The 16th annual Appraisal Summit, held from September 14th to 17th, 2024 at Planet Hollywood in Las Vegas, provided attendees with a packed agenda of education, panel discussions, networking opportunities, and more. With experts from across the industry sharing their insights, attendees left with fresh perspectives on both challenges and innovations shaping the future of appraising.
Here’s a closer look at some of the key sessions that highlighted the event:
Pre-Conference Workshops: Deep Dives into Essential Skills
The Summit kicked off with hands-on pre-conference workshops on the weekend of September 14th & 15th. This included a two-day USPAP Update Class, led by Josh Walitt of Walitt Solutions, which provided crucial updates to the Uniform Standards of Professional Appraisal Practice (USPAP). Josh’s session, spanning both Saturday and Sunday mornings, gave attendees a deeper understanding of the standards that govern their work.
Saturday afternoon also featured “Creating Credible and Supported Adjustments”, taught by Steve Kahane, which tackled a common issue for appraisers: developing reliable adjustments in the appraisal process. Kahane’s session delved into the nuances of data analysis, showing appraisers how to avoid pitfalls and present adjustments that withstand scrutiny.
The pre-conference wrapped up with a Trainee and Supervisor Event, offering trainees a space to learn from seasoned supervisors about what it takes to advance in the field. This session fostered mentorship and set the stage for deeper conversations throughout the rest of the conference. This session was sponsored by Solomon Adjustments, LIA, & AppraiZit
Day 1 Conference Sessions: Trends, Technology, and Legal Insights
The official Summit conference kicked off on Monday, September 16, with opening remarks by Malinda Griffin President of the National Association of Appraisers (NAA) and Hal Humphreys of Appraiser eLearning. Their welcome set a collaborative and forward-thinking tone for the days ahead.
Kelly Davids, from The Appraisal Foundation, followed with a session titled “What’s Happening in DC?” Kelly provided insights into the latest regulatory changes affecting the appraisal industry, particularly focusing on how Washington’s decisions could shape the future of real estate valuation.
One of the most anticipated sessions was “AI and the Appraiser”, presented by Jim Amorin. The discussion explored how artificial intelligence and machine learning are poised to revolutionize the appraisal profession. Amorin emphasized the need for appraisers to embrace these tools rather than resist them, pointing to AI’s ability to handle complex data and enhance the accuracy of appraisals.
Peter Christensen of Christensen Law Firm led the session “A Word From Your Lawyer,” where he broke down the latest legal challenges appraisers face, from liability issues to compliance concerns. Peter’s no-nonsense approach helped appraisers navigate the murky waters of legal risks, making his advice one of the most practical takeaways from the day.
The morning concluded with a session titled “Valuation: Art or Science?” presented by Dave DeMello. This thought-provoking presentation sparked debate, as Dave highlighted the balance between using scientific data and the appraiser’s intuition in determining property values.
Afternoon Breakouts: Residential vs. Commercial Focus
After lunch, the Summit broke into two tracks: Residential and Commercial.
In the Residential track, Chris Shoemaker led a popular session on “Reconciliation – Summing It Up,” where he walked appraisers through the critical process of reconciling data to produce the final appraised value. For those looking to expand their credentials, Bryan Reynolds hosted a session on “Pursuing Your Certified General”, offering strategies for appraisers aiming to advance to the next level of certification.
In the Commercial track, attendees were captivated by Hal Humphreys’ presentation on “Finding Data Sources”. Hal shared valuable tips on how to access and analyze commercial property data, especially in a digital-first world where reliable data sources can be hard to come by. Dr. Sam Henderson later discussed the unique challenges of Commercial Reconciliation, while Michael Brunson provided a deep dive into Rental Data and Forecasting for commercial properties.
Day 2: Industry Forecasts and Practical Techniques
The final day of the Summit, Tuesday, September 17, began with Craig Morley revisiting the concept of Highest and Best Use, a fundamental principle in appraisals that determines the best legal use of a property. This session challenged appraisers to think critically about how the potential use of land can affect its value.
Later, John Brenan offered insights into what it means to be a Policy Manager, an increasingly important role as regulatory changes continue to shape the appraisal landscape.
The conference wrapped up with an in-depth discussion on “What’s on the Horizon,” featuring key players from Fannie Mae, Freddie Mac, the FHA, and the VA. This panel offered an invaluable forecast of what’s coming next for the appraisal profession, from policy changes to innovations that will impact day-to-day work.
Key Takeaways from the Appraisal Summit
It wasn’t all just learning there was fun to be had too. The opening reception had a roaring 20s theme and there was a silent auction that raised over $7,750 dollars for the NAA relief and scholarship funds. There were great networking games and opportunities to bring everyone together on the trade show floor.
The Appraisal Summit delivered a broad range of content that allowed attendees to sharpen their skills and gain a deeper understanding of the industry’s future. From the rise of AI to the ongoing evolution of legal standards, appraisers left with actionable insights to improve their practice and prepare for upcoming changes.
One clear takeaway from the conference was that while technology is changing the profession, the human touch remains invaluable. The sessions on reconciliation, data sources, and best practices emphasized that while automation can assist, appraisers’ expertise and judgment remain critical.
Looking Ahead
With the real estate market constantly evolving, staying ahead of trends is more important than ever. The 2024 Appraisal Summit showcased that appraisers are ready to meet the challenges ahead, equipped with the knowledge and tools they need to thrive. You can find out more about the NAA at their next conference ACTS coming up April 5th-8th in San Antonio, TX.
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