What does a broker opinion of value (BOV) look like?
I was listening to the CRE Fast Five podcast and heard that it’s a good idea to get a broker opinion of value every year. 

Is that really true?  Do you get one from multiple brokers?

Most importantly what do they look like?  Is it just a comp report from CoStar?

I have a strip center in Texas we are thinking about and wonder if this is a typical first step to feel out good broker candidates. 

Thanks for the thoughts!
[{"id": "hvhl8fb", "text": "You send me your T-12 and rent roll. I pull some comps, run a DCF and tell you about where I think your property will trade in todays market based on what I have been seeing. Its just a less formal valuation. It costs nothing, I provide the service because you might let me run a sales process and it takes me very little time. Worst case scenario I have more comp data", "replies": [], "depth": 1}, {"id": "hvhl8qj", "text": "To be honest it\u2019s not a bad way of vetting brokers in the area because you can come to them with your asset and they will respond in kind. Based on their return, You\u2019ll be able to judge what to expect from them re: deliverables. When I provide them to my clients it\u2019s typically a few pages that covers the market in general the sub market, comparable properties that are for rent rent /sale etc. Basically kind a like a market snapshot for the building. I\u2019ll also put them together once in a while when a client is looking to refinance etc. and it just looks good in their binder for when they talk to the bank.", "replies": [], "depth": 1}, {"id": "hvhmuun", "text": "Costar underwriting report but yeah. Free appraisal.", "replies": [], "depth": 1}, {"id": "hvhv1vu", "text": "It\u2019s not just costar data because costar is often wrong. The market is changing consistently right now and values are certainly different now than they were a year ago and a year before that. Make sure you go to a company with a reputable name that does a significant amount of transactions and has access to that data. I run an office in New Orleans for my company which exclusively focuses on retail and I sell a lot of property all over Texas. I\u2019m happy to help just DM me", "replies": [], "depth": 1}, {"id": "hvj8oxj", "text": "Here's a Fannie Mae residential BPO form, just to give you an idea: https://secure.nvms.com/application/forms/BPO%20Form.pdf", "replies": [], "depth": 1}]