Getting a Fair Price in Real Estate Appraisal – Columbus, Ohio Style Monday, December 08, 2014

Real Estate Appraisal - Columbus, Ohio Fair PriceAre you looking to get a real estate appraisal? Columbus, Ohio is home to many appraisers but you obviously want to find one that will help you get a fair price on your property. Of the more innocuous professions, a real estate appraiser ranks pretty high. They’re not saving lives; they’re not designing products that can potentially injure people; nor are they making the world a safe place. They’re just doing their jobs – aggregating and accumulating data from a wealth of sources in order to estimate a property’s value and report those findings to a buyer and seller.

Sounds simple enough, doesn’t it?

Except that it isn’t. In an article in the Chicago Tribune[1], two experts from the Appraisal Foundation in Washington discuss widely held myths about the profession – especially following the passage of the Dodd-Frank Act, in addition to the Great Recession fallout.

Are Appraisers Radioactive?

Speaking of fallout, John Brenan, the director of appraisal issues for the Appraisal Foundation, said there’s a perception that appraisers are “radioactive.” Brenan rightly argues this sentiment couldn’t be less accurate. The job of an Ohio real estate appraiser is to “mirror the marketplace,” he said.

That means that unlike baseball umpires (of which appraisers are also compared to – judging what’s fair and foul in property appraisal Columbus values), real estate appraisers aren’t quite as hamstrung as the public believes. Yes, Dodd-Frank and its financial regulatory restructuring have had a significant impact. And yes, commercial real estate sellers who provide pricing information in a conditional manner (that suggests improper influence) is illegal. But there are a wealth of tactics a real estate seller can implement to ensure they receive a fair price. Here are a few tips:

  1. Curb Appeal Sells – Curb appeal isn’t just for homeowners. For a commercial property within a building, curb appeal could be the equivalent of a company’s waiting room. Updating light fixtures, cleaning carpets, and replacing decades-old furniture are some ways to help improve the value through a real estate appraisal. Columbus, Ohio has a lot of beautiful properties with well-maintained exteriors and manicured lawns. Your property must stand out. If the entire building is up for sale, then curb appeal includes the building’s exterior finishing touches.
  2. Data Deluge – When appraisers are asked to “mirror the marketplace,” that usually means that they go out and do their own homework, comparing similar properties in the same geographic area. But that doesn’t mean a seller can’t do homework of their own and provide documented proof of the highest valued similar-sized properties. This makes a Columbus real estate appraiser’s job easier; and the more data, the greater the accuracy.
  3. Document Everything – Upgrades and improvements made over the years add up, so make them count. A 19th-century building might be perceived as low appraisal value due to high renovation costs. But if renovations have been made throughout ownership, as well as records of when those renovations occurred, who performed the work, and all costs involved, you can help improve a property’s value.

For an Accurate Real Estate Appraisal, Columbus, Ohio Trusts The Robert Weiler Company

You see? Columbus property appraisers aren’t as unapproachable as popular myth has it. In fact, we, at The Robert Weiler Company, welcome client input, and strive to be as accurate as possible; this is why we offer the most sought-after property appraisal Columbus has to offer. As specialists in office, retail, multifamily, entertainment, land, and industrial sectors, we ensure that our clients have the best chance of receivng a fair price. To get a reliable and accurate real estate appraisal, Columbus, Ohio and the state of Ohio  depends on The Robert Weiler Company. Speak with a real estate appraiser today by calling 614-221-4286.

 

Resource:

[1] Chicago Tribune Article