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Property Valuation

Overview

Identify the purpose of the property valuation (sale, purchase, refinancing, etc.)

Gather all relevant property documents (deeds, titles, surveys, etc.)

Determine the valuation approach (sales comparison, income capitalization, cost approach)

Obtain all necessary permissions, waivers and releases from the client

Receive and review all relevant instructions and reports from the client

Establish a timeline for completing the valuation report

Identify any potential conflicts of interest that may arise

Confirm the accuracy of information for the property

Confirm all applicable laws and regulations are met

Property Information

Collect detailed property information (address, size, zoning, etc.)

Gather information on property history and any recent improvements or renovations

Obtain copies of recent property tax assessments and appraisals

Research comparable sales in the area

Collect relevant building and construction details, such as age, type, quality, condition and style

Verify legal information, such as deed types, restrictions and encumbrances

Obtain copies of any existing leases or rental agreements

Assess existing market rents and tenant profiles

Analyze rental income and expenses

Review utilities and infrastructure

Assess the local job market and economic conditions

Investigate any environmental concerns

Assess local amenities, such as schools, parks, transportation, etc

Market Analysis

Research the local real estate market trends and conditions

Analyze comparable property sales in the area

Evaluate current rental rates and occupancy levels for similar properties

Examine the area’s population growth and economic development

Compare the property’s location to other local amenities

Consider the potential impact of upcoming infrastructure or construction projects

Analyze demographic data to determine the types of people living in the area

Review zoning restrictions that may affect the property

Assess the property’s potential for appreciation or depreciation

Physical Inspection

Conduct a thorough inspection of the property's exterior and interior

Document the condition of the property, noting any damages or necessary repairs

Measure and record accurate dimensions of the property and individual units (if applicable)

Financial Analysis

Collect financial statements and rent rolls (for income-producing properties)

Calculate the property's net operating income (NOI) and cap rate (for income capitalization approach)

Estimate replacement costs for the property (for cost approach)

Valuation Calculation

Apply the chosen valuation approach (sales comparison, income capitalization, or cost approach)

Calculate the property's estimated value based on the analysis and data collected

Cross-check the valuation results with multiple approaches if necessary

Report Preparation

Compile all the gathered data, analysis, and calculations into a comprehensive report

Include relevant photographs, maps, and supporting documents

Ensure the report adheres to industry standards and guidelines

Review and Quality Assurance

Review the valuation report for accuracy, consistency, and clarity

Verify all calculations and sources of information

Conduct a final quality check to ensure the report meets organizational standards

Presentation and Communication

Prepare a presentation summarizing the valuation findings and conclusions

Communicate the property value to the relevant stakeholders (clients, lenders, investors, etc.)

Address any questions or concerns raised during the presentation

Follow-up and Documentation

Maintain a complete record of the valuation process, including all supporting documents

Store the valuation report and related files in a secure and accessible location

Follow up with the client or relevant parties to ensure satisfaction and address any further needs

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