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I certainly hope that the concerns over COVID-19 are over dramatized.  But, I do think it is prudent to operate in the best interests of our clients, partners, organizations and the health of our families.  To that end, I wanted to provide clients and partners with clear communication as we navigate the difficulties of COVID-19, as well as potential opportunities from changing interest rates and economic conditions.

As an independent appraiser, I am fairly well positioned to minimize exposure risks, and do not anticipate any disruptions to capacity or scheduling at the present time.  I am taking reasonable precautions to minimize contact during site visits, including meeting with property owners and borrowers during off hours, and will be adjusting my schedule for evening and weekend site visits as needed.

Where appropriate, I am also encouraging clients to order concise appraisal reports with limited property inspections and scope of work.  In many cases, adequate property details can be attained from an exterior only or minimal interior inspection.  I will certainly advise otherwise if a particular property requires a more complete examination.

As an added benefit, I am typically able to provide a two-week turnaround time on concise reports, which can be prepared either as restricted use appraisals or as appraisal reports, depending on your needs.  If you are client and unfamiliar with this particular work product, I am happy to send you a sample report.

I look forward to our continued partnership.  If I can be of assistance in any regard, please do not hesitate to contact me.

Timothy Cronkright

The Cronkright Company has recently expanded service areas to include norther Indiana.  Service areas include Elkhart, Gary, Ft. Wayne, Indianapolis and the surrounding counties.  Clients in need of appraisal services in these areas can rely on our professionalism and work ethic in completing commercial property appraisals.  From multi-family apartments to office and industrial property appraisals, the Cronkright Company has the expertise you need in Indiana.

Our services are also available through local affiliates in Tennessee, including Nashville, Clarksville, Knoxville, Chattanooga, Jackson and Memphis market areas.

Recently, I received a phone call from a property owner asking for an appraisal.  But, when I began to ask why he needed an appraisal, it was clear that an appraisal would not serve his purpose.  Still, it is an appropriate question to ask, when do I need an appraisal?

It is useful to have an understanding of what an appraisal does, and does not do, when deciding if you need an appraiser.  An appraisal is a qualified professionals opinion of property value at a specific and fixed point in time.  In certain cases, an appraisal can look forward for a precise and well defined period, like construction time.  In any case, a current appraisal is more reliable than an appraisal projecting values down the road.

For property owners looking towards a future sale, an appraisal is generally not an effective tool.  Marketing efforts involve much more than establishing a value. In most transactions, an appraisal will be required for the purchaser, not the seller.  Generally, I recommend contacting a qualified commercial broker first if you anticipate the sale of a property, and need a place to start.

So, when do I need an appraiser? I recommend an appraisal when the value of a property is a significant part of a financial decision.   Common examples of this include financing decisions, land contracts, appraisals for IRS purposes -such as donations and estates- property tax appeals, and litigation. When you are considering a decision based on the value of real estate; an appraisal can provide an objective analysis to assist you in that process.