Saturday, 10 April 2021 | The Latest Buzz for the Appraisal Industry

The Impending Doom of Appraisals

For years, we’ve been told “The End is Near” in the appraisal industry. The only consistency within the industry is that it is always changing. What has changed are the changes to the way the appraisal industry works and how appraisers respond to the changes. Join our webinar, “The Impending Doom of Appraisals” on February 25th at 2 pm. We sat down with our speakers Jared Preisler, SRA, DataMaster’s Chief Appraiser and Keven Ewell, a member of the Utah Board of Appraisers so that we could get more information on what to expect.

Buzz: Can we have the background of Datamaster within the industry?

Datamaster: At DataMaster, Rick Lifferth surrounds himself with other active appraisers to ensure the relevance of the product. In the past several years, he has brought on Jared Preisler and Keven Ewell to help steer the product.

Keven Ewell has 22 years of residential appraisal experience including single-family dwellings, condominiums, land, and 2–4-unit properties. He currently holds a Certified Residential License in Utah. Keven also has 19 years’ experience as an appraisal instructor. He is an AQB certified USPAP instructor. His appraisal experience includes Utah, Washington, Idaho and California. He is a member of the Utah State Appraiser Licensing and Certification Board.

Jared Preisler, SRA has been involved in the appraisal industry for over 25 years as an independent fee appraiser serving Northern Utah. Jared is currently the Chief Appraiser for DataMaster, while continuing as an independent fee appraiser and trainer. He earned both the SRA and AI-RRS designations from the Appraisal Institute. He is an AQB Certified USPAP Instructor and he is licensed in Utah to teach both real estate and appraisal continuing education courses. He serves on the Directors Board of the Utah Chapter of the Appraisal Institute. Since 2010, he has also been a member of the Board of Trustees and Vice President of the Utah Association of Appraisers (UAA). Jared has developed several CE courses for the real estate profession in his roles with UAA, the Utah Chapter of the Appraisal Institute and DataMaster.

Buzz: Could you elaborate on why it could feel like the “impending doom” of the appraisal industry?

Datamaster: Rick Lifferth, DataMaster founder, tells the story of his first boss in the appraisal industry predicting the demise of the appraisal industry within 5 years. That was 1973 and 48 years later, Rick is still a practicing appraiser and doesn’t plan on leaving the industry. Nearly every appraiser has a story like this, whether it’s their supervisor, a reporter or an analyst who studies the real estate industry.

Buzz: Where does it (the feeling of impending doom) come from and why is it a pattern?

Datamaster: Appraisers are constantly being told that they’re just doing something that has to be done before the mortgage can be made. And that appraisers are often slowing down the origination process. After some time, that perspective makes it difficult for appraisers to feel valued within the larger industry.

Buzz: How should appraisers respond and brace for change?

Datamaster: Adapt quicker to changes. They need to be realistic about the technology and processes they use and the speed at which changes come. And this pattern isn’t slowing down. Some examples include fax machines being supplanted by email to using text messages to communicate with clients. How often have you heard stories about appraisers that don’t want to change from clipboards to tablets? Or the new trend to desktop appraisals, hybrids, bifurcated appraisals, and evaluations. In some respects, appraisers are seen as relics of bygone times and may be treated as such, instead of being recognized for the value they offer.

Buzz: Why should appraisers attend the webinar?

Datamaster: Specific tips and tricks to help appraisers adapt to changes and stay relevant into the future. (And continue to make money.) Jared and Keven will talk about simple solutions like including something in each report that displays a grasp for analyzing risk and communicating with clients. Another tip is to include something in your report that’s relevant to the market in the past 30 days. If you can do that, your reports will always be in demand. Appraisers who continue to develop the skills to complete complex, difficult assignments is what will separate successful appraisers from those who will continue to feel the impending doom of the appraisal industry.

Make sure to join our webinar, “The Impending Doom of Appraisals” on Thursday, February 25th at 2 pm for your chance to look into the industry. Have any comments or would you like to submit content of your own? Email comments@appraisalbuzz.com.

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