We have all heard the three most important factors in real estate are “location, location and location”. But how important is the location of the appraiser who appraises your property? Should you select a commercial appraiser who only comes from the direct community in which the property is located?
When it comes to this subject there is considerable confusion between residential and commercial appraisers. Most wise consumers want an appraiser familiar with the type of property within the market it is located. However, they fail to understand market size varies based on property type. Single family homes have narrow markets that could be limited to several blocks while commercial properties may have regional or national markets. Because of this confusion the search for commercial appraisers becomes daunting.
Many times consumers become narrow in their search for commercial appraisers limiting it to the exact market of the property. They find appraisers but none having expertise with their general property type. This is because many smaller Midwest markets simply do not have enough commercial work to support local appraisers. Some of the less populated areas have appraisers who supplement income by doing both residential and commercial work. But keep in mind, with less commercial work comes less commercial experience.
Vertin Valuation Services developed to allow users to have appraisers familiar with the type of property within the market it is located. We specialize in commercial and complex property appraisals. Over the last 25 years there are very few counties in Illinois, Michigan and Indiana we have not done appraisals work. In Cities with +50,000 people or more we have most likely completed dozens of reports. We bring local and regional experience blended with extensive commercial appraisal knowledge. If you have a commercial property in the Midwest, give us a call. We would be glad to give you a free fee quote.