Surveys indicate the average appraiser is 50+ (some say over 50, some say close to 60.) Appraising is much more challenging today than in the past. A good appraisal takes more time because of the sparse data, or really, sifting through all the different conditions for sales (REO, foreclosure, short sales, etc.) The bottom line is: it takes more time. That eats into “profits,” and experienced appraisers simply cannot afford to mentor trainees.
We are concerned about that aspect of the appraisal industry. Appraising can never become fully automated – there are far too many things that can make a big difference in value, once seen. How can an automated process ascertain condition? Renovation? Upgrades? Deferred maintenance?
The Appraisal Qualifications Board (AQB) adopted a multi-year strategy to increase and upgrade the qualifications to attain an advanced level appraiser’s license. Mmmmm… we are all for better education, training and tougher standards for the appraisal profession to increase competency overall, but we seem to be approaching it in a manner that outright screams at new appraisers, “DO NOT ENTER – you will never make it!” There has to be a better way.
For a summary of adopted changes, effective January 2015, click here.
By Ginger Lord, Senor Vice President, Quality Assurance & Training