What Can a Certified Commercial Appraiser Do?

pexels-kampus-production-8353802-1Certified commercial appraisers play a key role in the real estate industry. With thorough research, they generate accurate valuations of commercial properties. This helps guide the purchase process and ensures that no one is paying too much or too little for a property. A certified commercial appraiser is qualified to assess a variety of properties such as shopping malls, hotels, office buildings, industrial centers, and vacant land. They work with all different types of people and utilize hard and soft skills to serve their clients.

Here’s an overview of what a certified commercial appraiser can do, on a project basis and throughout their career. At the end of this article, you’ll understand more about whether this type of career is right for you. 

Provide Information to Fill a Knowledge Gap

The most common reason people seek a commercial appraisal is to apply for a loan. The property owner may want to understand the quality of the property. They may need to verify the valuation amount for the bank before they can qualify for a loan. Accurate financial assessments are key to helping business owners grow their companies. Commercial appraisers provide this essential information.

Another reason people request a commercial appraisal is for tax or insurance purposes. It’s a good idea to understand the accurate, up-to-date value of a property on an annual basis. This ensures that the owner pays the correct amount of taxes. It also helps guarantee that the owner has the necessary amount of insurance coverage in case of damage. Appraisers help property owners protect their investments with accurate financial data.

Finally, a commercial property may be part of the assets being divided in a divorce case. In this situation, an appraiser’s valuation of the property will help the couple determine how to fairly separate the assets or negotiate a payout.

Access Sensitive Documents & Historic Databases

During the course of their evaluation, an appraiser will need to review sensitive documentation. This could include information about a property’s financial history, the owner’s identifying information, and other highly confidential data. Appraisers need to have a strong grasp of security protocols to protect their clients’ information.

It’s also important that a commercial appraiser have the skills to operate databases. This type of data analysis is taught in training courses. But appraisers need to know which information will affect the final valuation of the property. They must also understand how to pull reports by entering date ranges, reviewing tax maps, and dissecting complex legal language related to zoning and eminent domain.

Conduct Onsite Investigations

A commercial appraiser has the skills to conduct onsite investigations of commercial property. This means that they have a trained eye for assessing the architectural value and condition of a building. They typically bring along tools like a tablet or smartphone with Valcre to organize their findings. This tool can also generate neat-looking reports for their clients.

Certified appraisers are typically personable and charming. They need to win over the trust of their clients and they need to gain the confidence of people they interview onsite. These “soft skills” are essential to the career success of every commercial appraiser.

Focus on Specific Property Types

As an appraiser grows into their career, they may find it appealing to specialize in certain property types. This can help them stand out and reduce the competition for contracts. For instance, a commercial appraiser may develop a specialty in waterfront hotels. They could enroll in professional development courses to learn about the risks that climate change poses to this type of property.

Seasoned commercial appraisers often launch their own companies and hire a team of other appraisers to expand the number of clients they can serve. A single company could specialize in one type of commercial property, or they could work with a suite of appraisers that can handle a diversity of properties.

At the end of a typical day, a commercial appraiser will have used their data analysis skills, research skills, and people skills to conduct a thorough and friendly valuation of a commercial property. If you’re interested in becoming a commercial appraiser, the first step is to study in preparation for the exam. Once you’ve passed it, you can pay the licensure fee and begin your practice.

A commercial appraisal is a rewarding career for anyone who enjoys working with numbers and people equally. Valcre is the tool that top appraisers rely on to stay organized and provide best-in-class service to their clients. Contact us for more information if you’re ready to schedule a demo and grow your commercial appraisal business.