It seems like almost every day I get a call from an appraiser, calling to discuss a deal that I may have recently done. The sad reality is that there are a lot of banks and financial institutions out there attempting to value properties that they are either trying to refinance or possibly foreclose on. These days trying to value a property can be a little tough. There is still a lot of downward pressure on pricing and a comp from six months ago may be not be considered accurate today. A good appraiser will always call the brokers who have recently made a deal on a property like the one they are trying to value and ask them what they think the subject property might be worth. The brokers opinion is held in high regard because who knows the market better for that type of property than the broker who just sold or leased a similar one? Some brokers try to avoid appraisers but I am always happy to talk with them beacuse I really enjoy talking about real estate. Also most guys will send me the other comps they have collected when they are done with the appraisal which only helps futher educate me.
A good real estate broker is also an expert property appraiser. And just like an appraiser when I value a property I will use all three methods of appraisal: The income approach, the market approach and the replacement approach. These days however a market approach valuation is the best to use as most deals are being done by users, not investors or developers. A market approach valuation is based on recent sale or lease comparables or comps. A comp is all of the details of a deal like; How much did the property sell or lease for? Was there any free rent? Did the owner pay for any tenant improvements? And so on. Every broker in my office submits comps from deals they have done, comps from other brokers they know and comps from appraisers they speak with into one giant database. I like to think that my office has one of the best sale and lease comp databases of any brokerage house in the Inland Empire. Since I have exclusive access to the largest database of the most recent and accurate sale and lease comps anywhere, I can quickly provide you with a very accurate and detailed opinion of value for your property.
In this highly competitive market pricing your property correctly can mean the difference between getting it leased or sold quickly or having it sit for months. If you are curious what your property might be worth call me at 909-974-4054.
I can provide you with a quick ball park opinion of value over the phone or I can provide you with a much more detailed written evaluation backed by the hard data I discuss above.
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