The appraisal of a commercial property is a formal process and is carried by a professional appraiser. This involves several processes and is based on a complex set of data or information. The appraisal process can take long if there are delays in the appraiser getting relevant information or if there is lack of communication from any stakeholder, especially from the owner or the manager of the property.
You are reading: How To Fast-Track Appraisal Process for Commercial Property
A delay is neither productive for any of the stakeholders nor desirable in any way. In most cases, a quick appraisal process is in the interest of all parties concerned. A quick appraisal can even bring down the appraisal cost. Here is a look at the things one can do to expedite the whole process:
1 Accurate Description of the Property: The owner or the manager must know the scope of the work that that appraiser has to carry out. Although the appraisal will be carried out by the appraiser, the owner or the manger of the property can come up with a clear and accurate description of the property and all the improvements made to it recently. This will help the appraiser and will get the whole process expedited. The owner can lower the burden for the appraiser and bring down the overall time required for appraisal.
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2 Documentation: A lot of paperwork is required in appraisal process. An appraisal process is like a due diligence and documents form a huge part of the whole process. The appraiser may like to see the original sale deed, lease deed if any, and papers related to government taxes that have been paid by the owner or are due on part of the owner. If there has been additions or improvements made to the property, how far they are legal and within permissible limits. The owner can also shows receipts for the purchases made to carry out the improvements. Certain businesses require licences from the government to run and the appraiser may like to see such licenses also. Keeping all the relevant documents ready expedites the whole process. Even tax receipts should be kept handy by the owner. Even environment clearance, if any, should also be shown to the appraiser.
3 Market Information: The owner can share market information with the appraiser for a faster appraisal process. Things like how the rents in the area have been climbing up or similar properties are in demand in the area will help the appraiser get a fair picture quickly. If there has been a new mall, retail store, banks and schools/colleges opened in the area in the rent past, the owner can inform the appraiser and can even take him/her there for a fair and quick valuation. New business in the area like a famous retail store, banks and other such amenities take the valuation up for all properties in the areas. Any such new business which has opened recently may not be in the knowledge of the appraiser who may fail to factor in such determinants.
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