Thinking of selling commercial land, an office building or other WI business property? The first step should be finding out how much it's worth. We can help! Simply submit the form on the right for a quick quote that you can use as a stepping stone towards listing your real estate on the market.
Before placing commercial real estate on the market, you need to attain a commercial real estate estimate. You can attain estimates online, or hire an appraiser to provide you with this important information. Before phoning any of them, make sure to have a list of questions in hand. Ask every person, who has caught your eye, the type of professional designation that he/she has and from whom and if he/she is certified or licensed to practice in the Badger state.
It would be a good idea to compare the resumes of appraisers to know who is the best individual for your task The valuation approaches that are most commonly accepted are the income approach, comparison approach, and sales approach.
When it comes to cost approach, this combines the depreciated value of the building with the depreciated site improvements and value of the land.
The income approach takes market rents, subtracts vacancy expenses and allowance, and takes the net income that results and then turns it into a value utilizing a capitalization rate.
The sales comparison approach compares the property to other properties and differences that were found are adjusted. Income and sales comparison approaches are the major valuation methods that are utilized for properties that are commercial. (These valuation methods will not determine the final value.)
The fees that are involved in attaining a commercial appraisal tend to be much higher than residential appraisals. The reason why is due to the report. A residential report can be conducted in a half-day, but a commercial appraisal takes about a week the majority of the times. Residential reports are on a form that is very common whereas commercial appraisals are free-form documents with different information that regards to the market, property type, and client’s needs.