Ordering an appraisal is relatively easy, all you have to do is fill out the bid request form or contact us. The first step in the process is for us to obtain information concerning the physical and legal aspects of the property (address, type of property, age, condition, is it leased, etc ). We will also need to understand why you need a property appraised. This helps us to be able to provide you the most appropriate valuation for your uses. Once we understand the property and your intended use, we will provide a fee and timing bid to prepare the analysis. Once terms of our engagement are agreed to, we will forward to you an engagement letter setting forth the terms of our agreement.
Once engaged, we begin our research. This typically includes obtaining information from the property owner (building plans, leases, operating histories, etc.). We will also research the market for relevant market information (sales, leases, etc.). At this time we will also inspect the property subject to the valuation. During the inspection we will ask many questions about the property including physical aspects such as age/condition of roof, structure, environmental, etc. The inspection and research concerning the subject property and market lays for the foundation of our valuation.
The third step in the process is to confirm information that was obtained from our research. This typically includes contacting property owners, brokers, leasing agents, property managers, etc. to discuss market information (sale, leases, expenses, discount rates, etc.).
Finally, once all of the research and confirmations have occurred, the valuation is developed. The valuation typically includes consideration of three methods of analysis including the Sales Comparison Approach, Income Approach and Cost Approach. One, two, or all three of these methods may be applicable in any assignment. The appropriate valuations methods are developed and then reconciled into a final value conclusion for the property. The report is developed in the format agreed upon. Internal review occurs on all appraisals. Once fully completed, the reports are typically delivered to the client via PDF through email or our secured website. This allows the client to have easy access to the appraisal. If requested, we can also produce bound hard copies of the report.