A Commercial BPO is a “here-and-now” snapshot of the market based on the most recent data available. However, the market is constantly changing; new listings, pending and closed sales, price reductions, and expired listings can all impact fair market value in a short period of time and make the BPO obsolete. As a result, Commercial BPOs should be considered a useful tool for determining FMV but should not be considered a substitute for the skill and expertise of a CRE professional.
A Commercial BPO is not an appraisal. Licensed CRE professionals generate BPOs to the best of their ability in order to provide each client with the most current market data available. However, in generating a Commercial BPO, a CRE agent/broker will NOT follow the guidelines for the development of an appraisal/analysis as specified in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. In other words, a Commercial BPO is NOT a Commercial Appraisal and should not be treated as such.
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Frequently Asked Questions
Real estate brokers specializing in commercial properties are known as commercial real estate brokers. In most cases, business enterprises take advantage of these assets. Commercial real estate brokers are the “middle man” between a company’s real estate needs and property or building that the company wants to buy.
Commercial real estate taxes can vary greatly depending on a variety of factors. It is impossible to provide precise, detailed information in a FAQ because the answer will vary depending on you, the property, and the property’s location.
In general, governments require business and property owners to fill out tax forms that provide information about their income and the value of their property. The following factors can influence the amount of taxes you will have to pay for your commercial property: revenue generated by the property, expenses of the property, location of the property, and more.
You can learn how to calculate commercial real estate taxes on your property by reading this NOLO article.
We recommend speaking with industry professionals who can provide more accurate information and data based on your location and other relevant business factors.
The same rules and risks apply to all real estate transactions:
1. Identify a property.
2. Identify its applications.
3. Determine the property’s value
4. Make a purchase offer
5. Negotiate the terms and conditions and the purchase price.
6. Complete the transaction and take possession of the property. More significant risks are involved when purchasing, selling, renting or leasing commercial real estate.
The key is to assess the risk, including market risk, investment potential, property condition risk, environmental risk, regulatory risk, and so on. Your goal should be to keep these as low as possible. Defects in title, zoning and land use restrictions, market fluctuations, and environmental contamination are potential problems that frequently lead to legal
Contact Preeminent Commercial Real Estate Group today to enter into a legally binding listing agreement!
It can vary, but it usually takes 6-12 months and is highly dependent on the motivation of the parties involved, including any lenders.