How to Order a Commercial Appraisal, Steps & Tricks

When ordering a commercial appraisal there are two milestones in the process: receiving a quote and engaging the appraiser. Below is a step-by-step guide for each phase as well as additional, important tips that will help expedite and ease the entire process.

Requesting a Quote

To provide you with an accurate quote your appraiser will need some information about the property and the intended use of the appraisal.  This will allow them to match the best appraisal product for your needs and budget!  In order to receive a proper estimate for the proposed appraisal, we will need the following information:

    • Property Address and/or assessor parcel number
    • General property information such as:
      • site size
      • building size,
      • year built 
      • property type
    • The interest appraised: is the property owner-occupied or leased
    • What is the purpose of appraisal: 
      • estate planning
      • rent survey
      • market valuation/sale price 
      • divorce
      • tax appeal 

Engaging the Appraiser

Once both parties have agreed to the proposed quote and service, Authority Appraisals will present a contract for signature and request a retainer. We will then arrange a time to walk through the property, which typically takes less than 30 minutes.  These are the following documents we may request prior to beginning your appraisal:

  • If the property is leased: current rent roll, leases, profit and loss statements for the past three years
  • List of capital expenditures over the past five years
  • For proposed construction: site survey, construction documents, timeline & budget
  • Purchase agreement, as applicable

 

Important Tips

  • It’s best to retain an appraiser as early as possible in the process, as it typically takes 2-4 weeks to complete an appraisal. 
  • Please note that the fees for a commercial appraisal are typically higher than a home appraisal due to their complexity and the amount of time that it takes to complete the process.
  • If you’re seeking an appraisal for federally-regulated financing (loan from a bank), it must be directly ordered by the bank or credit union.  Authority Appraisals is an approved vendor for most local lenders; however, if we are not, we are happy to submit our qualifications for approval.

Ready to Get Started?

Complete our Request A Quote form for a free quote!

 

Stephanie Swanson
Stephanie has assessed many different types of commercial assets, including retail, multi-family, mixed-use, vacant land, industrial, and office. During this time, she’s written narrative appraisal reports for banks, private lenders, attorneys, individuals, and estates. Stephanie earned her B.S. in Communications from Missouri State University and fulfilled Missouri requirements for her Certified General Certification by completing 300+ hours of education, 3000+ hours of work experience, and passing an 8-hour state exam. Prior to her career in commercial real estate, Stephanie worked in sales and management. Stephanie believes that data driven technology, excellent communication with clients, competitive bidding and always meeting deadlines is the key to successful appraisal practice.