The Vendor is required to provide real estate appraisal services on an “as needed” basis as specified herein.
- Provide to conduct appraisals on various real estate properties, including (but not limited to): pre-lease assessment of facilities; appraisals of either vacant or improved land across the city; market rent analysis; property valuations, and other related real estate inquiries.
- Property valuation: the main task of a property appraiser is to assess the value of real estate, which includes residential, commercial, industrial, and vacant land properties.
- They use their expertise and knowledge of the local real estate market to determine the property's fair market value.
- Market research: appraisers conduct extensive research on various factors that can influence property value.
- This involves analyzing recent sales data of comparable properties in the area, current market conditions, economic trends, and demographic information.
- Property inspection: appraisers visit the property in person to inspect its condition, features, and overall appeal.
- They take note of factors such as the property's size, layout, age, construction quality, and any improvements or renovations that may affect its value.
- Data analysis: after gathering relevant information and completing the property inspection, the appraiser analyzes the data to calculate the property's value.
- They use various valuation methods, such as the sales comparison approach, income approach, and cost approach, depending on the property type and its intended use.
- Prepare appraisal reports: the appraiser compiles their findings and prepares a detailed appraisal report.
- This report includes information about the property, the analysis methods used, the reasoning behind the final value determination, and any supporting documents or photographs.
- Professional standards: property appraisers must adhere to strict professional standards and ethical guidelines set by their respective governing bodies.
- In the states, for example, appraisers must comply with the uniform standards of professional appraisal practice (USPAP).
- Communication: appraisers often need to communicate their findings and defend their valuation to clients, lenders, real estate agents, lawyers, or other parties involved in the property transaction or legal matter.
- Legal proceedings: in some cases, property appraisers may be required to provide expert testimony in legal disputes related to property values, such as divorce cases, tax appeals, or eminent domain proceedings.
- Proficiency: the appraiser must demonstrate a thorough understanding of real estate valuation principles, methodologies, and applicable appraisal standards.
- Other services: the city may require the selected firm(s) to provide other real estate consulting services, excluding listing services.
- Contract Period/Term: 5 years
