The most frequent question most commercial appraiser get is: How much does a commercial appraisal cost?
The answer is based on how complex the assignment is - or how long it will take to complete.
To help appraisal users, we price appraisals in two different ways: FLAT FEE or HOURLY.
For clients just needing a simple property value to use internally, we often recommend a Restricted Use Appraisal Report. This is a lighter report format which the property and market facts are summarized briefly and the value conclusions are stated in the report. Much of the reasoning an support for the value conclusion is contained in the appraiser's work file. Billing for these is typically quoted as a FLAT FEE. With much less writing required, fees for these types of reports often range from $2,000 to $3,800, depending on location, turn time and other factors. These types of reports are ideal when the user is familiar with the property and market and is primarily interested in the value conclusion. Situations such as making purchase decisions, deciding on setting a sale price, estate settlement and internal decision making are ideal for these types of reports. These types of reports can typically be completed in 1 to 2 weeks, or even a matter of days in a rush situation.
When the client is unfamiliar with the property and/or market, a Narrative Summary Appraisal Report is more appropriate. These reports are longer and provide more detailed summary description of the property itself, the local economic and market conditions and a more detailed description of the analysis applied to the property and the value conclusions. The level of detail can be customized based on the user's needs. Billing for these types of appraisals can be done on a FLAT FEE, or an HOURLY basis. These types of reports are usually required by lenders or banks needing an appraisal for underwriting loans. Pricing for these types of appraisals typically starts around $3,800 and up, depending on location, turn time and other factors
The answer is based on how complex the assignment is - or how long it will take to complete.
To help appraisal users, we price appraisals in two different ways: FLAT FEE or HOURLY.
- FLAT FEE assignments are typically used when the assignment involves a simple property type, such as a single tenant retail building, a warehouse building, land parcel or a small office building.
- HOURLY assignments are often more suited to situations where the exact dimensions of the appraisal and assignment are unknown initially. This is often the case in eminent domain appraisal, litigation support or development feasibility assignments.
For clients just needing a simple property value to use internally, we often recommend a Restricted Use Appraisal Report. This is a lighter report format which the property and market facts are summarized briefly and the value conclusions are stated in the report. Much of the reasoning an support for the value conclusion is contained in the appraiser's work file. Billing for these is typically quoted as a FLAT FEE. With much less writing required, fees for these types of reports often range from $2,000 to $3,800, depending on location, turn time and other factors. These types of reports are ideal when the user is familiar with the property and market and is primarily interested in the value conclusion. Situations such as making purchase decisions, deciding on setting a sale price, estate settlement and internal decision making are ideal for these types of reports. These types of reports can typically be completed in 1 to 2 weeks, or even a matter of days in a rush situation.
When the client is unfamiliar with the property and/or market, a Narrative Summary Appraisal Report is more appropriate. These reports are longer and provide more detailed summary description of the property itself, the local economic and market conditions and a more detailed description of the analysis applied to the property and the value conclusions. The level of detail can be customized based on the user's needs. Billing for these types of appraisals can be done on a FLAT FEE, or an HOURLY basis. These types of reports are usually required by lenders or banks needing an appraisal for underwriting loans. Pricing for these types of appraisals typically starts around $3,800 and up, depending on location, turn time and other factors