Appraisers' Free Forum

This is my first post in this forum. We need to find a reliable appraiser to appraise a medical office (~2700sf, one story) in Ft. Pierce, St. Lucie County, FL. We need someone who will spend time to answer our questions since we are not familiar with the commercial real estate. What do I need to know about the appraiser (I know some requirement for the residential one.) before I hire him or her? Should I ask for references? What is the average rate (If it isn't a proper question, no need to answer.)? I will appreciate any advice.

Medical offices are not difficult to appraise. They are similar to a professional office, except the building is built out to suit a doctor... IE: additional cost for water/sewer filter systems, water and sewer lines in every room, additional bathrooms, proximity to the hospitcal, and most are finished to the T. So comparable rents and sales need to come from other medical offices. I don't know about your area, but most summary reports are $2,200 to $3,000. Restricted, which is rarely done because lenders won't/can't use them, are $,1500 to $2,500. There isn't much savings between the two because the only thing the appraiser is saving is about 2 days of typing. The appraiser still has to go through all the analyzing of the market, income and cost approaches. There just isn't a short cut for verifying and analyzing the data.

Congratulations for doing your homework and finding this forum.

You will want to be certain that the appraiser you hire is a state certified general appraiser. You will want to be certain that he or she has experience with the property type you describe as well as experience in the general market area. You can ask for references but this will only benefit you if you know and trust the reference source.

After you decide on who to hire, be certain to explain to the appraiser what you expect him/her to do for you. In other words, if you only want to find out the value of the property, then ask for an appraisal. If you want to know about the local market and the nuances of commercial real estate in your area, then you may not need an appraiasal but your appraiser can provide you with consulation to suit your needs. Sometimes property owners only want to know how much they can rent a building for. Again, this does not require an appraisal but your appraiser can perform a consultation with you and provide you with this data.

On the issue of fees, I can't tell you what Florida appraisers charge but I can tell you that I charge $100.00 per hour and expect 50% of my anticipated fee upfront with the balance due upon delivery of the report. An appraisal similar to the property you described would take me 20-30 hours in my market. Consulting assignments vary with need. A rent study analysis and report would likely take me 5-10 hours.

Be very clear upfront with the appraiser on what your needs are: what you need him or her to do for you and, what you expect to find out, and how you intend to use the information (s)he provides you with.

It should go without saying that you should not give a required direction of value to the appraiser.

There are some FL appraisers here and I'm sure some can help you with your search.

Wow. Two certified general appraisers 3 states away each quoting the same fees at the same time.

Are we good... or are we good?

Yes. You are good!! Thanks,

I think you are price fixing ....

Don't make me break out the ole' carpet roll and baseball bat. We had things all locked up until you started as a commercial trainee.

Yep ... but now I is certifiable ... or something like that ...