Defining the Assignment
An appraisal assignment is shaped by the client, intended use, intended users, property rights appraised, definition of value, effective date, relevant property characteristics, and scope of work.
Commercial Appraisal Resources
Background for planning and discussing a commercial valuation assignment.
Starting an Appraisal Conversation
A property address and a brief explanation of the requested valuation are useful starting points. Before an assignment is established, the appraiser and client identify the intended use, intended users, relevant value premise and date, property interest, reporting needs, timing, and available information.
Approaches to Value
The sales comparison, income capitalization, and cost approaches are considered as applicable. The relevance of each approach depends on the property, market evidence, and assignment conditions.
Property Information
Useful records may include leases, rent rolls, operating statements, surveys, plans, title information, prior reports, and details of improvements. The information requested varies by assignment.
Reporting Options and Intended Use
The appropriate report and level of detail depend on the assignment and client requirements. A Restricted Appraisal Report may be an option only in circumstances where the client is the sole intended user and the format is appropriate under applicable standards. Discuss the intended use before choosing a reporting option.
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