Appraisal Articles 2018 Free Appraisal Articles for Appraisers and the Public
If you are trying to promote your appraisal firm and vying for recognition from search engines you want to use a group of words that are popular and focused. Some words simply pull more readers but if they don’t focus your readers you end up with lots of people seeing your ad or article but then they find that your site is not what they are looking for. A word like “property” may draw 400,000 hits but how many of those hits are looking for a real property appraiser in Reno, Nevada? Thus, a word or words like “real estate, realty, broker, brokerage, agent, MLS, listing, home, sold and for sale” are popular real estate related words but not that helpful for appraisers. They may be words related to the appraisal business but few of those individuals searching for real property appraisal service will use them in their keyword search.
Like big box retail stores, often located in the larger malls, big box industrial buildings are in a class by themselves. It usually takes a large-scale distributor like Amazon.com to utilize the 250,000 square feet (SF) to 1,500,000 SF that is typically available in big box buildings. Some manufacturing facilities also have similar space requirements. Appraisers consider the cost approach when analyzing big box buildings and larger buildings are generally the most reasonable to construct on a per square foot basis. Many big box buildings are metal or concrete tilt-up buildings and most are constructed for a specific user.
The consolidation of real estate sales and leasing data into the hands of a few corporations has almost created a data monopoly for them. The choice now is to either join them or go without the data and it has become harder to find alternate data sources. Paying the relatively large monthly fees demanded or spending a great deal of time collecting the data yourself have been the only choices. Thus, real estate brokers, appraisers and investors have found themselves at the mercy of a relatively few data providers who can in the future demand whatever they feel is reasonable for access.
I just took a brief look at the new 112-page CoreLogic Valuation Solutions Residential Appraisal Standards online document that was recently sent to me via email. I don’t complete work for CoreLogic or for any of their affiliates but I guess they think that I am in need of a copy of their standards. I read the document and I was surprised by it. It appears that CoreLogic thinks that they are now the new de facto appraiser regulator. Oh no, I was told, the new standards are just to be followed by appraisers who complete work for CoreLogic. I’m asking myself, “so if it’s just for CoreLogic appraisers why is this document being distributed online to me and to other appraisers?
Most appraisers have walked into a single-family residential (SFR) home they are appraising and discovered that there are multiple families inhabiting it. Does this situation affect real property value or the results of an appraisal report? Financial institutions want to know from an appraiser if multiple tenancy is occurring in a building, it’s one of the things that they are paying you to establish. So, if you keep the information to yourself you have not provided them with the information they requested from you. Often the multiple family use of a home violates home owner association rules, master-plan community rules, city codes, zoning and planning.
If you have taken the time to search you may already know that there are a lot of articles out there on the web regarding fractional interests. So, what do appraisers do when faced with having to develop an appropriate discount for their assignment? If a property suffers no loss due to a lack of marketability and no loss due to a lack of control, due generally to owning a minority interest in a property, then discounting it may not be appropriate. A joint tenancy interest in a property may mean that you only own a portion of the whole, but claiming that your interest should be discounted is tenuous at best.