Make sure to join our upcoming webinar, “Commercial Appraisers in Demand: Valcre Discusses Pathway to Career Expansion” tomorrow, March 21st at 1:00PM Central. Register today!
Residential appraisers looking to diversify their skillsets to include commercial analyses are turning to Valcre to expand business, broaden asset specialization and remain competitive. Two former commercial appraisers each with more than two decades of experience will both share about how residential appraisers can diversify their book of business during these uncertain economic times.
Residential Appraisers often discuss the desire to get the education needed to attain a certified general appraisal license, but are concerned about the time needed and the technology available to help them realize this desire.
The commercial appraisal demand brought about by a shortage of professionals could continue but this is an advantage to Residential Appraisers as the pathway for them to become a commercial appraiser is easier and faster than one with no experience or education. Further, this tranche of the profession is less susceptible to appraisal waivers or exceptions, which can lead to less uncertainty for their future.
Join us tomorrow as we discuss these topics and more:
- Why diversify?
- How to diversify?
- Adopting new technology
- Case studies of appraisers who expanded their offerings using Valcre
Plus, check out this exclusive interview that Appraisal Buzz had with webinar hosts Grant Norling, Co-Founder and VP Client Experience at Valcre, and Mark Vella, Senior Software Engineer at Valcre.
Appraisal Buzz: What is your background in the industry?
Grant Norling, MAI: I am a commercial real estate appraiser with over two decades of industry experience. I have a broad range of production and leadership roles within a corporate valuation company, a local appraisal co-op and my own appraisal firm. I co-founded Valcre with a passion to create more efficient processes in the valuation industry for appraisers and their clients. Through application of time saving technology, appraisers can be successful while achieving a fulfilling life-work balance. I believe the appraisal industry can remain relevant if its professionals stay dedicated and adaptable to sweeping technological changes in the CRE industry.
Mark Vella: Currently, I assist in the design, development and implementation of Valcre’s software solutions. Prior to Valcre, I served as Vice President-IS/IT Director for more than a decade at one of the largest private valuation firms in the southeast. There I was charged with the implementation, maintenance and design of the firm’s entire IT/IS infrastructure including developing and deploying state-of-the-art hardware and software solutions for one of the few tech-bolstered appraisal firms in the country. I also completed more than one thousand commercial appraisal assignments for assets ranging from owner-user to complex income producing properties collectively totaling over $4 billion. I have extensive experience appraising large industrial and manufacturing facilities, hotels, self-storage facilities, and multi-tenant retail and office properties.
Appraisal Buzz: What is this webinar going to cover?
Two former commercial appraisers with decades of combined experience will be presenting about how residential appraisers can diversify their business workflow by expanding into the commercial appraisal sector. .
Residential appraisers are looking to diversify their skill sets to include the valuation of commercial real estate. Residential appraisers often discuss the desire to get the education needed to attain a certified general appraisal license. The commercial appraisal demand brought about by a shortage of professionals is an advantage to residential appraisers. The path for residential appraisers to expand into commercial is made easier by leveraging commercial appraisal technology platforms.
Appraisal Buzz: What are some of the biggest differences residential appraisers should be aware of before getting into commercial appraising?
Grant Norling, MAI: The education and training requirements for commercial appraisers are different from what is required for residential. Commercial appraisals are typically more complex than residential appraisals, yet they yield significantly higher fees. Valcre is committed to sharing the same tools that we offer to our clients to residential appraisers, giving them a leg-up, and allowing them to easily enter the commercial appraisal market.
Appraisal Buzz: With it being a slower time for residential appraisers right now, why is there a demand for commercial appraisers?
Mark Vella: The commercial appraiser demand is brought about by a shortage of professionals. What’s more, the CRE appraisal market remains a graying industry that is top-heavy with an older generation of valuers. Studies show that the average CRE appraiser is around 60 years old. To make matters more challenging, roles vacated by retiring CRE professionals often are not being backfilled by young talent in large part due to several barriers that are steering would-be apprentices away. Further, this segment of the profession is far less affected by ever-changing statutes, regulations and lender requirements.
College programs specific to the commercial real estate appraisal profession are few and far between. Graduates in applicable fields are often choosing careers in different professions due to the low, non-competitive pay for appraisal trainees. In order to receive competitive wages, appraisers must go through the licensure process and obtain the certified general designation, a process that can take three to five years. Young professionals also expect the use of new technology, but largely, the older and experienced CRE appraisers have shown to be hesitant to adopt it. This leads to a disconnect.
Grant Norling, MAI: While these barriers exist, they can be removed. A concerted industry-wide effort to make changes to the traditional apprentice model is necessary to recruit more young professionals into the fold. This can be reached in part by increasing starting wages, streamlining the training process, and infusing a technology-driven approach to business. This effort is essential to ensure critical knowledge is transferred to the next generation, and market demand is met.
Appraisal Buzz: Why should appraisers attend this webinar?
Grant Norling, MAI: Diversifying with commercial appraisals can help shield your business from the ebb and flow of the volatile real estate market. Residential appraisers have a lower barrier of entry advantage since becoming a commercial appraiser has an easier licensing path. Adding commercial appraisals means more opportunities for growth and revenue expansion. CRE Technology has improved monumentally over the past several years and is more accessible than ever before.
Don’t miss this webinar, “Commercial Appraisers in Demand: Valcre Discusses Pathway to Career Expansion” tomorrow, March 21st at 1:00PM Central.