When making any type of business or investment decision, it’s important to find ways to expedite the process without necessarily being hasty. When time is of the essence in your next investment transaction, you want to ensure fast commercial real estate appraisal so decisions can be made faster. This is possible by making sure that everything your appraiser needs is prepared and ready before you even begin the commercial real estate valuation process. By knowing what to expect during the process, you will avoid surprises and delays that could cause the appraisal to stretch on. Here are some things you can do to help speed up the process:
- To avoid mistakes and delays in the process, make sure that you are clear about the scope of work that you need your appraiser to do. Prepare an accurate description of the property you want appraised and make sure that you are on the same page when it comes to the scope of the appraisal.
- Prepare all necessary documents in advance. Commercial real estate valuation is much like due diligence; hence, it requires quite a bit of paperwork. It pays knowing what documents you should have ready and making sure that you have multiple copies of all critical documents—from surveys and site plans to building plans and all other documents that relate to the property in question. Other documents you should have at disposal include lease and rent rolls, property diagrams, property tax bills, original drawings, income statements, and similar documents.
- Share market information you think is crucial to the commercial real estate appraisal process with your appraiser. This can help them reach valuations that are more appropriate and fitting to your overall purpose without necessarily affecting their objectivity.
- Make sure that the historical data you are sharing is accurate. Take note of the property’s history before your purchase as well as any and all improvements you’ve made since owning the property. Declaring upgrades and changes can mean a higher appraisal for the property, especially when these upgrades add value to the property.
RDC Appraisals specializes in real estate appraisals and valuations for both residential and commercial clients. The company offers more than 20 years of experience in the real estate valuation service, forming strong relationships and networks with multi-industry and cross-discipline clients. This puts the company at an advantage when it comes to providing efficient and highly accurate valuations and appraisals for all kinds of commercial, residential, and industrial properties/assets.