Tips for Choosing a Commercial Appraiser

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There are lots of Oxnard appraisal services nowadays, but finding the right one isn’t always easy. Besides, they’re not all created equal. So what should you consider when making a choice?

1. Define your need.

First and foremost, determine your purpose. Property tax disputes? Company expansion? Insurance recovery? Remember, appraisers specialize in different fields.

2. Look for qualifications.

The Internal Revenue Service (IRS) requires appraisers to be “Qualified,” which means the appraiser should perform appraisals like the subject assignment as his/her main profession, no matter their licensure or certification.

3. Interview potential appraisers.

When interviewing a prospective appraiser, you have to specifically look into whether they are qualified for the job. That means asking for their resume and checking their listed experience. Ask for recent work samples as well so you can see whether they are knowledgeable and competent enough. On top of that, ask them what methods they use for their Ventura industrial appraisals.

It’s wise to choose an appraiser who is willing to sit down with you and help understand what they do. At the same time, pay attention to the questions they throw at you concerning the assignment. Just observing the information they’re asking you for, it will be easier to tell how sincere or committed they are to the job.

4. .Ask for full disclosure.

Definitely, your appraiser must offer full disclosure, including lack of knowledge on the subject, any interest they may have in the subject property and whether or not they have performed an appraisal on said property within the last three years. Overall, the appraisal should be unbiased, and full disclosure lets you determine whether you are better off choosing another appraiser.

 

Other Issues

When hiring a commercial appraiser, you have other things to look into, such as:

> Appraiser’s litigation experience

Litigation is one possibility that’s impossible to rule out. The appraiser should be willing to provide support and available for consulting or for conferences. When necessary, they should be able to defend their work in a court of law.

> Fees

Appraisers either collect a fixed rate or a per-item or per-hour fee. Avoid anyone who will charge a contingency rate, depending on the final opinion of value. This is, in fact, a violation of the Uniform Standards of Professional Appraisal Practice (USPAP)’s code of ethics.

Finally, when requesting a bid from an appraiser, they should ask if he subject property is vacant, leased or occupied by the owner. As well, they have to ask what the appraisal is for. This allows them to know the necessary property rights to appraise and also to analyze the scope of the job when they provide an appropriate bid.

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