U.S. Commercial Property Owners: Compare Appraisal Firms

Compare the firms by coverage, use and delivery

The practical choice is regional and use-specific: NY Appraisal Source focuses on Manhattan personal, legal and tax work [3]; Chicago Commercial Appraisal Group advertises financing and other commercial assignments in metropolitan Chicago [5]; and Moore Real Estate Group covers financing and other valuation needs in selected Southern California counties.[6]

NY Appraisal Source

• Service area: The commercial appraisal page focuses on Manhattan.[3]
• Intended use and eligibility: The firm serves individual property owners and advisers representing individuals, including attorneys, accountants, financial planners and real estate agents. It says it avoids banks and mortgage companies and focuses on personal, legal and tax-related assignments.[3]
• Staffing and delivery: The firm says one appraiser handles each assignment from start to finish without trainees or licensed appraiser assistants. It describes its appraisers as New York State-certified with at least 15 years of experience.[3]

Chicago Commercial Appraisal Group

• Service area: The firm advertises coverage throughout the Chicago Metropolitan Area.[5]
• Intended use and eligibility: Advertised assignments include bank financing, property-tax, estate, industrial, church and general commercial appraisals.[5]
• Staffing and delivery: The firm describes a multi-appraiser team, names Gary Peterson, MAI, MBA, and refers to state-licensed and certified appraisers.[5]

Moore Real Estate Group

• Service area: Coverage includes Los Angeles, Orange, Riverside, San Bernardino, San Diego and Ventura counties.[6]
• Intended use and eligibility: The firm advertises financing, refinancing, SBA and construction loan assignments, as well as estate, probate, litigation, tax, condemnation, development and specialized-property work.[6]
• Staffing and delivery: Moore publishes a typical turnaround of 7–14 business days, depending on complexity, scope and workload, and says expedited service is available for critical deadlines.[6]

NY Appraisal Source and Chicago Commercial Appraisal Group do not publish standard delivery timing, while Moore Real Estate Group does not describe who handles each stage of an assignment.[3][5][6]

Match the intended use and recipient requirements

For financing, Chicago Commercial Appraisal Group and Moore Real Estate Group advertise lending-related assignments.[5][6] NY Appraisal Source says it avoids banks and mortgage companies, making its advertised service more suited to Manhattan personal, legal and tax matters than mortgage financing.[3]

Advertising financing, litigation, tax or estate services does not show that a particular lender, court, agency or opposing party will accept or rely on the report.[3][5][6] Moore’s acceptance assurances are provider claims and are not independently supported by the cited Appraisal Institute page.[2][6]

Before engagement, ask the appraiser and expected recipient to confirm in writing:

• the intended use and intended users;
• the property interest and valuation date;
• the required report format and reliance rights; and
• any appraiser qualifications, lender instructions, court requirements or agency standards.

The report scope should reflect the property and intended purpose. Appraisers may use sales comparison, income capitalization, the cost approach or multiple approaches, then reconcile the indications into a final value.[1] The report can explain the methods, supporting data, reasoning and final value.[1]

Vet the assigned appraiser

Ask who will perform the inspection, analysis and internal review. LoopNet recommends considering a State Certified General Real Property Appraiser with relevant property-type experience, local-market knowledge, continuing education and applicable professional credentials.[1] The Appraisal Institute identifies the Certified General Real Property Appraiser credential as the route for commercial-property work, although state requirements vary.[2]

Request the assigned appraiser’s credential details and relevant experience. A credential or provider assurance does not by itself establish acceptance by a particular lender, court or agency.[2][6]

What to confirm with each provider

No public prices can be compared. The three provider pages omit standard fees, fee components, deposits or retainers, travel and revision charges, payment deadlines, contract length, cancellation rights, refunds and termination fees.[3][5][6] LoopNet, the Appraisal Institute and Valcre also do not provide a national commercial appraisal fee benchmark.[1][2][4]

• Every provider: Request a written quote and engagement agreement stating the total fee, reimbursable expenses, payment milestones, included revisions, delivery commitment, cancellation consequences and termination conditions.
• NY Appraisal Source: Confirm geographic coverage beyond Manhattan, the standard deadline, expedited pricing, available report formats and any lender, court or other acceptance conditions.[3]
• Chicago Commercial Appraisal Group: Confirm whether pricing is fixed or quote-based, quote and appraisal timing, expedited-service terms and formal eligibility for the intended assignment.[5]
• Moore Real Estate Group: Confirm the assigned staffing model, expedited-service price, whether a delivery date is guaranteed, cancellation provisions and any minimum engagement requirements.[6]

Prepare the appraisal handoff

Provide a written assignment summary before signing:

• Define the assignment: Include the property location and type, interest being valued, valuation date, intended use and users, reliance requirements, deadline and report format.
• Send available property records: Useful documents include rent rolls, occupancy and rental information, leases, income statements, and records of maintenance, renovations and leasehold improvements.[1]
• Ask what else is needed: Relevant records may include property-tax history, zoning, deeds, damage records, ownership records, vacancy rents and market information.[4]
• Complete the written terms: Record coverage, eligibility, assigned personnel, fees, payment terms, delivery dates, revisions, cancellation rights and recipient requirements.

References

1. Understanding Commercial Real Estate (CRE) Appraisals (loopnet.com)
2. Appraisal Institute Commercial Appraising (appraisalinstitute.org)
3. Commercial Real Estate Appraisers in Manhattan [Free Quote] (nyappraisalsource.com)
4. What does a commercial real Estate appraiser do? A step-by-step guide to commercial property appraisal – Valcre (valcre.com)
5. Chicago Commercial Real Estate Appraisal and Property Valuation – Chicago, IL / Chicago Commercial Appraisal Group (commercialappraiser.com)
6. Commercial Real Estate Appraiser | Los Angeles & Inland Empire | Moore Real Estate Group (moorerealestategroup.com)