The Ultimate Guide to Finding the Best Appraisers for Building Projects


 

Whether you're undertaking new construction, renovations, or purchasing an existing building, getting an accurate valuation from a qualified appraiser should be a top priority. However, finding appraisers with expertise in specialized property types or complex assignments can pose challenges. This guide provides practical tips for partnering with the best appraisal professionals for your unique building project.
 

Define the Appraisal Purpose and Requirements

Start by clearly identifying your intended use for the appraisal. Common reasons for commercial property appraisal in building projects include:

  •     Feasibility Analysis & Development Planning
  •     Construction Financing
  •     Cost Estimating
  •     Ad Valorem Tax Assessment Disputes
  •     Purchase Price Allocations
  •     Property Insurance Values
  •     Property Management Planning


The intended purpose will dictate key requirements like timing, valuation methodology, reporting format, level of detail, and types of inspection access needed.
Vet Potential Appraisers Thoroughly

Never select an appraiser on cost alone—there are too many risk factors with getting a poor-quality valuation. Thoroughly vet candidates to find the best fit for your assignment. Key due diligence checks include:

  •     Credentials like MAI, SRA, AI-GRS designations
  •     Years and types of experience
  •     Familiarity with the local market
  •     Knowledge of property type and valuation nuances
  •     Reviews and references


Assess Technical Skills and Services

When planning the construction of the new office building, hiring experienced appraisers who specialize in commercial real estate will help provide accurate valuations at various phases of the building process. You need to look for appraisers with capabilities aligned to your project.

  •     Construction cost analysis
  •     Familiarity with building codes and requirements
  •     Specialized knowledge like solar PV systems, accessibility standards, seismic regulations, etc.
  •     Ability to value properties mid-construction
  •     Competency with environmental contamination and natural hazards
  •     Strong data modeling skills for feasibility analysis and IVS reporting standards


Additionally, assess what ancillary services are offered like online portals for document sharing, GIS mapping, property tax solutions, and data subscriptions for market insights. These services help facilitate smooth, accurate engagements.


Streamline with a Multi-Disciplined Firm

For large-scale building and development projects, partnering with a multi-disciplined real estate services firm brings immense advantages. Cross-collaborating with other lines of business (like brokers, consultants, project managers, etc.) under one roof gives appraisers more informed perspectives of the local landscape and real-time market conditions. This integrated intelligence helps lead to valuations that maximize accuracy.

By clearly scoping appraisal requirements upfront, thoroughly vetting qualified candidates, assessing technical competencies, and streamlining services, property owners enhance their probability of choosing the best appraiser to meet the unique demands of their next building project.

Ref: https://vracommercial.livejournal.com/1256.html

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