The Ultimate Guide to Finding the Best Commercial Appraisers in Your Area

 

Selecting the right commercial real estate appraiser is crucial for property owners and investors seeking accurate property valuations. However, finding a truly skilled appraiser amidst lacking state licensing requirements can prove challenging. Use this definitive guide to source and vet only the most qualified commercial appraisers in your locale.

Know the Appraisal Purpose

First, consider why you need a commercial appraisal. Common reasons include financing, estate planning, property sale, property tax appeal or accounting requirements. Understanding the appraisal purpose and intended use guides what credentials and competencies your appraiser requires. A mass appraisal for tax purposes needs less precision than a capital contribution valuation for partners, for example.

Verify Core Licensing

At minimum, your commercial appraiser should hold a state-issued license demonstrating core education and experience. Confirm your state’s specific license name as titling varies. For example, "Certified General" is Florida’s standard license. But not all states mandate licenses so membership in professional appraisal societies becomes more important for unregulated appraisers. 

Assess Advanced Designations

For the most qualified commercial appraisers, look beyond basic licensing to advanced professional designations. For instance, the MAI designation from the Appraisal Institute recognizes the pinnacle of valuation expertise in commercial, industrial, multi-family and other income-producing properties. One can only achieve the MAI designation through years of specialized coursework and experience. Those holding the prestigious MAI truly stand out in commercial real estate appraisal knowledge.

Gauge Experience

Glance through an appraiser’s project list to gauge their experience with various property types, purposes and complex assignments like your needs. For example, an appraiser familiar with manufacturing facilities may still lack enough experience appraising retail centers or vacant land to meet your standards. Schedule introductory calls with prospective appraisers to probe their background deeper.
 

Verify Local Competence

Even the most seasoned appraiser lacks true competence until familiar with local submarket dynamics influencing property values in your area. Verify an appraiser actively works and resides within the region enough to exhibit current localized expertise. Local appraisers also have better access for inspecting comparable firsthand.

Check References

Ask prospective commercial appraisers for client references and sample work products. Reputable appraisers should readily provide redacted reports and contact info for past clients willing to vouch for their capabilities. Check both general client satisfaction levels and appraisal accuracy tied to actual selling prices.

Compare Credentials

Narrow down the candidate pool using side-by-side comparisons around licensing, designations, experience, and local competence. Verifying these vital credentials before engaging protects against inadequate appraisals later. With multiples estimates in-hand, consult our exclusive rating scale for picking the #1 commercial appraiser to meet your purpose.

Know that highly qualified commercial appraisers leverage both extensive valuation education and repeat local exposure. By selecting only top-tier professionals exhibiting proper licensing, designations, experience and area expertise – your organization benefits from appraisal reports exhibiting maximum accuracy and relevance every time.