CHICAGO – RealEstateRama – The Appraisal Institute, the nation’s largest professional association of real estate appraisers, is seeking new faces and encourages recent graduates and aspiring appraisers to consider a career in the valuation profession.
“The valuation profession is amazing and rewarding to be part of for many reasons,” said Appraisal Institute President Jody Bishop, MAI, SRA, AI-GRS. “Our organization is working diligently to expand opportunities for aspiring appraisers and help them on their path to success.”
What services does the Appraisal Institute offer to appraisers and aspiring appraisers?
The Appraisal Institute has several existing programs concentrating on attracting new entrants to the profession, including the Appraiser Diversity Initiative with Fannie Mae, Freddie Mac and the National Urban League, along with the Minorities and Women Course Scholarship Program from the Appraisal Institute Education and Relief Foundation.
The Appraisal Institute Education and Relief Foundation has committed $150,000 over three years to the Appraiser Diversity Initiative. The scholarships cover the three entry level courses required of appraisers and winners are matched with advisers who help them through the education and credentialing process. The AIERF also offers scholarships for existing valuation professionals.
Additionally, The Appraisal Foundation’s Board of Trustees awarded the Pathway to Success Grant to the Appraisal Institute for the development of a Practical Applications of Real Estate Appraisal program in collaboration with its partners. The competitive grant application was reviewed, scored, and recommended for approval by a team representing Foundation trustees, sponsoring organizations and the Appraiser Qualifications Board.
PAREA is an alternative pathway for aspiring appraisers to gain their required experience hours to become a certified appraiser. Historically, the only option for an appraiser to complete their experience hours was through a supervisor/trainee model that requires the aspiring appraiser to find their own supervisor. PAREA is currently accepted in more than 30 states, and that number is set to increase as more states adopt this alternative pathway. Learn more about PAREA here.
For aspiring appraisers and students thinking about a career in real estate appraisal, consider joining the Appraisal Institute as a Student Affiliate to learn about the profession without having to pay a fee. This program is open to all high school juniors and seniors, as well as all college and university students currently enrolled in an undergraduate or graduate program.
“There are numerous benefits to a career in real estate valuation, including flexible schedules, interesting assignments and a solid earning potential,” Bishop said.
What services do appraisers provide?
“Appraisers play a crucial role in the real estate industry by generating credible, reliable opinions of value, as well as consulting and reviewing assignments for their clients. Appraisers offer risk mitigation to help ensure the safety and security of the lending system in reports prepared for financing purposes. Additionally, there are numerous opportunities to offer similar services for litigation, estate planning, portfolio analysis and complicated and unique property types,” said Bishop.
In addition to residential and/or commercial appraisals for financing purposes, — and depending upon an appraiser’s designation and qualifications — appraisers provide/assist with some or all of the following:
- Estate planning and estate settlements
- Tax assessment review and advice
- Advice in eminent domain and condemnation property transactions
- Dispute resolution — including divorce, estate settlements, property partition suits, foreclosures and zoning issues
- Feasibility studies
- Expert witness testimony
- Market rent and trend studies
- Cost/benefit or investment analysis (e.g., financial return on remodeling)
- Land utilization studies
- Supply and demand studies
“Whether you are fresh out of college and are interested in the valuation profession, or you are looking at a career change, the Appraisal Institute is here with tools and resources to help you stand out in the profession,” Bishop stated.
To learn more about an appraisal career, visit the Appraisal Institute website.
The Appraisal Institute, celebrating its 90th anniversary in 2022, is a global professional association of real estate appraisers, with over 16,000 professionals in almost 50 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.
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