Form 71B

[Stephen J. Vertin MAI]

I use to do ton of both 71As and Bs. While I have not done one in years I do recall that once you become proficent with the model you can do them faster than a narative. George, did you base your model on one of the 71 types or just completely start freash?

 

[George Hatch]

You know me - everything I do is derivative. In my apt format I added an income multiplier analysis to my sales comparison, which essentially obviates the need to try to make individual adjustments to the units of comparison. Other than that all my forms look like a cross between the UCIAR with some elements from my narratives and from the AI forms. My multi-family rents and sales comparisons grids (which don't have adjustment fields) resemble those from the 71b.

I think the two things I like most about using a single basic format are that my readers can follow the report from front to back with no switching around, and all the fundamentals are in the same order and with the same format regardless of the property type. I (normally) do one page for my neighborhood, one page for my site, one page for my improvements, one page for HBU and methodology summaries, etc. I do different improvements pages for SFRs and multifamily and commercial/industrial, and different grids, but the front and back ends are virtually the same across all the different versions. If a reader can read one they can read any of the others the same way.

I don't necessarily save any time using my own formats vs the conventional forms, but I think they're easier for the reader to read. I have plenty of room to write in complete paragraphs and I've lined up the gridded fields so they "line up" down the page and are tall/wide enough for easy reading. Generally similar to 1.5 spacing in word.

 

[pbidwell]

Steve, each appraisal assignment scope of work as you know is based on the appraiser's judgment. I think the 71b is a multi-family residential form (in my humble opinion). There are a lot of good appraisers in the Chicago area and did not mean to criticize the general market of appraisers there.

 

[Stephen J. Vertin MAI]

Pbidwell: Don't worry about it. It really depends on your market. In Chicago, we have thousands of mixed-use facilities that are fairly homogenous. They actually work well within the form. You are probably correct in that adaptability to every market is limited. Since the OP was from the area I believe he understands. Where are you in Michigan?

 

[pbidwell]

Pbidwell: Don't worry about it. It really depends on your market. In Chicago, we have thousands of mixed-use facilities that are fairly homogenous. They actually work well within the form. You are probably correct in that adaptability to every market is limited. Since the OP was from the area I believe he understands. Where are you in Michigan?

Steve, I have two offices in both Ann Arbor and Tecumseh (bedroom community SW of Ann Arbor). Our firm does both Residential and Comm/Ind. appraisal work. Because Ann Arbor is a Big Ten city for UM we see a lot of multi-family residential appraisals.

 

[Stephen J. Vertin MAI]

Ann Arbor one of my favorite cities. Very nice place with few similarities between apartment building when compared to Chicago. Many of the first-floor units (or retail) within the Chicago markets were designed from an apartment standpoint. Many of these units could be converted to apartments with framing and drywall (further many have). No comparison my friend.