Most Realtors across the country have been complaining about shortage of inventory. Needless to say I have been part of this group. Hard to sell a property when there are 20 plus buyers fighting over the one listing, of course unless you are the listing agent.
Now with that said, we used to complain about Appraisers. When the government got involved we could not talk to them, then they were in a pool and some were knowledgeable others were not. Some decided to retire it was not worth the aggravation and not making enough money because of the “pool” situation.
Then there were the dedicated ones, who hung in there until the climate, or lay of the land loosened up.
Now here is a new twist I would like to share with you:
The fact is we are on the verge of a major appraiser shortage unlike any I have seen in my 20 + years in the business. At a time when the average age of today's residential appraiser is in the late 50s and growing older, the total number of residential appraisers is falling even as mortgage origination volume grows.
This is clearly a bigger problem than most people realize, something must be done. The Appraiser Qualifications Board (AQB), the leading body responsible for establishing credentials in the mortgage industry, agrees, and is proposing changes to its Property Appraiser Qualification Criteria.
These changes include eliminating the requirement for graduation from a four-year college and cutting in half the length of time a new professional needs to spend being mentored by a certified appraiser.
By far their biggest frustration is finding a committed mentor to work with the new professional appraisers. Since most appraisers work alone, there is little motivation for an experienced appraiser to take on a mentee as they will more likely than not become a competitor down the road.
Even if they were motivated, what time does a certified appraiser have to train someone?
Let's suppose for a moment that certified appraisers had the time and desire to train new candidates. Is mentoring truly the best way to learn the business? This may seem like a silly question, but the reality is that not all mentoring experiences are the same.
So what can be done? It is clear to me that a broad classroom experience that includes simulated lessons and perhaps even virtual reality can provide a more complete learning experience than the current, limited appraiser career path.
The appraisal industry could adopt many techniques-in fact, virtual reality and gaming systems can replicate almost every situation and experience an appraisal may confront on the job. Such training could incorporate real world scenarios, the latest technology tools and case studies designed to touch on primary appraisal principles and include frequent exams to test for proficiency.
There is always value to gain from experienced professionals. So what are your thoughts about this subject?
If you are considering buying or selling a home, a luxury home, luxury investment real estate, luxury vacation homes, or luxury beach properties in Southern California, Los Angeles, Century City, Westwood, West Hollywood, Beverly Hills, Marina Del Rey, Venice or Malibu, feel free to contact me at310.486.1002 (m) or homes@endrebarath.com or visit one of my websites at http://www.endrebarath.com. I am a Pet Friendly Realtor and I contribute a portion of my commission to local animal rescue organizations.
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