Many career paths require years of previous experience. The same is true with appraisers. There are different levels of qualifications and certificates when it comes to a commercial appraisal career. To begin, appraisers must be familiar with the Uniform Standards of Professional Appraisal Practice (USPAP). This set of standards covers topics such as ethics, confidentiality, competencies, and standards for practice in valuation and reporting.
Appraisal licenses and certificates are then split between residential and general (commercial). Iowa and Illinois licenses require about 28 hours of continuing education every two years; however, this can vary from state to state.
With commercial appraisers, they also need to be competent in specific types of properties. Competencies have two main factors: the type of space and the geographic location. For instance, it may be obvious a residential appraiser from Los Angeles would struggle to appraise a car wash in the Quad Cities. Yet there would still be major challenges if a local appraiser who is competent in hotels and motels tried to evaluate that same car wash. There are so many factors affecting a commercial appraisal, which is why it is important to look for firms who have experience with your type of property in your geographic area, or a similar area. The Quad Cities is a unique market since it straddles the border of two states. Roy R. Fisher can work both sides of the Mississippi River with relative ease; although, Iowa and Illinois generally have considerably different market dynamics. Appraisers need to be aware of the continual changes within their area of competency. They need to understand the major employers in the area, information about upcoming developments, even what new laws are in place on local, state, and national levels which may affect property values. Appraisers also need to understand market ratios, such as how much office to manufacturing space is appropriate for a geographic area.
Our appraisers are licensed in Iowa and Illinois with knowledge of how the different markets work together in the QC region. This is another crucial area we take into consideration when evaluating local commercial properties.
Overall, appraisers need to have expertise in the four following areas: familiarity with the USPAP, a state license, at least one competency, and prior experience. If you’re looking for an appraiser, be sure to ask about their past work history to find out if there is a match with their focus or competency and your specific property. Check out our services page or contact us to see if an appraisal is right for you.