Questions to Ask Your Commercial Property Appraiser
One of the most important aspects of a commercial real estate transaction is a property appraisal. Whether you’re buying or selling a piece of real estate, you want to ensure that the property appraiser you’ve hired is capable of correctly determining the value of the building or land in question. Therefore, there are several topics you may want to broach with your appraiser before deciding if they suit your needs or not. But what questions should you ask? Consider the ones listed below.
Have you appraised commercial properties in this community before?
While it’s not required, hiring a commercial appraiser familiar with your local real estate market can be beneficial, as they’re less likely to stick to a set of predetermined values based on other markets they’ve worked in.
For example, if you’re buying or selling a property in the Vancouver area, choosing an appraiser who’s familiar with the surrounding communities will go further in ensuring that your property’s value is assessed accurately.
Have you appraised this type of commercial property before?
When choosing a property appraiser, one of the most important questions to ask is whether they have experience appraising the type of property that you’re buying or selling.
All types of buildings, properties and pieces of land carry vastly different values and require a different extent of work and research. Therefore, if the appraiser you’ve hired is unfamiliar with the type of commercial property in your hands, there’s a higher risk that they’ll lack the proper knowledge required to accurately assess your real estate.
How long have you been in the appraisal industry?
Hiring a well-experienced appraiser gives property owners or buyers confidence that their real estate is being properly examined and cared for.
Fortunately, appraisers are generally required to disclose their level of experience to potential clients. So, while this question is considered routine, it’s also essential when deciding whether an appraiser is suitable for the job they’re being hired to do.
Do you have references from previous or current clientele?
Asking your appraiser for references is another suitable method for determining competence and skill in their field. Your appraiser may give you a list of clients to contact, or you can locate testimonials on their website and social media pages.
Are you properly certified as a commercial property appraiser?
In British Columbia, most appraisal services require their real estate appraisers to have a bachelor’s degree or to have taken a course that’s equivalent to their required number of credits. Therefore, it’s important to verify that the appraiser you hire has the education to back up their expertise.
This information is essential if the appraiser you’re considering hiring works independently. While BC doesn’t require appraisers to have a license, their level of education may be important depending on the type of property you’re buying or selling.
In Canada, a commercial appraiser must have the AACI, P. App designation through the Appraisal Institute of Canada to show they have the education and experience to complete the assignment.
Work with Adlaw Appraisals and ensure a worry-free commercial appraisal
If you’re buying or selling a commercial property, contact Adlaw Appraisals to obtain a well-experienced Vancouver property appraiser. We specialize in real estate valuation in Greater Vancouver, Okanagan and the Lower Mainland. If you have a property that requires assessment, look no further.
We strive to be a reliable partner for our clients in offering accurate appraisal reports and would love the opportunity to work with you. Call us today at 604-809-8506 or order an appraisal online. Order Appraisal.
We look forward to hearing from you.