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Articles by February, 2015
Going Concern Appraisals
by Administrator on Feb 1, 2015 • Business Appraisal • 2746 Views
The investment value of a business, or its "going-concern" value, reflects the fact that an income generating business with real property assets generally has a value higher than its liquidation value since "going-concerns" are by definition established. The value of a "going-concern" depends not only on its assets, like the underlying real estate and the inventory, but also on the business entity's ability to produce net profits over time. Appraisers of "going-concerns" thus investigate historical profits and losses and attempt to forecast how it will perform in the future.
Analyzing Economic Issues in an Appraisal Report
by Administrator on Feb 1, 2015 • Narrative Writing • 1646 Views
Most appraisers write their reports for a single user, or produce a "one off" report. The report may be written for a bank, a government agency, a corporate user or an individual, but generally the report will have a very limited readership. Even if you reuse your economic analysis section over and over for an entire year it is unlikely that it will be seen by more than a few hundred to a few thousand people, even fewer if you realize that relatively few of your clients will actually read what you had to say about the economy.
The Changing Market for Health Care Facilities
by Administrator on Feb 6, 2015 • Healthcare Facility • 1779 Views
Heath care properties are special use or special purpose in nature, most could not easily be used for an alternate purpose and thus there is a limited market for them. They offer an opportunity for a building and land only appraisal or an opportunity to appraise the going-concern that also includes the business entity. All is relatively upbeat in the healthcare / senior care world in early 2015. Trade journals report a number of consolidations completed in 2014 with even more planned in the short-term future. More government involvement and more government money in health care has effectively increased the number of health care transactions by almost 8% in 2014.
What Does a Commercial Appraisal Cost?
by Administrator on Feb 8, 2015 • Business Operation • 713 Views
Like any general question that lacks specific detail the question "what does a commercial appraisal cost?" can't be answered, but if we create a question like, "how much would it cost to complete a current, "as is" commercial narrative appraisal report on a detached, single-user, 5,000 square foot office building, with no rush, for acquisition or disposition purposes?" Then you will get bids for that specific service. To give you some idea about the cost of the office appraisal that I described I called a few cities to see what kind of bids that I would receive. In Phoenix, NV I got a bid for a complete narrative appraisal as described for $ 3,200. In Salt Lake City, UT I got a bid for the same type of job at $ 2,600, in Sacramento $ 3,500 and in Las Vegas I got a competitors bid for $ 2,800. I contact other appraisers in Atlanta, Austin and Seattle and the bids were surprisingly not that dissimilar.
Clients Surprised by Your Value Opinion
by Administrator on Feb 8, 2015 • Business Operation • 637 Views
How often do you get a client who tells you that he was surprised by your value opinion? It happens to me more often than I would like it to. I prefer when the assignment is complete that the client says to me "that sound like the number that we expected." If you get a few of the "surprised by the result" clients it can make you paranoid. I'm sure that there are other appraisers out there who react defensively to the "surprised" comments and go back over their work again. You do your best to consider the sales of similar properties, you look at asking prices, contingent / pending sales and if there is any question left in your mind or your sales are thin you even look at historical sales.
Advertising Appraisal Services
by Administrator on Feb 10, 2015 • Business Operation • 980 Views
I check some of the top Internet search engines once in a while by doing keyword searches just to see if my information comes up. I'm sure that you do the same in your area, most real estate appraisers want to know what people are finding when they do keyword searches. I like to know if my firm is coming up at least in the first few pages of important keyword results. So what comes up when you search for your firm?
Appraisal Turnaround Time
by Administrator on Feb 12, 2015 • Business Operation • 2588 Views
Requests for appraisal services generally fall into three categories with regard to turnaround time, average (typical turnaround with no imminent need or pressure), fast, quick or expedited services (as fast or a bit faster than that of competitors) and rush, (or as fast as reasonably possible). I am always surprised that some consumers of commercial appraisal services have absolutely no idea about how long it takes to complete a commercial appraisal report. They call me with an assignment that would normally take 3 to 4 weeks for most appraisers to complete and they tell me that if I want the assignment I would have 5 days to complete it.
Appraiser Inconsistency
by Administrator on Feb 13, 2015 • General Appraisal • 1780 Views
I always tell my clients when I know that there is going to be another appraisal done on their property that the other appraiser will likely conclude a value opinion close to mine. It makes them feel good to imagine that since we are both looking at the same market and the same comparable sales that they will come to a very similar conclusion. As appraisers know however there is no guarantee that the other appraiser will conclude a value within 5% of your value, in fact the other appraiser may conclude a value opinion that is 10% or more different and that is the kind of difference that can kill a real estate deal. Most appraisers are using the same databases, they view the building in the same way and they take similar photographs of the improvements so how can such a big difference in value be concluded by two appraisers?
Appraiser Background Checks
by Administrator on Feb 19, 2015 • Appraisal Ethics • 1465 Views
The problem that I have with appraiser background checks, like most kinds of background checks, is that the data collected by the government or by most private companies has been repeatedly proven to simply become part of the massive database or group of databases that have been tapped for purposes that were not intended when the database was created. If the data is out there someone is going to take advantage of it, privacy is gone.
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