Frequently Asked Questions (FAQ)

What type of valuation work do you do?
We provide our clients with real estate appraisals and business valuation consulting services. We value Real Property of all types – improved and transitional Farmland; Commercial property including Hospitality, Office and Retail; multiple forms of light & heavy Industrial; all types of commercially-zoned Land; multi-family Residential and Subdivisions; and Redevelopment. We conduct Special Use property valuations. We are active in Litigation Support and other Legal-Related valuation consulting. We conduct professional Business Valuation services both related and unrelated to our real estate appraisal engagements.                 

We consult on a variety of matters from Market Analyses, Lease Renewal and Rental Rate Studies, Acquisition / Disposition Due Diligence, to Property Tax Appeals and Site Selection. We also offer business valuations related to our real property valuation work.

Can you appraise unusual properties?
Yes, absolutely. Unlike many appraisal firms, we like valuing Special Use properties. Special Use properties are those where many appraisers can’t tackle the valuation because the property type presents extraordinary circumstances that make it difficult to arrive at a supportable value. But, we like ‘em -- Gas Stations and Gas Station / C-Store combinations, Auto Dealerships, Airport Properties, Distressed Properties, Car Washes, Gravel Pits, Railroad, Communication and Transportation Corridors, Pipeline Rights of Way, Truck Travel Centers, properties with multiple party interests, and more. Yes, we value environmentally impaired properties (we know what CERCLA means and that Superfund is not a choice on your §401(k) fund list) and Environmental Stigma. For more, click to our detailed Special Use list.

Am I the type of client you work with?
Well, let’s see. We work with a wide spectrum of clients, so chances are we can help you: 

Do you perform litigation support and other legal-related work?
Yes, we regularly perform both types of valuation work. We welcome engagements with law firms, governmental agencies and districts, and city / county attorneys. We have a wealth of experience in Litigation Support including expert opinion consultation and testimony in depositions and trials, both plaintiff and defendant. This includes experience in federal and state actions, administrative proceedings, as well as arbitrations and mediations. Our Legal-Related Consultations typically cover these areas of valuation: Eminent Domain and Condemnation; Probate, Estates and Trusts; Fractional Interests; Buy / Sell Agreements; Conservation Easements; Property Tax Appeals and other Tax Controversy; Lease Renewals; Partnership Dissolutions; and Divorce.

What work won’t you do?
A key part of our client-centered approach is not promising what we can’t deliver. So, we don’t take on the following types of projects because we really don’t focus on them:

• Personal property, including machinery & equipment (unless associated with real property)
• Single family residential for mortgage loans
         
  

What if my property is outside your Regional Service Area?
Our Regional Service Area and Extended Service Area illustrate where we normally work. But, depending on your project’s size and scope, we can value sites that are outside that geography. Please contact us if you have questions about your site locations. Plus, we can partner with other reputable valuation firms so that they value the sites that are outside of our normal service geography. We value your sites within our Regional Service Area, and then review the work done by our partnering firm on the other sites. That way, you get the best of local market knowledge and value dependability – regardless of your property locations.

How do I arrange for you to do the work?
It’s easy. The quickest way is to e-mail us a Request For Proposal. Or, contact us by phone. Either way, we will follow up with you. If we can’t do the project, we will tell you as soon as we can. If we think we can help, we will contact you for a follow-up discussion. We then send you a proposal and valuation services Agreement, spelling out project details, expected timeline, deliverable, and estimated fee.

What will be in my valuation report?
At ZENGEL & Associates, we customize your appraisal report, depending on your particular needs and the purpose for the valuation. There are certain standard data points that populate most reports, but we can make yours as simple or as comprehensive for you as you feel necessary, subject to requirements dictated by the purpose of the appraisal and industry best practice. Regardless of the complexity and size of your valuation report, it will be suited to your needs.

What are your appraisal standards?
We value your business, and that of all our clients. And, we value our business. To do both, and maintain our high professional reputation, we will always value your property independently, using our best judgment, while adhering to the highest professional standards of the Appraisal Institute and the Uniform Standards of Professional Appraisal Practice (USPAP). For us to do otherwise is a violation of appraisal ethics, is something that you shouldn’t want us to do, and is something that no reputable valuation firm will do.

What is an MAI, and should I use one?
ZENGEL & Associates can give you an opinion of value prepared by or reviewed and signed by A. George Zengel, MAI. A member of the appraisal institute (MAI) holds the highest certification of professional skill and experience in appraising real property. There are only several thousand designated MAI appraisers in the United States. An MAI has (1) passed a rigorous certification exam, (2) satisfied high standards of minimum and continuing education, and (3) demonstrated strong experience and training in the field of real property valuation. Accordingly, because of an MAI’s high professional standing and the resulting assurance of quality and adherence to established standards, an MAI opinion of value is often required by financial institutions, legal proceedings, tax authorities and by contracts and other legal documents. You may or may not need an MAI-certified appraisal for your project. Contact us to help you decide.

What is the Appraisal Institute?
The Appraisal Institute is the most respected international organization of licensed real estate appraisal professionals. Widely recognized throughout the appraisal industry, its membership sets industry best practice and ethical standards, establishes professional designations such as the MAI, conducts research and publishing, and sponsors education programs. For more, link to www.appraisalinstitute.org.

How much will my project cost?
Good question. Like any provider of high-quality, professional services, our first answer is “it depends”. Our fees are competitive. Because we provide custom valuation services, we cannot guess the cost of your project without first finding out your specific needs, the property location(s) and your purpose for the valuation. Then, we normally will give you one, comprehensive fee estimate. We charge for some services on an hourly fee basis – usually if they are outside the scope of the original project, are ordered on a “rush” basis, or if they require special services and / or documentation, such as Litigation Support.

What about fee payment?
Our flexibility on payment schedules depends on whether we have done projects for you before (we love repeat clients!), and on your project’s size, complexity, and estimated time to complete.

What is an appraisal?
Generally, a real estate appraisal or valuation is a formal report that concludes an opinion of fair market value on real property. Our opinion of value is rendered as of a certain date, called the date of value. Depending on the situation, we may use one or more professionally recognized methods of calculating the estimate of fair market value, usually based on the highest and best use of the property on the valuation date. The value is generally based on correlation of one or more estimates of (1) the comparable sales / market value of that property to like properties in the area, (2) potential income generated by the property, and / or (3) the actual cost to replace the property. Since no two properties are the same, establishing an estimated fair market value requires us to review historical and current data, evaluate any conditions and limitations that may currently or potentially affect the property, and correlate a value based upon the best available data.