Real Property Valuation & Classification: Fill & Download for Free

If you’re asking about real property valuation, zero, unless the lawyer is also a licensed appraiser or real estate broker, in which case the fee should be similar to customary fees for such services from licensed providers.

There are three main property valuation methods, so the parameters used for the valuation will depend on the method used:Sales Comparison ApproachThe most popular of the property valuation methods is the sales comparison approach. Also known as the market data or comparable sales approach, this method is mostly used for land and residential real estate, especially single family homes. Valuation in this method is done by comparing a real estate property with similar properties in terms of sales prices, hence the name of the method. The properties used for comparison are called comparables. Not just any properties work as comparisons, however. Properties are only considered comparables if they are very similar to the property and have been sold within the year under ordinary market conditions.Cost ApproachThe second approach from the main property valuation methods is the cost approach. The concept of the cost approach is that a real estate investor shouldn’t buy a rental property for more than what it could cost to construct a replicate of said property. This approach uses one of the common property valuation methods, the sales comparison approach. The sales comparison approach is used to find the value of the property’s land based on comparables. Then the costs of building the property are estimated, taking depreciation into consideration.Another aspect that separates this method from other property valuation methods is what kind of real estate it is used for. The cost approach is not used for residential or income property real estate. It’s used for properties that are usually constructed and not sold, like schools, religious institutions, government buildings, and hospitals.Income Capitalization ApproachThe final approach of the property valuation methods is the income capitalization approach. This method is all for income properties. Apartment buildings, commercial real estate, and multifamily homes are examples that can be used in this approach. The income capitalization approach takes into account the return on investment and the net income of a property.Of course, there is much more to it than my brief answer. For a more detailed answer on the specifics and methods of calculation, please visit our website, or read our blog (What Are the Main Property Valuation Methods?)

Real estate is a booming industry field these days. People who are in this industry will definitely agree with the fact that their workplace often get filled on an everyday basis with data generated from legal records, property assessment statements, sales information, property information, adding latest properties, non-commercial or commercial for sale or rent as well as updating the database on a regular basis, along with several additional real estate relevant documents.This data has to be processed in the right way so as to assist you in your business procedures. Hi-Tech BPO provides complete real estate BPO solutions including:• Data entry of property valuation reports or appraisal reports• Property data research / collection• Research and collect contact data of potential clients to create lead list building• Data entry of property documents into client's applications or spreadsheets• Updating website content & publishing, data update & upload, etc• CRM support services• Real estate ad posting• Property image editing and retouchingFeel free for any help, contact Hi-Tech BPO.