A broker opinion of value (BOV) template is a fixed section order that a broker fills in: cover, property summary, market, sales and lease comps, income approach, pricing recommendation, and assumptions and limits. The table below gives each section with a filled-in example from one real run, and the copy block after it can be pasted into Word or Google Docs.
Updated 20 October 2026. Written by the Titleman team with AI assistance (Claude). Titleman makes BOV software. General information, not legal advice.
The template, section by section, filled in
The example column comes from one Titleman BOV on a 12,874 SF Class C warehouse in Tampa, FL, published in full. Its property attributes come from the marketing listing and were not independently verified.
| # | Section | What goes in | Filled in (Tampa warehouse run) |
|---|---|---|---|
| 1 | Cover | Property, date, preparer, client, value range, point estimate, confidence | Confidence 45 out of 100, risk flagged High |
| 2 | Property summary | Area, year built, class, zoning, last sale, tenancy | 12,874 SF, built 1979, Class C, last sold August 2022 for USD 2,000,000 |
| 3 | Market | Submarket rent and vacancy, with publisher and quarter | Four brokerage reports for Q2 2026 put vacancy between 7.4% and 9.3%, so name the report you use |
| 4 | Sales comps | Dated sales, adjustments, adjusted range | 2 adjusted sales at USD 122 to USD 253/SF, flagged as thin |
| 5 | Lease comps | Rents, dates, basis | 10 comps in a band of USD 13 to USD 24.4/SF/yr |
| 6 | Income approach | Rent, vacancy, expenses, NOI, cap rate and its origin | Cap rate band 4.8% to 5.3%; no rent roll, so NOI is not stated |
| 7 | Pricing recommendation | Range, point estimate, as-is and as-stabilized apart | The published run leads with confidence and gaps; enter your own range |
| 8 | Assumptions and limits | What was not verified, what would move the number | Marketing says industrial, listing shows zoning code RSC-6; no condition record; zoning letter needed |
Copy block (plain text)
BROKER OPINION OF VALUE
1. COVER: property, date of opinion, prepared by, prepared for, value range, point estimate, confidence
2. PROPERTY SUMMARY: address and parcel, building and land area, year built, class, zoning, owner of record, last sale, tenancy
3. MARKET: submarket rent, vacancy and recent trades (publisher and quarter for each figure)
4. SALES COMPARISON: dated sales, price, size, adjustments shown, adjusted range
5. LEASE COMPARISON: dated leases, rent, basis (NNN or gross), adjusted range
6. INCOME APPROACH: in-place and market rent, vacancy, expenses, NOI, cap rate and where it came from
7. PRICING RECOMMENDATION: range, point estimate, as-is value, as-stabilized value and what has to happen to reach it
8. ASSUMPTIONS AND LIMITS: not verified, inputs that move the number, "this is an opinion, not an appraisal"
Template versus an automated BOV
| Comparison | Filling in a template | Titleman BOV at Scale |
|---|---|---|
| Who gathers comps and records | You | The run, with a source next to each figure |
| Time | A few days for a broker BOV (rets.ai glossary, as of 13 October 2026) | Median 28 minutes, slowest tenth 52 minutes, across 138 finished runs created 19 September to 18 October 2026 |
| Scope | One property per document | 1 to 10 addresses per run |
| Judgment on which comps compare | Yours | Still yours: review the comps before you rely on the result |
The Titleman times are read from the production database on 19 October 2026 at 12:01 UTC and include queue time. The method is on how long a broker opinion of value takes. To check a BOV you receive, see what a broker opinion of value is.
What this does not replace
A template does not replace a licensed appraisal. A BOV, filled in by hand or produced by software, is an opinion. A Titleman value opinion is not an appraisal either, and it does not replace the broker's judgment on which comparables are truly comparable. If a lender is involved, ask in writing which document it will accept first. The comparison is in broker opinion of value vs appraisal.
Frequently asked questions
Is there a free broker opinion of value template? Yes. The copy block above is free to paste into Word or Google Docs. It is an outline of headings and prompts, not a calculator: comps, net operating income and cap rate still come from your own evidence.
What does a commercial BOV include? A cover with the value range and confidence, a property summary, a market section, sales and lease comparables, an income approach, a pricing recommendation with as-is and as-stabilized figures kept apart, and the assumptions and limits.
Is there a commercial BOV template in Word? Paste the copy block into a Word document, apply heading styles to the eight numbered headings and put the comparable and income tables under sections 4 to 6. No special file is needed.
Can a BOV template be used in place of an appraisal? No. A BOV is a broker's opinion. Where a lender, court or tax authority requires an appraisal, only a licensed or certified appraiser's report satisfies it.