How Mentorship Can Become Your Superpower

Let’s support the next generation of appraisers by stepping up as mentors or supervisors.

 

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The residential appraisal profession is at a transformational moment. The drive toward modernization has led to technological advancements and more data-driven valuations, which leaves many appraisers at a crossroads: while these changes can lead to greater efficiency and fairer home valuations, adopting new tech can be scary.

In addition, more than ever, our profession needs to foster a larger pipeline of qualified talent who can bring a diversity of experience to promote survival of the profession and serve homebuyers and the mortgage finance industry.

This need is the driving force behind the Appraiser Diversity Initiative® (ADI®), a collaborative effort between the Appraisal Institute, Fannie Mae, Freddie Mac, and the National Urban League. With the support of industry sponsors, ADI has awarded more than 600 scholarships to aspiring appraisers to cover the educational costs of obtaining an appraiser trainee license. And we’ve added two new scholarship types: licensed residential and the Practical Applications of Real Estate Appraisal (PAREA) path. Once folks enter the ADI program, they also have access to a wide range of support, including mentorship, informative seminars, and networking. 

ADI aims to shatter barriers to entry and welcome underrepresented groups to the profession, but to help trainees reach the finish line, the profession needs you.  

“It runs in the family” is a truism that describes how many appraisers have historically entered the field through family connections, as sons and daughters are often mentored by parents or other relatives. We hope those traditions continue. But here’s the rub: without a close connection like a family relationship, some appraisers are unwilling to invest the time to mentor someone, or they are unwilling to take a chance on a mentee they don’t know. The reality is that trainees need time with supervisors to complete their licensure, and many appraisers are so busy doing the work that taking on a mentee feels overwhelming.

But what if I told you that becoming a mentor could benefit your bottom line? Hear me out: there are many reasons to take on trainees, and you may be surprised that most of those reasons are not altruistic. Let me touch on just a few.

Increase volume.

There are lots of appraisal management companies and lenders out there that allow trainees to inspect properties. With one or more trainees on board, you can cover more properties over a wider area and focus on the thing you do best: analysis. If you put in the initial effort to get your trainees up to speed on inspections (and stay accurate and transparent in reporting the inspector), trainees can help you get more reports out the door.

Expand to new territory.

Let’s say you live in Durango, Colorado, and want to take on more assignments in Denver – which entails a very long drive through the Rockies. Why not hire trainees who live on the Front Range? Of course, you’ll need to do your homework to ensure geographical competency, but trainees can help by doing some of the market research and neighborhood recon and reporting their findings back to you. If this approach works, consider getting licensed and expanding to nearby states and hiring even more trainees. 

 

Learn new things.

Many of us find it challenging, or even maddening, to learn new tech tools. That’s a great reason to hire folks who have already conquered the tech and are digitally proficient as the next generation of appraisers. To them, tech is more exciting than scary. Task them to help you (or others in your shop) navigate the new Uniform Appraisal Dataset or Lidar-based measuring apps. Then return the favor and pass on your professional wisdom to them.

 

Bring in new perspectives.

Why not add to your company’s base of expertise by hiring trainees with different backgrounds, experience, and exposure? Adding perspectives from different cultures, generations, and socioeconomic strata can help you understand what you’re seeing in neighborhoods different from your own.

 

And yes, give back to the profession!

Serving as a mentor will not only benefit your bottom line, streamline your workflow, and broaden the knowledge base at your appraisal company, but it will allow you to help mold the next generation of appraisers, as you were once molded early in your career. It’s bigger than the “pay it forward” trend often observed in the drive-thru line at your favorite coffee spot. As a mentor, you’ll be part of a nationwide project to pass on your knowledge to the next generation of appraisers and expand the range of experiences and perspectives within the profession.

 

Justice Ruth Bader Ginsberg once said, “Fight for the things that you care about, but do it in a way that will lead others to join you.” Let mentorship become your superpower. Be open to learning from mentees and trainees as you help them find their footing in our profession. Expand your own skillset as they hone theirs. Most of all, let your colleagues see your trainees succeeding and your appraisal practice thriving as a result, which may inspire other appraisers to join you as a mentor.

Let’s lead together. Let’s support the next generation of appraisers by stepping up as mentors or supervisors for aspiring appraisers. Let’s embrace change by committing to lifelong learning – both from and with each other – so that we can create a stronger, more equitable appraisal profession.

 

By Rachel Beam, Director of Collateral Policy and Equity, Fannie Mae