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Say you need to find someone qualified to conduct a commercial real estate appraisal? Try contacting your state's commercial board of realtors for a referral on this or other commercial real estate-related matters. Most states have a commercial board of realtors. Another good resource is your bank's commercial real estate lending department. While the bank staff most likely will not make a specific recommendation as to which appraiser to use, most are happy to provide a list of commercial real estate appraisers in your area. Finally, your commercial real estate broker should be tapped into the network of commercial real estate service providers and should be able to make a recommendation.
If you are in the market for commercial real estate, you may want to check out the United States Marshals Service Asset Forfeiture Program. The Marshals Service runs the Department of Justice's Asset Forfeiture Program by managing and disposing of properties seized and forfeited by federal law enforcement agencies and U.S. attorneys nationwide. Among other things, at any given time you can find listings for commercial property up for auction (many of them run online) throughout the United States. For more information on these auctions, visit the United States Department of Justice's Web site and search on "asset forfeiture program." If you do decide to pursue purchasing one of these properties, you will need to get your own commercial real estate appraisal conducted.
More and more people are entering or considering entering the commercial real estate market. Most real estate agencies have commercial real estate specialists who can help you find investment opportunities in your area of interest. If you have never been involved in any commercial real estate deals but think you might like to begin investing in this area, you should do some reading on the topic first. There are a variety of books available that will introduce you to topics such as commercial real estate appraisal and commercial real estate loans, including How to Succeed in Commercial Real Estate by John Bowerman and Pure Profits: Pinpoint Winning Properties, Think Like an Investor, & Succeed in Commercial Real Estate by Al Auger.
Commercial real estate and residential real estate are two different things. Residential real estate is generally real estate property that the owner buys and uses as a primary or secondary (vacation) residence. Commercial real estate, on the other hand, is real estate property that is primarily intended to generate income for its owner. Examples of such property are multi-family dwellings, retail space, warehouses, office buildings, and hotels or motels. A commercial real estate investor owns the property and derives income by leasing the space to tenant, be those tenants families renting apartments or multi-national corporations leasing office space. Like its residential counterpart, the commercial real estate market encompasses a full range of service providers, including commercial real estate appraisers and lenders who specialize in commercial real estate loans.
|Jennifer Mathes, Ph.D.|