Commercial Value Search.What?

[Workbox]

Residential mortgage brokers do not make it in commercial. You actually have to have some brains to do commercial brokerage instead of just asking a homeowner how much they need the house to be worth.

They can try all they like, but it won't work.

I kinda figured that out, but was trying to gett more information from them, especially the Address so I could send it to Pam. But in another case, one LO that I do Residential for, thought that one should be able to get a commercial as fast a residential. Wrong. That is why I call it the "SubPrime Mentality"

 

[PropertyEconomics]

What I meant is the subprime mentality is hitting the commercial appraisals. They are going to try to treat them like residential and get their skippy to hit the value.

The difference is, and I belive this to be true in my market, the vast majority, and I do mean VAST, of CGs in my market do not hit numbers. The experience it takes to get CG generally means the appraiser has been exposed to many more things in the business, and simply doesnt play the game. Not saying it doesnt happen, but the MB doesnt have 100 to choose from to hit a number. Those number hitting CGs just dont exist in my market ... and I know nearly all of the CGs.

 

[PropertyEconomics]

That's a good idea PE. Ask them to email or fax the income and expense statements first and you'll get a new rent comp and income/expense comp. Then after they send it over you can tell them "Yep, there's value there".

Edit: for those lacking a sense of humor...........the above was meant as a joke only.

All jokes aside, I get a call like that and ask for and get the data .. you bet I have a new rent/income/expense comp and Im not ashamed to say how I got it.
Data is the lifeblood of a commercial appraiser.

 

[The Warrior Monk]

Residential mortgage brokers do not make it in commercial. You actually have to have some brains to do commercial brokerage instead of just asking a homeowner how much they need the house to be worth.

They can try all they like, but it won't work.

We got a very few such calls when the market was changing; i.e., res MBs business went kaput and they were panicking. These phone calls were rather comical. They've since gone away.

 

[RitaB]

I'm glad to hear it.

 

[The Warrior Monk]

I actually received a commercial comp check call a few days ago. The MB didn't want an appraisal, but just pictures of the building an a value.

I don't handle the commercial phone calls. I told this person he was have to speak to the GC, and that he was out golfing, so the call would be returned the next day. He said that wasn't good enough, he needed it right away. I told him to have a nice day. His response was actually comical; he was shocked that we wouldn't drop what we were doing to be his lap dog. Hey, at least we were nice; wait'll he calls some of the other GCs in the area.

 

[Ben Davidson]

Commercial Comp Check

If you are doing commercial comp checks then you are an educated individual with vast amounts of knowledge of the area. Our policy is that you can't do comp checks on commercial and should not do them on residential. We always inform our caller that without inspection there is no way to gain an accurate value or range of value. My thought is stay clear! If you give them a rough value and something changes then you become the enemy. Also, an appraisal does not have to be written down. Always remember that because there is a chance that comp check will come back to bite you, more so in commercial property than residential due to the amount of variables related to that possible assigment. That is just my opinion. In the same breath, I also understand that lean times cause people to do what they can to generate business, of which it is hard to fault!

 

[Keith Ridgeway]

No comp checks......never have......never will. I love the commercial side of my appraisal business. It takes me back to the "good ol days" when a LO wanted to know the true value of a property. Back in the early 80s (God I'm old)....the LO wanted nothing but the true value of a home......they knew that the bank president would have their head if a loan hit the fan and he/she found out the LO put the "arm twist" on the appraiser. Ahhhhh......... them was the good times. I've been around a long time and I made it past the MB with the gold tooth and the popped collar ........hanging on here in Greenwood, SC:new_bluegrab: