The primary role of a commercial real estate appraiser is to inspect properties that are intended for commercial use and estimate the value for a third party. This may include examining existing buildings, or it may be limited to undeveloped real estate. This service is essential for buyers, who use the information to determine whether to buy a property; it is also necessary for sellers, who need the data to settle on an initial offering price. The appraiser's job is to visit each property in person and inspect the land and facility (if there is a facility) so that they can assign a value to it, as well as look for any flaws or issues that may affect the value. While owners and agents are usually the clients, a local government may also use the appraiser's services to determine property tax.
A commercial real estate appraiser usually works as part of a real estate agency or group of appraisers, though some act as independent contractors or work for a government agency. Due to the nature of the job, an appraiser is typically alone in the field, though sometimes they work in groups of two or more, especially with larger properties or when a second opinion is needed or requested. Commercial real estate appraisers have at least a high school diploma or equivalent. A bachelor's degree is also sometimes needed, though not necessarily in a real estate-related field. Completion of a real estate appraisal course may be needed, as are any continuing education requirements from state and local entities.
Real Estate Appraiser, Commercial Tasks
- Select and evaluate comparison properties and judge accuracy, reliability, and quality of data and final appraisal.
- Utilize databases, perform calculations, and collect site data to properly prepare appraisals.
- Conduct appraisals of properties and buildings in accordance with all applicable regulations and laws.
- Calculate property values including factors like condition, location, insurance, taxes, and nearby properties.