The Real Estate Appraisal Field Needs Help and Quickly.- Mar 28, 2016 Archive
One of the changes in real estate education over the last years is appraisal profession. There has been a huge fall off of new students entering the appraisal field. This trend is all across the country.
The positive on this trend in the appraisal field is that there are fewer appraisers in the profession, which means more business for those in the field. Also, because of this trend, the appraisal fees will certainly have to increase, which is certainly a plus for those in the profession.
The cause of the trend is the requirements for licensure and maintaining an appraisal license and certifications have been so difficult that many students just dont want to make the effort. Current professional certified residential and general appraisers refrained from bringing on new appraisers because of time and costs. Once a new trainee becomes licensed and joins a certified appraiser, the certified appraiser has to attend all the appraisals with the trainee for one year.
Residential appraisers obtain a fee of about $400 for an appraisal and it takes new appraisers maybe two days to complete the appraisal report. If a trainee is lucky, the split of the $400 appraisal fee is split 50/50 with the state certified appraiser and the trainee. So as one can see, it becomes a financial issue. Plus, if the appraisal comes through from a management company, the management company gets a share of the appraisal fee also.
On top of all of this, if a trainee wants to become certified, the trainee needs two years working for a state certified appraiser, 2,500 hours of documented work, 100 hours of additional courses, pass a state exam, plus a four year college degree.
I personally have to say the requirements imposed on this profession are way off the mark. My brother-in-law has been appraising property for years, he has no college degree. He is the best appraiser I know.
In my opinion this profession needs to be revamped quickly because all the appraisers in the field are older and the number of individuals interested in the appraisal profession is getting very small. This profession needs help and quickly.