Cincinnati’s residential property market has been making quite a bit of headlines lately. As recently reported by both Re/Max and the Cincinnati Enquirer, Cincinnati ranks #2 for fastest home sales in the country; last year, they rose up to 11% to hit a record $290,000 median price.
Evidently, Cincinnati homes are selling like hotcakes, but how does the city’s commercial real estate market compare? Well, the future’s pretty bright in that realm as well: a report by the Cincinnati Regional Chamber projected almost 1.16 million new jobs to spring up before 2028.
That’s considerably more job growth than the previous decade, and considerable business growth is bound to follow suit. But if you’re a current or potential future business owner in the Cincinnati Metropolitan Area, how should you go about assessing this total value?
How can you perform an effective valuation of the commercial property or properties that make up your business? If you haven’t already, then keep reading to learn why you should arrange a thorough commercial property appraisal with an experienced, focused, and reputable appraiser.
There are a variety of reasons why a commercial property owner should consider having a commercial property valuation or appraisal, including (but not limited to):
To ensure the smoothest possible sailing, it helps to move through the clearest, least foggy skies possible. A commercial property valuation can lend an essential hand in wading through that fog, no matter what you’re planning for the future of your business.
There are three “C” approaches you can take toward appraising a commercial property’s value:
Regardless of which approach you take toward performing your appraisal, it’s essential to understand your property’s wholesale valuation, and it’s essential that you do so comprehensively.
While we outlined three different approaches an appraiser might take, all of these approaches generally adhere to the same three simple steps:
Although this sounds very straightforward, this is an intricate, prolonged process that may take an appraiser several days or weeks to complete. The size and scope of your property will affect the size and scope of your appraisal process, and it may also affect the final fee you’ll have to pay your appraiser.
Commercial property appraisals will usually run between $2,000-$5,000 on average, so you’ll want to make sure that you’re having it done by the best appraiser(s) money can buy.
For over 60 years, our nationwide appraisers have had a long, storied history delivering reliable and timely valuation services across the country. We prioritize quality above all else, as well as your utmost satisfaction.
Out of all of the active appraisal companies today, only 3% have successfully run as long as we have, and who can go wrong with results that have been tried and true over six decades?
Get in touch with us to learn more and place an appraisal order today!
If you have a question or would like to place an order for an Appraisal or Review, please fill out the form below. Once you’ve submitted your order, someone from our office will contact you within 1 business day to confirm your order or answer any questions.