Appraisers use three primary methods to determine the value of a commercial property. In order to ensure that this value is accurate, clients must present thorough information to the appraiser. Clients may be able to respond to the appraisal if they report is not accurate.
评估师使用三种主要方法来确定商业地产的价值。为了确保这个值是准确的，客户必须向评估师提供全面的信息。如果报告不准确，客户可能能够对评估做出回应。
If you are looking to invest in a commercial property, or if you are looking to sell one, you probably have one number in mind: the value of that property.
如果您正在寻找投资商业地产，或者如果您想出售一处，您可能会想到一个数字：该房产的价值。
So how do we determine the value of a commercial property? You consult an appraiser to do an appraisal. Appraisers will give you a value of the property; but this number isn’t exactly final. Learn more about the commercial property appraisal process, and what buyers and sellers can do to get a satisfactory value that will encourage a sale.
那么我们如何确定商业地产的价值呢？您咨询评估师进行评估。估价师会给你房产的价值；但这个数字并不完全是最终的。了解更多关于商业地产评估过程的信息，以及买家和卖家可以做些什么来获得令人满意的价值，从而鼓励销售。
The Commercial Property Appraisal Process
商业物业评估程序
Investors may have to get a commercial property appraisal in order to get a loan for a commercial property. To start the appraisal process, the lender will engage a licensed appraiser. Appraisers are third parties that adhere to a strict code of ethics in order to fairly determine the value of property.
投资者可能必须进行商业地产评估才能获得商业地产贷款。为了开始评估过程，贷方将聘请有执照的评估师。估价师是遵守严格道德准则以公平确定财产价值的第三方。
It is important to remember that the lender is the appraiser’s client – not the investor. The client is the person that orders the appraisal. As the investor, you may not have a direct relationship with the appraisal, but you may have to provide them with crucial information about the property and your intended uses.
重要的是要记住，贷方是评估师的客户，而不是投资者。客户是下令进行评估的人。作为投资者，您可能与评估没有直接关系，但您可能必须向他们提供有关财产和您的预期用途的重要信息。
How does the appraiser determine the value of a property?
估价师如何确定房产的价值？
The appraiser will need to inspect the property and conduct a fair amount of research in order to determine the value of the commercial property. Appraisers approach this process through three primary methods:
估价师需要检查房产并进行大量研究，以确定商业房产的价值。评估师通过三种主要方法处理此过程：
Sales Comparison Approach (Market Data Approach)
销售比较法（市场数据法）
The appraiser will research the area and collect information on similar commercial properties. For example, if the appraiser sees that a commercial property across the street sold for $50/square foot and a similar property two streets over sold for $70/square foot, they will take those statistics into consideration. All of these buildings should be similar, but do not have to be identical.
评估师将研究该地区并收集有关类似商业地产的信息。例如，如果估价师发现街对面的一处商业地产以 50 美元/平方英尺的价格售出，而两街以上的类似地产以 70 美元/平方英尺的价格售出，他们将考虑这些统计数据。所有这些建筑物都应该相似，但不必完全相同。
Appraisers will take other factors into consideration, including:
评估师将考虑其他因素，包括：
- The age of each building 每栋建筑的年代
- Existing tenants and leases 现有租户和租约
- The condition of the property 物业状况
- When they were put on the market 当它们投放市场时
- Excess land surrounding the property 物业周围的多余土地
- Features (parking, ingress and egress, etc.) 功能（停车、进出等）
Income Capitalization Approach
收入资本化法
The commercial property across the street may have a similar physical structure, but may cater to very different audiences who are willing to pay different prices. This is where the income capitalization approach comes into play.
街对面的商业地产可能具有相似的物理结构，但可能会迎合愿意支付不同价格的非常不同的受众。这就是收入资本化方法发挥作用的地方。
Appraisers must consider the possible uses of the property and the expected cash flow. If the property is going to be used as office space, how much will the property bring in a year? If the property is going to be used as a shopping center, how much could it bring in?
评估师必须考虑财产的可能用途和预期的现金流量。如果该物业将用作办公空间，该物业一年将带来多少？如果该物业将被用作购物中心，它可以带来多少？
The income capitalization approach will also take risks and possible costs into consideration, including the credit quality of the tenants and the length of existing leases. Different commercial properties come with different costs depending on the amount of equipment that may need to be installed or the going rate of leased space and occupancy rates in a particular market.
收入资本化方法还将考虑风险和可能的成本，包括租户的信用质量和现有租赁的期限。不同的商业物业会产生不同的成本，具体取决于可能需要安装的设备数量或特定市场的租赁空间和入住率。
Once the appraiser determines how much the owner could make from the commercial property, they will factor that number into the overall valuation.
一旦评估师确定业主可以从商业地产中赚取多少，他们就会将该数字纳入整体估值中。
Cost Approach
成本法
The cost approach looks at how much it would cost to build an identical building on an identical lot. Even if the building has been on the lot for a few decades, the cost approach takes into consideration the materials and labor required to replicate the building, as well as the value of the land itself.
成本方法着眼于在相同地块上建造相同建筑物的成本。即使建筑物已经使用了几十年，成本方法也会考虑复制建筑物所需的材料和劳动力，以及土地本身的价值。
Individually, these approaches do not tell the whole story of the building. Together, they offer an insight into the current market, the physical building itself, and its potential to generate cash flow. Appraisers may gather this information through public records, census data, or predictions about the market.
单独地，这些方法并不能说明建筑物的整个故事。它们共同提供了对当前市场、实体建筑本身及其产生现金流的潜力的洞察。评估师可以通过公共记录、人口普查数据或市场预测来收集这些信息。
The appraiser will take all of this information into consideration, including information provided by the client, to make a final valuation. Lenders can expect to have an appraisal back within three days, although this may change based on the market and the appraiser’s availability.
评估师将考虑所有这些信息，包括客户提供的信息，以进行最终评估。贷款人可以期望在三天内得到评估，尽管这可能会根据市场和评估师的可用性而改变。
The valuation, and the evidence that supports the valuation, is compiled into a thorough report for the client.
估价和支持估价的证据被汇编成一份完整的报告给客户。
What You Can Do to Ensure a Fair Appraisal
你可以做些什么来确保公平的评估
Investors may do some preliminary research and have a valuation estimate in their head ahead of time. Unfortunately, the appraiser may see things differently. The best way to prevent a messy or unfavorable appraisal is to do your research ahead of time and provide as much information to the appraiser that you can.
投资者可能会做一些初步研究，并提前在脑海中做出估值估计。不幸的是，评估师可能会以不同的方式看待事物。防止混乱或不利评估的最佳方法是提前进行研究，并尽可能多地向评估师提供信息。
Appraisers will probably ask for a handful of documents beforehand, depending on the client and what their relationship is with the property. Be prepared to present property tax bills and income tax statements if asked. Talk to your lender before you request the appraisal so you can promptly give the appraiser what they need to get started.
评估师可能会事先要求提供一些文件，具体取决于客户以及他们与房产的关系。如果被问到，请准备好出示财产税账单和所得税报表。在您请求评估之前与您的贷方交谈，以便您可以及时向评估师提供他们开始所需的内容。
Before the appraiser starts their report, you should also confirm the following facts:
在评估师开始他们的报告之前，您还应该确认以下事实：
- Square footage of the property 物业面积
- Intended and past uses 预期用途和过去用途
- Information on off-market comparable transactions 场外可比交易信息
- A list of building plans (with costs) 建筑计划清单（含成本）
- Date of valuation (whether the appraisal is meant to reflect the valuation of the current date, a past date, or looking into the future) 估值日期（评估是否旨在反映当前日期、过去日期或展望未来的估值）
- Intended report readers 目标报告读者
The more information you bring forward, the better. Make sure that this information is accurate; appraisers will conduct a lot of information on their own as they create their report. Conflicting information may slow down the appraisal process and will generally not work in the client’s favor.
你提供的信息越多越好。确保此信息准确无误；评估人员在创建报告时会自行处理大量信息。相互矛盾的信息可能会减慢评估过程，并且通常不会对客户有利。
Preparing accurate information ahead of time, as opposed to waiting to see if report confirms your predicted valuation, saves everyone time and money. Do your part before you order an appraisal.
提前准备准确的信息，而不是等待报告是否确认您的预测估值，可以节省每个人的时间和金钱。在您订购评估之前做好自己的工作。
What happens if the value is too high or low?
如果值太高或太低会怎样？
Clients may disagree with the appraiser’s report. If you believe that the value of the property you want to invest in might be too high, you have the possibility to “appeal” to the appraiser. But you can’t just call up the appraiser and tell them that they were wrong. Take the following steps within one to two weeks of receiving the report.
客户可能不同意评估师的报告。如果您认为您要投资的房产价值可能过高，您可以向评估师“上诉”。但是你不能只是打电话给评估师并告诉他们他们错了。在收到报告后的一到两周内采取以下步骤。
Read the appraisal report thoroughly.
仔细阅读评估报告。
The appraiser should include all of the information that factors into the appraisal. Just like the appraiser might miss information about the area or key facts, you might have missed these facts in your research. Do not call up the appraiser until you have read through the report and identified which factors are incorrect or miscalculated.
评估师应包括所有影响评估的信息。就像评估师可能会错过有关该地区或关键事实的信息一样，您可能在研究中错过了这些事实。在您通读报告并确定哪些因素不正确或计算错误之前，请勿致电评估师。
Bring the facts forward.
把事实摆在面前。
Again, telling the appraiser “you’re wrong” is not going to get you the changes you want. As you read the report, make a note of any miscalculations or incorrect facts. Create a list of additional facts that the appraiser may have overlooked or not considered while writing the report. The appraiser may change their mind about the valuation of the property, but only if you show them facts that disprove their original report.
同样，告诉评估师“你错了”不会让你得到你想要的改变。在阅读报告时，请记下任何错误计算或不正确的事实。创建一份评估员在撰写报告时可能忽略或未考虑的其他事实的列表。估价师可能会改变他们对房产估价的看法，但前提是您向他们展示了反驳他们原始报告的事实。
Talk to the bank.
和银行谈谈。
The investor doesn’t usually order the appraisal themselves. Investors typically reach out to a lender, who reaches out to the appraiser. In this case, the lender is the client. Not you. If you have issues with the appraisal, talk to your lender. Let them discuss the facts of the report with the appraisal.
投资者通常不会自己下令进行评估。投资者通常会联系贷款人，贷款人会联系评估师。在这种情况下，贷方是客户。不是你。如果您对评估有任何疑问，请咨询您的贷方。让他们与评估讨论报告的事实。
Remember, appraisers must uphold a strict code of ethics in order to hold their position. Unfavorable appraisals are usually the result of missed facts or misunderstandings. The appraisal process is generally painless and agreeable for all parties.
请记住，评估师必须遵守严格的道德准则才能保住自己的位置。不利的评价通常是由于遗漏事实或误解造成的。评估过程通常是无痛的，并且各方都同意。
Talk to your lender about whether you need an appraisal to take out a mortgage for your next investment.
与您的贷方讨论您是否需要评估才能为您的下一次投资提供抵押贷款。
