have worked on a property in the past three years and are ethically responsible for dealing with any potential conflicts if any.
DO YOU HAVE ANY PROFESSIONAL DESIGNATIONS OR CERTIFICATIONS?
A great way to choose high-quality assessors is to observe their designations or certifications. For example, you should try to select an appraiser with the designation MAI. According to the Appraisal Institute, the MAI designation is only awarded to assessors who meet very high ethical and academic standards. The designation confirms that an assessor is competent, trustworthy, and ethical. Other types of designations are SRA (a specialty in residential properties), AI-GRS, or AI-RRS member designations.
CAN YOU PROVIDE REFERENCES FROM PREVIOUS CLIENTS?
A good method of determining the legitimacy of your commercial real estate appraiser is to review their past assignments by reviewing their testimonials. You can review the written testimonials of their previous clients by visiting their Facebook or LinkedIn pages or by checking their Google listings. Some reviewers will even post testimonials on their websites.