Developing an appraisal specialty is a great way to grow your business and stay competitive in the industry. Last month we asked our appraisal community, “What new appraisal specialty or niche would you like to break into?” Below, we share the results regarding which specialty areas appraisers are most interested in pursuing. The top three answers were review appraisal, commercial appraisal, and green home appraisal.
What new appraisal specialty or niche would you like to break into?
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Review appraisal (23%)
“I’m an experienced, designated appraiser who is trying to expand my review work, particularly in the area of eminent domain. I feel I can help appraisers write better, more supported reports by sharing my experiences and expertise.”
“Appraisers who don’t do their ‘homework’ do a disservice to their clients. Experience as a contract review appraiser quickly revealed when appraisal research was lacking. It is even more critical now in our rapidly increasing value markets. Gentrification and renovations are rapidly increasing values. Appraisers need to be up to speed more so than in the crash of 2008 when values fell. Undervalues that fail to recognize current neighborhood trends are common. Appraisals attempting to mimic a 3–6 month market trend are often inadequate.”
“The Central Texas market is experiencing a shortage in housing supply and I’ve seen a smaller portion of my valuations reaching the sales price. This is common and I’ve received more review appraisal requests.”
“Review appraisal will be a large part of the appraisal field.”
“I am 64 years old and have a bad back, I enjoy appraising too much to retire and think that doing review work is something I can do while continuing to train the next generation of appraisers.”
“I believe review appraisal will fit well with my future plans of staying closer to home since I am approaching ‘those golden years.’”
Sharpen your review skills with our CE course: Evaluating Today’s Residential Appraisal: Reliable Review.
Commercial appraisal (21%)
“Assuming commercial real estate will be hit heaviest by the pandemic, seems like a fun and challenging new area for appraisals.”
“This level of appraisals is challenging and quite rewarding. The added value to your business is priceless.”
“I would like to expand my knowledge and understanding of commercial property.”
“Currently a little over halfway through the training requirements. Mckissock is the best education provider I have had for classroom material.”
“Just one more class and then hope to sit for the exam to upgrade my license!”
Green home appraisal (16%)
“I see a growing market for this style of home in my local area.”
“It appears that green home features are becoming more common in remodeling and new construction assignments.”
“I would be interested to learn more about green homes. Not a lot of them around me but I’m interested in the ideas behind it and think there may be more going this direction in the near future.”
“Green technology is just starting to take hold in the Eastern WV panhandle. More homeowners are installing solar panels and/or employing the latest green building techniques. I would not want to be left behind, especially now, when, what is perceived to be an eco-friendly federal administration, has been elected to serve for the next four years.”
Relocation appraisal (12%)
“This seems like an interesting type of appraisal that I haven’t done.”
“Always looking to sharpen my skills!”
Increase your knowledge in this specialty area with our top-rated CE course: Relocation Appraisal and the ERC Form.
Luxury appraisal (9%)
“Many homes in my area are luxury properties.”
“Highly specific market sale selection would be critical and data limited.”
Interested in luxury appraisals? Check out our post on How to Become a Luxury Real Estate Appraiser.
Besides the five multiple-choice survey answers above, many respondents (19%) had their own ideas about which property appraisal niche is the most appealing. “Other” responses included estate appraisal, personal property appraisal, farmland appraisal, solar farm valuation, data center appraisal, probate appraisal, REO appraisal, and VA appraisal.
“Tillable farmland valuation is extensively needed in my area.”
“Personal property appraisals are sometimes required for estate purposes, and I do quite a few estates where they have to bring in an additional appraiser for that portion.”
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