Most apartment properties will, sooner or later, be the subject of an appraisal assignment. With all apartment appraisals, we attempt to identify the probable purchaser profile and then simulate typical purchaser behavior. Expense and cost comparables are used in addition to comparable sales and rentals. The result is a reasonable reflection of investor behavior.
We, the appraisers, do our own market surveys because, in addition to being confident the data is accurate, we receive a wealth of residual information during the interviews. In summary, we attempt to provide as much relevant detail as is necessary to adequately reflect typical market behavior, and then logically deduce such behavior as it relates to the property appraised.