In any commercial real estate deal, there’s a participant essential to the transaction whose importance is oft overlooked.
That professional is the real estate appraiser. This “valuation professional” — hired by the lender, seller or other — sizes up the property and offers a valuation that helps nail down the ultimate price tag of the transaction. When the Covid-19 pandemic upended the market beginning three years ago, appraisal services enjoyed a huge spike in demand from across the commercial real estate industry. Whether working for larger companies or mom-and-pop shops, appraisers looked to modern turnkey solutions to help them tackle increased workloads.
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