Recently, there have been many discussions regarding the next generation of appraisers. Where will they come from? Will our profession be extinct? Professional appraisers in the valuation industry are a necessity. Without appraisers who are valuation professionals? Realtors will be providing valuations services. We must remind ourselves that Realtors serve a very separate and distinct service in which they are marketing professionals that are most times advocate for the property or client. An independent opinion of value is necessary. Despite all the forward thinking technology, there does not appear to be any replacement for a professional real estate appraiser to interpret the data. As we all know, while data is black and white, an estimate of value is not. While there are far less appraisers, the next generation of appraisers would appear to have a very bright and lucrative future.
Greg Stephens was noted to state in his article that “The regulators and lenders have to allow for a trainee to complete an inspection independently and allow for a trainee to sign.” Let’s face it, measuring a house is not rocket science. 2500 hours and a two year college degree is not required nor necessary to competently measure a property. I strongly believe once a supervisory appraiser believes his/her trainee is competent to measure on his/her own, this should be acceptable to all regulators and lenders. After all, the supervisor is signing on the right and taking full responsibility for the report. Training programs from one office to the next will vary. Quality from one appraiser to the next varies as well. This would appear to be no different of a situation.
Our firm has a training program in which individuals start as an appraisal coordinator in the office. This provides necessary background information on all of the things that happen with an appraisal on the other side of the fence, so to speak. After formal training and classes the individuals work part time in the office and part in the field. This has proven successful for our firm in acquiring new blood to the appraisal industry. If we do not make changes to the current direction, we will have no new appraisers coming in. Eventually the industry as a whole will dwindle to next to nothing. It is evident that there are necessary changes must happen in order for our profession not to become extinct.