Reno Properties Groups licensed brokers will prepare a broker opinion of value (BOV) as a way of estimating the value of a client’s property.
Commonly referred to as a broker price opinion (BPO), they are typically used to estimate value prior to a purchase, sale or lease. Our brokers will provide an assessment of the underlying market and property conditions that affect the value. First, they will start with a site visit and tour of the property together with an analysis of the properties income and expenses including a property tax assessment. Visiting the site will allow them to assess the physical condition of the property including any deferred maintenance. Additionally, a review of any zoning or environmental conditions will also be undertaken. The property’s demographic profile will be reviewed to understand those conditions which may impact value such as population, income, jobs, transportation and amenities.
The purpose of the BOV is to provide the client a reasonable commercial real estate valuation to determine fair market value for a purchase, sale or lease. In the case of a purchase or sale; a property value range and in the case of a lease; a per square foot lease range.
While each individual broker price opinion report will vary based on the requirements of each specific property, the following components are commonly used in our broker price opinion reports:
• Location Information
• Site description
• Market overview & trends
• Property condition
• Tenant information
• Comparable sales/leases
• Range of market values