Preparing Your Commercial Real Estate Property for Appraisal: 4 Helpful Tips
Are you looking to get an appraisal for your commercial real estate property, but you’re not sure where to start? No problem! Read our four helpful tips that are sure to help get you the value you want!
1.) Clean Up Time
This might seem like a no-brainer, but one of the first things you should do to prepare for an appraisal is clean up your property. Think about what the appraiser will see and if their first impression will largely be positive or negative. If it’s negative, identify eyesores that may be contributing to this, and fix them. This includes sprucing up the property’s aesthetics, whether it be fixing fences, mowing the lawn, touching up paint and removing any clutter around the property. After you tackle these bigger challenges, it’s time to get proactive and beautify your property with small details such as flowerbeds and a new branded sign – anything to improve your curb appeal!
2.) Make Investments that Will Pay Off Later
After you fix any potential eyesores, zero in on some of the more expensive aspects of your property: the windows, doors, siding, roofing, entryway, gravel, and more. Ensure they’re not dirty, broken, or outdated. If they are, it may be a wise investment to correct these problems now. It will likely seem expensive, but could easily result in a much higher appraisal in the long run.
3.) Evidence is Key
One of the most important things you can do to prepare for an appraisal of your property is to gather evidence of any recent work you’ve had done. This includes construction and upkeep, as well as structural improvements, such as electric and heating and cooling systems. Strong pieces of hard evidence include receipts, spreadsheets, and before and after pictures. When properly documented, improvements of this nature can drastically increase your appraisal value.
4.) Now It’s Time to Choose an Appraiser
Once your property is squared away, it’s time to pinpoint the perfect appraiser. Ideally, the appraiser should live and/or work near your property. A local property appraiser is more likely to fully understand the area and, therefore, more accurately able to provide an estimate of the property in question. If it’s not possible to hire a local appraiser, at least pick an appraiser who has experience working in similar vicinities; and be sure to supply as much information as you can about the city. Let them know about any exciting, new developments taking place, such as parks, restaurants, or transportation hubs that might be a boost to your property’s value.
Interested in learning more? Check out our blog on “What Do Commercial Real Estate Consulting Firms Do?”
Trust The Robert Weiler Company
If you want to discover even more ways to prepare your property for appraisal, The Robert Weiler Company would love to assist! We’re a full-service commercial real estate & appraisal firm with over 75 years of experience. Our storied history gives us a competitive advantage in the market and a value that you won’t find at any other firm. Give us a call today at 614-221-4286; we’d love to begin sharing ideas!