APPRAISING COMPLEX RESIDENTIAL PROPERTIES CREATING YOUR NICHE BUSINESS

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APPRAISING COMPLEX RESIDENTIAL PROPERTIES: CREATING YOUR NICHE BUSINESS Presented By Frank R. Molinari, SRA

APPRAISING COMPLEX RESIDENTIAL PROPERTIES: CREATING YOUR NICHE BUSINESS Presented By Frank R. Molinari, SRA

GOALS !!!! • What is complex residential? • Expanding your business-steps for acquiring complex

GOALS !!!! • What is complex residential? • Expanding your business-steps for acquiring complex residential assignment business. • Identifying education and experience to become competent to appraise complex residential properties.

GOALS !!!! (CONT. ) • Developing creative solutions for valuing complex residential properties. •

GOALS !!!! (CONT. ) • Developing creative solutions for valuing complex residential properties. • Become the expert witness for complex residential- tips on how to prepare the expert complex residential report.

HISTORY • • Wife & Husband - SRA’s Started 1985 Sold Business 2015 -

HISTORY • • Wife & Husband - SRA’s Started 1985 Sold Business 2015 - 30 yrs Started Miami, Fl – Ended Sacramento, CA Built on Complex Residential Diversified Clients Commercial too Tech Enabled

IDENTIFYIING COMPLEX GOAL ONE What is a complex residential assignment? • Property Types •

IDENTIFYIING COMPLEX GOAL ONE What is a complex residential assignment? • Property Types • Location; Physical Characteristics; Market Conditions; Conformity • Assignment Conditions • Client

GOAL 2 - EXPANDING YOUR BUSINESS Where do I find these “Complex Appraisals”? •

GOAL 2 - EXPANDING YOUR BUSINESS Where do I find these “Complex Appraisals”? • • Lenders? Yes and No! Internet- Tell you my story at the end Attorneys CPA’s

EXPANDING (CONT. ) • Government Agencies-Federal, Regional & Local. • Property Owners • Brokers

EXPANDING (CONT. ) • Government Agencies-Federal, Regional & Local. • Property Owners • Brokers • Non-Profit Organizations

NICHE GOVERNMENT CLIENTS • FBI • DEA • U. S. MARSHALS • FANNIE •

NICHE GOVERNMENT CLIENTS • FBI • DEA • U. S. MARSHALS • FANNIE • FREDDIE • IRS-EXPERT WITNESS • DOJ- EXPERT WITNESS

NICHE COMPLEX CLIENTS • • Local Banks Tax Attorneys Estate Executor Divorce Attorneys

NICHE COMPLEX CLIENTS • • Local Banks Tax Attorneys Estate Executor Divorce Attorneys

COMPLEX PROPERTIES • • Guest Quarters Unpermitted Additions Historic Residential Façade Easements- Residential

COMPLEX PROPERTIES • • Guest Quarters Unpermitted Additions Historic Residential Façade Easements- Residential

COMPLEX (CONT. ) • • Rural Environmentally Challenged Non Confirming Uses Vacant Land

COMPLEX (CONT. ) • • Rural Environmentally Challenged Non Confirming Uses Vacant Land

COMPLEX ASSIGNMENTS • Stigma- Environmental, Death, Criminal Offenders List • Casualty Loss-Hurricanes-Floods, Wild Fires,

COMPLEX ASSIGNMENTS • Stigma- Environmental, Death, Criminal Offenders List • Casualty Loss-Hurricanes-Floods, Wild Fires, Earthquakes, etc. • Charitable Donation- Land – Homes

COMPLEX ASSIGNMENTS • Litigation- Divorce & Partnerships • Construction Defects • Fractional interests •

COMPLEX ASSIGNMENTS • Litigation- Divorce & Partnerships • Construction Defects • Fractional interests • Estate & Gift

COMPETENCY How do I become competent? • USPAP • Education & Experience • Appraisal

COMPETENCY How do I become competent? • USPAP • Education & Experience • Appraisal Institute Classes

COMPETENCY (CONT. ) • • • Third Party Vendor Seminars Government sponsored Colleges; Land

COMPETENCY (CONT. ) • • • Third Party Vendor Seminars Government sponsored Colleges; Land Trusts Realtor Associations Appraisal Reviews

SPECIFIC EDUCATION • Introduction to Green Buildings : Principles and Concept • Litigation Appraising:

SPECIFIC EDUCATION • Introduction to Green Buildings : Principles and Concept • Litigation Appraising: Specialized Topics and Applications • Residential and Commercial Valuation of Solar • The Appraiser as an Expert Witness: Preparation and Testimony

EDUCATION (CONT. ) • Using Spreadsheet Programs in Real Estate Appraisals • Residential Applications-Part

EDUCATION (CONT. ) • Using Spreadsheet Programs in Real Estate Appraisals • Residential Applications-Part 2: Using Microsoft Excel to Analyze and Support Appraisal Assignment Results • Thinking Outside the Form • www. appraisalinstitute. org/education/yourcareer/professional-development-programs • Tahoe courses you just completed!

EXPERIENCE Experience – How & Where? • Practical & Geographical • Mentor • Peers

EXPERIENCE Experience – How & Where? • Practical & Geographical • Mentor • Peers • Realtors • Subject Matter Experts (SME’s) • Previous assignments • Books- Periodicals

VALUATION SOLUTIONS • • • Surveys Regression Analysis Interviews Traditional Approaches, Sales- Income-Cost Highest

VALUATION SOLUTIONS • • • Surveys Regression Analysis Interviews Traditional Approaches, Sales- Income-Cost Highest and Best Use-Market Analysis A, B, C

SOLUTIONS (CONT. ) • Before and After – Casualty Loss • Big Data –

SOLUTIONS (CONT. ) • Before and After – Casualty Loss • Big Data – 1 st American – Core. Logic • Sensitivity Analysis • Quantitative Analysis

SOLUTIONS (CONT. ) • Ranking Analysis • Excel- Support Your Adjustments • Fractional Interest

SOLUTIONS (CONT. ) • Ranking Analysis • Excel- Support Your Adjustments • Fractional Interest Studies • Fractional Interest Sales • Qualitative Analysis

SOLUTIONS (CONT. ) • • Paired Sales Analysis Time; Geographic Other Experts Cost Related

SOLUTIONS (CONT. ) • • Paired Sales Analysis Time; Geographic Other Experts Cost Related Adjustments

REPORT FORMATS • • URAR AI APPRAISAL REPORT NARRATIVE THIRD PARTY VENDORS –ALAMODE GP

REPORT FORMATS • • URAR AI APPRAISAL REPORT NARRATIVE THIRD PARTY VENDORS –ALAMODE GP

REPORTS (CONT. ) • STANDARD A: An appraisal must be credible • SR A-3:

REPORTS (CONT. ) • STANDARD A: An appraisal must be credible • SR A-3: Scope of Work • SR A-4: Application of Methodology

COMPLEX SERVICES • Estate planning and estate settlements • Property Tax Assessment Review and

COMPLEX SERVICES • Estate planning and estate settlements • Property Tax Assessment Review and Advice • Residential Eminent Domain and Condemnation Property Transactions

COMPLEX SERVICES (CONT. ) • Bail Bonds • • Bankruptcy • Date of Death

COMPLEX SERVICES (CONT. ) • Bail Bonds • • Bankruptcy • Date of Death • REO

COMPLEX SERVICES (CONT. ) • • • Divorce Estate Planning Expert Witness PMI Removal

COMPLEX SERVICES (CONT. ) • • • Divorce Estate Planning Expert Witness PMI Removal Pre-Listing, Pre-Purchase, FSBO's Probate

COMPLEX SERVICES (CONT. ) • Property Tax Appeals • Trusts / Gifts • Dispute

COMPLEX SERVICES (CONT. ) • Property Tax Appeals • Trusts / Gifts • Dispute Resolution

EXPERT WITNESS • Subject Matter Expert (SME) • Expert Witness Courses – Appraisal Institute

EXPERT WITNESS • Subject Matter Expert (SME) • Expert Witness Courses – Appraisal Institute • Seak, Inc • The Expert Institute • The Forensic Expert Witness Association (FEWA). • Court Case Decisions

WEBSITES • http: //appraisal. softlinkliberty. net/liberty/libr ary. Home. do • https: //www. fbo. gov/Fed.

WEBSITES • http: //appraisal. softlinkliberty. net/liberty/libr ary. Home. do • https: //www. fbo. gov/Fed. Biz. Opps. Gov • https: //www. seak. com/Expert Witness • https: //www. smartappraisermarketing. com • Internet Marketing- Increase Appraisal Orders

WEBSITES • http: //realestatedamage. com/damages. htm Randall Bell, Ph. D, MAI • www. realstat.

WEBSITES • http: //realestatedamage. com/damages. htm Randall Bell, Ph. D, MAI • www. realstat. com/Eugene Pasymowski, MAI • https: //www. smartappraisermarketing. com • Internet Marketing- Increase Appraisal Orders

WEBSITES (CONT. ) https: //www. pvvalue. com/Solar PV How Much is it Worth? http:

WEBSITES (CONT. ) https: //www. pvvalue. com/Solar PV How Much is it Worth? http: //www. avttools. com/David A. Braun, MAI, SRA, AI-GRS https: //georgedell. com/George Dell, MAI, SRA, ASA, CRE https: //www. primusvaluations. com/Dennis Webb, MAI, ASA, FRICS

PUBLICATIONS • • The Appraisal Journal Valuation Magazine Working RE Realtor Magazine

PUBLICATIONS • • The Appraisal Journal Valuation Magazine Working RE Realtor Magazine

AI BOOKSTORE • The Appraisal of Real Estate, 14 th Edition • The Dictionary

AI BOOKSTORE • The Appraisal of Real Estate, 14 th Edition • The Dictionary of Real Estate Appraisal 6 th Edition • Rural Property Valuation • Real Estate Damages , 3 rd Edition • Residential Green Valuation Tools • Real Estate Valuation in Litigation, second edition • The Valuation Analyst, David A. Braun, MAI, SRA, AI-GRS

MARKETING-ORALITY • County Fairs- Booth- Tax Appeals • Bar Association Conventions- Tax Attorneys •

MARKETING-ORALITY • County Fairs- Booth- Tax Appeals • Bar Association Conventions- Tax Attorneys • Internet- Google Ads • Larger Appraisal Companies • Brokers • Government Chief Appraisers

MARKETING (CONT. ) • Diversify your Clients • Upgrade Your License? • Spend Money

MARKETING (CONT. ) • Diversify your Clients • Upgrade Your License? • Spend Money on Internet Ads • Network with Commercial Firms/RE Brokers • Women Owned/ Minority Business This Photo by Unknown Author is licensed under CC BY

SUMMARY REVIEW YOUR BUSINESS MODEL IDENTIFY NEW CLIENTS $$$-THRIVE! BECOME COMPETENT CREDITABLE SOLUTIONS

SUMMARY REVIEW YOUR BUSINESS MODEL IDENTIFY NEW CLIENTS $$$-THRIVE! BECOME COMPETENT CREDITABLE SOLUTIONS

Q&A Thank You molinari@gate. net

Q&A Thank You [email protected] net