Airport, Hangars, And Aviation Appraisal

[Scott.A]

I'm within 2 weeks of finally getting my General license, and it's time to get serious about putting my aviation background to work within the appraisal world.

For those of you who have experience in aviation properties, I have a question for you. Other than the typical bank or AMC route, how do you get leads on appraisal requests for aviation properties? If a bank is financing a new hangar, I assume you'll get the appraisal request through the traditional channel. But what about those appraisals being engaged by municipalities, airport authorities, etc? How does one find out about these?

Any other words of wisdom for someone getting into the niche?

 

[PL1957]

I'm within 2 weeks of finally getting my General license, and it's time to get serious about putting my aviation background to work within the appraisal world.

For those of you who have experience in aviation properties, I have a question for you. Other than the typical bank or AMC route, how do you get leads on appraisal requests for aviation properties? If a bank is financing a new hangar, I assume you'll get the appraisal request through the traditional channel. But what about those appraisals being engaged by municipalities, airport authorities, etc? How does one find out about these?

Any other words of wisdom for someone getting into the niche?

Belong/participate in aviation owners groups and associations. Become known as the expert in hangers, FBOs, etc. by writing an article for an industry publication. Opportunities will come as your name gets out there, since most appraisers don't have a clue.

 

[Michael S]

I wrote a lengthy response but it didn't post for some reason. Bottom line is get your name out there. Brokers that work in that space, airport managers, city officials, etc. Some cities will have an RFP for any appraisal services, others open it up once a year and then hand out work to those approved appraisers. And of course, on the assignment you do get, do an excellent job. Let your work speak for itself and you will become known as the aviation expert in your area. Having a website focused on that would help as well. If someone types "airport appraiser" or "aviation appraiser" into Google in your state/area then you need to make sure your website is right near the top of the list. Have some content (articles, blog posts, market surveys, etc.) so a potential client can see that you're the expert and not just another generalist who dabbles in aviation appraisals.

 

[Michael P Jacobs MAI]

Many airport authorities periodically request certified real estate market lease ("market rent") appraisals. The same appraisers typically update the appraisals every year and they are used by the authority both for internal valuation and to determine asking rates for new leases and renewals (FBOs, offices, commercial services, etc.). Also, most airport valuations aren't really "market" value since they do not trade in open markets. Even estimating "market" lease rates is influenced heavily by FAA guidelines and any policies imposed by the authority. The FAA isn't there to help airports make money but to serve the public interests. I have done very little work in this area, and the assignments involved a lot more than the three approaches.