Appraisal and Appraisal Review
Valuation is a complex and detailed process. This is true whether valuing apartments, regional malls, office buildings, retail centers, or industrial complexes. It requires the consideration of many factors that must be viewed from the vantage point of experience in valuation and access to timely market information. Additionally, it requires the ability to know not only what factors are important, but also the weight to give to those factors in the valuation process. Further, for accuracy, it requires extensive experience in the judgment of markets in their cycles so as to accurately predict when they will be prone to turn one way or another.
We perform focused analyses in our valuation and consulting assignments, and we approach the assignment both from the buyer’s and the seller’s perspective. Rigorous analyses and research are brought to bear that challenge historical assumptions with current market investment parameters, and provide a sound foundation for the valuation conclusion or the specific counsel to the client.
We have extensive experience around the country in valuing and consulting with institutional owners such as pension funds, fund consultants, life insurance companies, private equity investment groups (foreign and domestic) and banks. Our experience touches every facet of institutional and investment grade real estate, with the result being an exposure again and again to most every nuance and market cycle that can cause concern to owners, investors, lenders, developers and real estate professionals.
TGC also conducts Appraisal Reviews for our clients. The Appraisal Review is an independent valuation of an appraisal report prepared by other appraisers. Typically this is a desk review and does not involve property inspection. Appraisal reports have come under more and more scrutiny. As a result, the review process has become more and more important in commercial real estate markets.
Our clients see this service as a valuable tool that serves to point out inconsistencies, omissions, and mistakes in technique and approach to valuation ... in many cases greatly impacting value conclusions.