If you own commercial property in South Florida and want to know what it's worth, you'll run into three terms fast: broker opinion of value (BOV), appraisal, and CMA (comparative market analysis, sometimes called a BPO). They are not the same thing, they cost wildly different amounts, and using the wrong one wastes time or money. Here's the plain-English difference and how to choose.
Short version: a BOV is a fast, usually-free broker estimate for your own decisions. An appraisal is a formal, paid, lender-grade valuation. A CMA/BPO is a lighter version of a broker estimate. Most owners should start with a BOV.
Broker Opinion of Value (BOV)
A BOV is a commercial broker's estimate of a property's market value, built from recent comparable sales and current market conditions. It's fast — often same day to one business day — and frequently free, because brokers provide it to build a relationship. It gives you a defensible value range plus strategic context: what the property would likely trade for, who the buyers are, and how timing affects price.
What a BOV is best for: deciding whether to sell, setting a realistic asking price, evaluating an acquisition, planning a 1031 exchange, or getting a second opinion before you commit. What it is not: a document a lender or court will rely on.
Appraisal
An appraisal is a formal valuation performed by a state-licensed appraiser following regulated standards (USPAP). It is the gold standard for certainty — and it's what banks require for financing, what courts use in disputes, and what the IRS expects for estate and tax matters. The trade-offs: it typically costs $2,500 and up for commercial property and takes weeks to complete.
What an appraisal is best for: securing a loan or refinance, litigation, estate settlement, or any situation needing an independent, regulated, lender-grade number. It's overkill — and slow — if you just want to know whether it's worth listing.
CMA / BPO
A comparative market analysis (CMA), often called a broker price opinion (BPO) in commercial real estate, is a lighter comps-based estimate. In practice the terms BOV and BPO overlap heavily — both are broker estimates, as opposed to a licensed appraisal. The distinction that actually matters is broker estimate (fast, usually free, for your decisions) versus appraisal (formal, paid, for lenders and courts).
Side by Side
- Who performs it: BOV / CMA — a commercial broker. Appraisal — a state-licensed appraiser.
- Cost: BOV / CMA — usually free. Appraisal — $2,500+.
- Turnaround: BOV / CMA — same day to ~1 business day. Appraisal — weeks.
- Accepted by lenders / courts / IRS: BOV / CMA — no. Appraisal — yes.
- Best for: BOV / CMA — pricing, strategy, go/no-go decisions. Appraisal — financing, litigation, estate, tax.
The South Florida Angle
Because commercial values across Broward, Miami-Dade, and Palm Beach have moved sharply, owners who haven't checked their number in a while are often surprised — in both directions. A free BOV is the low-friction way to get current, and it's especially useful before you spend on a formal appraisal: it tells you whether the deal even makes sense first. If you're tying the property to a business sale, see how your real estate affects your business valuation.
How to Get a Free BOV in South Florida
You can pull instant public-record data and comparable sales on any commercial property in the tri-county area with the free Broker Opinion of Value tool, then request a full memo from Justin Crow at Mattis Advisors — a comp-driven value range with strategy, within one business day. (A BOV is not a formal appraisal, and this article is general education, not valuation, legal, or financial advice.)
The Bottom Line
Match the tool to the job: get a free BOV when you need a fast, defensible number to make a decision, and order a formal appraisal when a lender, court, or the IRS needs to rely on it. For most owners thinking about selling, refinancing, or exchanging, the smart first move is the free BOV — then escalate to an appraisal only when the situation requires it.
Related tools: See what any South Florida commercial property is worth with the free Broker Opinion of Value tool, and read how your real estate affects your business valuation.
Frequently asked questions
What is the difference between a BOV and an appraisal?
A broker opinion of value (BOV) is a broker's estimate of market value based on comparable sales and market knowledge — fast and usually free. An appraisal is a formal, regulated valuation by a state-licensed appraiser, costs $2,500+ and takes weeks, and is what lenders require. A BOV is for fast strategic decisions; an appraisal is for financing and legal certainty.
Is a broker opinion of value free?
Often, yes. Many commercial brokers — including Justin Crow at Mattis Advisors — provide a BOV at no charge, because it's a natural first step toward a future engagement. An appraisal, by contrast, is a paid professional service.
Will a lender accept a BOV?
Generally no. Lenders, courts, and the IRS require a formal appraisal by a licensed appraiser. A BOV is for the owner's own decision-making — pricing, timing, and strategy — not for underwriting a loan.
What is a CMA or BPO in commercial real estate?
A comparative market analysis (CMA) — also called a broker price opinion (BPO) — is a lighter comps-based estimate. In commercial real estate the terms BOV and BPO are often used interchangeably; both are broker estimates, distinct from a licensed appraisal.
Which one should I get first?
For most owners weighing a sale, refinance, or 1031, start with a free BOV to get a defensible number and strategy in a day. Order a formal appraisal once you need lender-grade or court-grade valuation.
