Friday, 3 December 2021 | The Latest Buzz for the Appraisal Industry

Evolution in the Industry

Throughout any profession, the industry will face a time where there are policy changes, updates and the need to adapt to a new way of life. It is also not uncommon for many industries to find the need to revamp their training or protocols. For the appraiser industry, that time is now.

As the years have progressed – so has technology and the need to recreate the attractiveness of the appraiser profession. It is unavoidable but also stimulating. Jim Park, Executive Director of the Appraisal Subcommittee (ASC) is excited to see the upcoming changes and how it will add more diversity and teamwork to the industry.

“Appraisers, regulators and users of appraisal services need to be thinking about what is happening right now. The appraisal process is going to incorporate more innovation, technology and data, and appraisers absolutely have to find ways to improve the credibility of appraisals and at the same time improve service.” Jim said.

Adapting to the technology is not an option but a necessity. To assure the industry continues to stay relevant; the appraisers must learn how to work with the technology and not against it.

“We have seen technology change the appraisal process and reports for years and years. That is never going to change. It is just like every other profession experiencing similar dynamics. Big data is being provided and I think in order for the appraisers to survive we have to adapt.”

But, technology is not the only change the industry is facing. The Appraisal Qualifications Board recently changed their updated qualifications to become a licensed appraiser. By reducing the number of hours and training time to get your credentials their hope is to incorporate a new generation of appraisers.

“I think it is a great step in the right direction.” Jim said, “We need to find a way to attract the kids coming out of college and show them that you can make a living being an appraiser. We need to do things like this to show we can compete with other professions like engineering and law.”

With these new changes, come new opportunity. As various hybrid and alternative valuation products enter the market, appraisers probably want a seat at the table to influence their development and use. Appraisers, hopefully, will view these new products as opportunities to advance the profession, not hold it back. Joining a professional appraiser organization, a state coalition, or even both are great ways to stay abreast of changes in profession and remain in touch with policy makers and various important regulatory and policy changes.

Jim recommended several tips to staying ahead of the game and adapting to the new changes…
1) Embrace the technology entering the process. Embrace big data, with a healthy bit of skepticism, and work toward improved valuations that meet the needs of appraiser clients

2) Join a professional appraiser organization or organizations and stay informed of proposed and recent changes to federal and state appraisal/appraiser requirements

3) Join an appraisal firm. The intellectual stimulation you get from working around other appraisers is difficult to replace.

By adapting to new technology, training programs and being more involved – appraisers have the opportunity to take on more, earn more and work less. Evolving with the industry has happened before and it is only a matter of time until it happens again.

“I think there is a lot of positive potential out there and I am certainly not one of those who believes the profession is dying. It is simply adapting.” Jim stated.

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