Archive for: November, 2015

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4 Things To Know About The Operations Of Any Real Estate Appraiser

With the mushrooming growth of real estate industry, the need for professional and experienced real estate appraisers is gaining momentum for every deals and transactions. But, the fact still remains that everyone claiming to be a real estate appraiser may not have that proficiency and expertise to appraise a property. Also, there is another fact that most of the real estate appraisers are hyper-defensive about their quality of work. So, how to deal with an appraiser for property appraisal? That’s a big question! Here are a few things that must be understood, in order to understand the roles and operations of any appraiser.

Physical inspection is only a part of the process:

When a real estate appraiser makes physical verification, it doesn’t mean that the appraisal process is over. You must understand that inspection of physical property is only a small part of the entire appraisal process. There are many documentations and analysis is involved in the appraisal process in order to estimate the value of the real estate property. Public ownership, zone records, comparable sales costs, rental value, and lifestyle information are some of the important aspects for any real estate valuation.

Misinterpretation of facts must be avoided:

A real estate appraiser will always try to ask different questions in connection with the property under valuation. They may ask you for records of the property and some other valid documents. You must understand that all information asked by an appraiser is for cross-verification of records. They will definitely cross-verify the information shared by you from other reliable sources and government records. So any misinterpretation of facts, may lead to under-valuation of the property for wrong or improperly interpreted information. You must be frank and give answers that are valid with necessary documentation.

A professional appraiser must abide by a strict code of conduct:

A professional real estate appraiser has to abide by the code of rules as specified by the Uniform Standards of Professional Appraisal Practice. This may vary from country to country as per the set standards. If an appraiser is not willing to do something that you are asking for, it might be due to the reason that he/ she is adhering to the uniform code of conduct for professional appraisal. Failing the professional uniform code may cost the appraisers their license and levy penalties from authorities.

Appraisals are deemed to be the responsibility of the client:

If you are seeking finance over your real estate property, the money lender or the bank is the client and they order appraisal for your property. Real estate appraisal is a confidential information and is a property of the client, unless they are willing to share that with the beneficiary. Hence, you can’t ask for the appraisal report from your appraiser without the consent of the bank or the money lender. Similarly, if you are ordering your property appraisal for tax purpose, rest assured that the real estate appraiser won’t reveal the appraisal report to tax authorities.

An appraisal is a complicated task and is carried out precisely by any real estate appraiser. Your role is to support your appraiser and clarify his queries and questions with sufficient documentary evidence. With clarity of information, it’s always possible to get a good valuation of the property and maintain a clear stance before your bank or any other concerned organization!

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5 Essentials To Check While Selecting A Commercial Property Management Firm

5 Essentials To Check While Selecting A Commercial Property Management Firm

With the rapidly growing real estate industry and associated complication in the legal procedure involved in deal of real estates, the necessity of commercial property management seems an ardent requirement. It seems obvious that a professionally trained, experience and creative real estate manager or an agent can finalize the best deals in the market offering right proposition to the buyer and the seller in the commercial property market. As the deals with commercial properties are often associated with complex legal procedures, it’s always necessary to hire a commercial property management firm for carrying out such complicated decisions. Well, the tricky question here is ‘How to choose a Property management Firm with adequate skills, experience and exposure?’ Let’s find out the answer below:

The Services on offer:

Basically the service provided by a commercial property management is vastly different depending upon the types of the property and its associated legal functions. This is the reason why we should choose the one, who is widely capable of offering the exact service requirement that is required by the customers (you). You must access the eligibility of the commercial property manager and must confirm that they can provide you the desired property management service as you are looking for.

You can always investigate the experience of the firm with your type of property deal and talk with a few of their customers they have catered before.

Reputation of the Property Management firm:

Whenever you are seeking for a commercial property management, you must have a background check of the management firm you are looking for. You can go online and seek for reviews of their previous deals, and even take reference from someone you can trust. Even when you speak directly to the customers, they have catered before, you can get a fine idea and the overall reputation of their services for management of commercial property.

Check their accreditation:

Depending upon the state and regional legal parameters, commercial property management firms are supposed to be licensed from a competent authority. You just need to ask their about their accreditation status and license. This can be a positive note, while dealing with a commercial property, where the deal is expected to go through a number of legal as well as statutory procedures.

Insurance availability:

While selecting a commercial property management firm, check their insurance coverage. Most of the staff of the property management firm are expected to be familiar with the insurance in case of loss and property risk management. You must avoid property managers having conflicts of interest with you or the other party, which may prevent you to get the maximum coverage of insurance of your loss (in the worst case).

Match your expectations:

Never ever think that any property management firm is capable of providing any type of commercial property management. Never assume that your selected firm will provide you services automatically unless specifically asked for. Always be precise and ask the exact nature of service you would like to have from your property management firm and select one depending upon the credibility and trust score.

With a little intrinsic search online you can get the best deals on any type of commercial property with the help of a proficient commercial property management firm; there is no doubt about it!

       

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