Every appraisal assignment gives me an opportunity to visit beautiful places of the neighborhood and nearby tourist spots. This is Panglao island, recognized as one of the premier tourist spot in Central Visayas.
Appraiser Planner Gus Agosto attended the Forum with visiting professors Dr. John Leung from City University of Hongkong and Dr. Brian To from Singapore Management University as speakers. Dr. Leung discussed the topic “Entrepreneurship is Service”, while Dr. Brian To share the topic “Managing Yourself”.
Both professors were distinguished and successful on their own field. Dr. Leung is currently the Director of Executive MBA program, and an Associate Professor of Marketing at City University of Hong Kong. While Dr. Brian To is a Senior Practice Professor of Strategy and Leadership and Senior Wharton Fellow of University of Pennsylvania.
“The more I learn, the more I realize that there are more things I need to learn and discover”, Appraiser Planner Gus said. Gus is also a faculty member of the University of San Carlos.
The forum, organized by the School of Business and Economics, was held last August 24, 2015 in University of San Carlos Downtown Campus. “The pace of innovation in business are now moving fast, and I want to learn more to provide my clients of top of the line solutions”, Gus ended.
I have a client who asked me if I am using the same appraisal report format in my practice. I quickly replied no. Why? Real estate properties have different appraised values depending on how you intend to use the appraisal. For instance, valuation for insurance may be very different than the value in the market, estate tax, property resale, or insurance. Other assigned uses include investment, liquidation, price confirmation, equitable distribution, loan collateral, retrospective value and many more.
Qualified and educated appraisers understand the many different types of values, assigned uses, and market condition in an specific area. He or she works with client to choose the proper type of value so that they can use the appraisal correctly and effectively.
Whenever there’s a question about the value of your property, there’s also a risk involved. It may be the risk of selling too low, or of paying too much: the risk of being under or over insured; the risk of not getting your fair share in a division of property; the risk of incurring tax penalties or being audited when calculating estate taxes.
A professional appraiser helps you manage these and other such risks by providing a written opinion of value upon which you can base your financial decisions. Rather than being just an “educated guess”, the professional appraiser’s value conclusions are based upon prescribed methods of valuation, research and report writing.
Bankers, investors, insurers, brokers, trustees, lawyers, judges, government agencies – ALL are dependent upon the knowledge and expertise of the appraisers, and so are you. Too often and too late, people find out that the appraisals they have are inaccurate or misleading, resulting not only in greater risk to themselves, but also a waste of millions out of their pocket.
No two properties are alike, no two appraisals are alike.
Appraiser Gus Agosto has just rendered appraisal services to the University of the Philippines, Cebu Campus. “It is an honor to be awarded a contract and appraised properties of a prestigious institution like U.P.”, Appraiser Gus Agosto shared.
“Government institutions and agencies are good market for real estate appraisers. Appraisers can explore and participate in government bidding and contracts.” he further said. Last year, he was also part of an appraisal team that provided appraisal services to the Cebu Appraisal Technical Committee on Zonal Valuation of the Bureau of Internal Revenue (BIR).
To succeed, Appraisers should have working knowledge of the Republic Act 9184 or the Government Procurement Act. Every branch or agency of the government through the head of a procurement entity forms a bids and awards committee (BAC) to conduct competitive and transparent purchases by means of public bidding. There are also alternative ways government can make purchases like limited source bidding, direct contracting, negotiated procurement and shopping,
“In winning a government contract, offering the lowest price is not the key. It is knowledge, appraisal experience and excellence in appraisal that matters,” Appraiser Gus ended.