Appraisal Matters

Key 3 – Know Your Market and Submarkets

Although you may not be an expert, you can call upon experts to learn about your market. Brokers have their fingers on the pulse of the market and they are often more than happy to provide you with truly comparable properties for comparison, if they think you will become their client. More and more assessment divisions are publishing sales on the Internet, in many cases broken down by property type or other criteria you specify. In major metropolitan markets, companies like CoStar Comps.com, Reis.com and large brokers provide market reports that highlight changes in the market and recent sale transactions. You can also contract with a tax appeal consultant or appraiser to notify you when properties become likely candidates for a tax appeal reduction.

Although the above covers the macro market, there are unique sub market conditions that can dramatically affect market value such as crime rate, parking, easy of access, complimentary adjacent uses, demographics etc. These micro market conditions can be where cases are won and lost.

John Simpson, MAI