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The Los Angeles County Employees Retirement Association (LACERA), a $58.4 billion public pension fund, is requesting proposals from qualified firms interested in providing appraisal management services to administer and manage third-party appraisals. The specific services requested are further described in the Request for Proposal document.

Scope of Services Requested

The purpose of this RFP is to solicit proposals from qualified firms for the following services:

Manage the appraisal process on behalf of LACERA, which would include coordinating and tracking third-party appraisals for each of LACERA’s properties on an annual basis. This will include hiring appraisers.

Appraisals will also be required for any properties that are transferred between managers. It is expected that approximately 25% of the portfolio will be appraised each quarter. For each property, the appraisal is a Full Narrative Appraisal.

Listed below are some of the expected responsibilities of an Appraisal Management Service Provider:

  • Schedule appraisals
  • Conduct the appraiser selection process
  • Engage third-party appraisers
  • Review third-party appraisals (e.g. accuracy of leasing conditions and market data, operating assumptions, capital markets environment, sales and leasing comparables)
  • Schedule and participate in conference calls between managers and external appraisers
  • Provide value resolution and reconciliation between managers and external appraisers
  • Administer the invoicing of third-party appraisal assignments
  • Maintain and provide access to documentation (current and historical file management)
  • Provide an online management system with data control capabilities and customized portfolio reports including portfolio analytics


The completed proposal must be delivered by 5:00 PM, PDT, Thursday, October 31, 2019. Any proposal delivered after the proposal deadline will not be considered. Proposals must be submitted in two ways: 1) e-mailed to and 2) three hard copies mailed to the address below:

Mr. Mike Romero
Senior Investment Analyst
300 North Lake Avenue, Suite 650
Pasadena, CA 91101

The size of any emails should not exceed 35 megabytes. If necessary, attachments that have a large file size may be distributed across multiple emails. In addition, submissions should include one unbound copy, and one electronic copy, each marked "REDACTED".

Proposed Timeline

The following is a tentative schedule for this search. The evaluation and staff recommendation phases are subject to modification by LACERA.

Task Date
LACERA RFP Issued October 10, 2019
Submission – RFP Questions Deadline October 16, 2019
LACERA Response to Written Questions October 21, 2019
Submission – RFP Response Deadline October 31, 2019
Due Diligence Nov. – Dec. 2019
Recommendation to Board of Investments February 12, 2020

RFP Materials

RFP: Appraisal Management Service Provider

A – Minimum Qualifications

B – Appraisal Management Service Provider Questionnaire

C – Diversity & Inclusion

D – Service Provider Agreement

Exhibit 1

Responses to Questions