Saturday, 25 June 2022 | The Latest Buzz for the Appraisal Industry

Outlining a Productive Conversation

You say you care about collateral valuation, you are aware of the plight of professional fee appraisers in a world that seems to be losing sight of their value, you understand the lender drive to reduce risk in their transactions. Sounds like you’ve set the stage for a very productive conversation.

Well, at least the figurative table has been set, now if we can just get everyone to take their seats.

In all the years I’ve been serving this industry as a professional real estate appraiser, I have had a handful of conversations about the complexities of our industry that I would call productive. Maybe a handful. And yet, I keep bringing the topic to the table.

No, I’m not a glutton for punishment. I just know that these are the conversations that matter and so I’ll be bringing them to you in this space over the next few months. I hope you will join me in thinking about these issues and sharing your own thoughts in the comments.

One of my favorite places to have these discussions is at industry conferences, where we can come together to learn, share and present a unified front to those who would change our industry without understanding it. Soon, I expect there will be more opportunities for us to come together. Live conferences are an investment in your career that I highly recommend.

I’m looking forward to having some great conversations at these events. But, not wanting to leave anyone out of the discussion, I’ll also be publishing regularly in this space. Specifically, in my next few posts I plan to open the conversation on the following issues:

— Role play: appraisers and their intended uses. Does the industry even know and understand what we’re supposed to be doing?

— The Appraisal Report: a tool undergoing a facelift. We’re not about the report, we’re about estimates and opinions relative to value, but the report format still matters.

— Risk Management Perspectives: How big of a test has the pandemic been and does it offer a glimpse into the future of real estate appraisal?

— Uncovering risk in the appraisal report. Yes, it’s in there, you just have to know where to look if you want to mitigate it.

— Appraisal modernization: Why optimization is the key to a better future for all of us.

Some of these conversations are bound to be a bit uncomfortable, but I assure you they are necessary. If we don’t bring these topics to the table, someone else will, someone with little or no experience in the art and science of appraising real estate.

I look forward to your comments. Those of you who plan to be in Vegas for Valuation Expo (September 8-10) will get the chance to discuss some of these important issues with me face-to-face. I’ll be speaking on the CE panel, “The Modern Appraisal” with Joan Trice, Adam Johnston and Ernie Durbin on the 10th. I hope to see you there.

And, I hope you’ll join me here for future posts.

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