An appraisal is a professional assessment of a property's value conducted by a licensed appraiser. Commercial appraisals consider the potential earning power of the property and market conditions. Commercial real estate appraisals are important because they determine the current market value, provide confidence to lenders, and uncover the property's potential for generating income. Appraisers use different approaches, including the income approach, cost approach, and comps approach, to determine the property's value. It is important to collaborate with an experienced broker and gather data to support your desired valuation and advocate for a better appraisal if needed.
Takeaways
Chapters
00:00 Introduction to Appraisals and Their Importance
02:40 The Benefits of Having a Solid Appraisal
04:11 Average Cost and Turnaround Time for Commercial Appraisals
05:28 Different Approaches Used in Commercial Property Appraisals
07:01 The Cost Approach in Commercial Property Appraisals
08:42 Collaborating with Brokers and Gathering Data for a Desired Valuation
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