I hope you're all enjoying the summer. Personally this season has been a rather busy one, far busier than I would prefer. Not much beach or golf but I shouldn't complain, I brought it upon myself. Who in their right mind decides to do a basement remodel in the prime summer months? You know sometimes it just makes sense to pay a professional. Speaking of professionals, here are some interesting thoughts to ponder regarding your profession while dozing at the beach. It's no secret the average appraiser age is trending upward ("the graying of the profession"). What surprised me is that roughly 65% of all appraisers are reportedly over the age of 50. Further, I read that the profession is losing about 3% of its licensed appraisers annually on average for various reasons.
On the flip side, there are very few people coming into the profession. Kern Slucter, MAI, SRA wrote in his bid to become vice president of the Appraisal Institute that the number of trainee licensees is down by over 60% from its 2007 peak in Michigan. I'm not a huge fan of statistics (odd statement coming from an appraiser) but I know this can't be good news for the profession. The ebb and flow of the financial markets and the national economy certainly makes it a challenge to bring new people into a highly regulated profession but, as a practitioner of market analysis I know that markets adjust and adapt. How will markets adjust to a lack of appraisers in future peak cycles? The question of how to attract and develop bright young people into the profession is front and center on a national level. I'm confident of the continual need for qualified valuation professionals. In my opinion we need to continually develop skills and credentials to grow professionally and to maximize earning potential. This leads me to my next topic. Your chapter is committed to promoting core competency in analyzing "green" buildings. In September and October we are offering three fantastic programs.
September 9 we host Introduction to Green Buildings: Principles & Concepts in Boston. The program is being offered at a reduced price as a result of a grant from the Institute for Market Transformation. This introductory program focuses on evolution of green, concepts, principles, practices and components that distinguish sustainable from traditional buildings.
The September 16 chapter meeting is at the Save the Bay facility in Providence. We have an all-star panel of experts who will analyze and discuss green oriented topics. Join us for this exciting event.
On October 27 and 28 we host Residential & Commercial Valuation of Solar, a two-day seminar that explores solar through case study and shows how to solve solar-related valuation problems. This and the September 9 offering provide our membership the opportunity to take two of the four required courses in the Valuation of Sustainable Properties Development Program offered through the Appraisal Institute. Participants who are eligible and who successfully complete the Valuation of Sustainable Properties Development Program are placed on the Program's Registry on the Appraisal Institute website. Completion of the program shows potential clients and employers that the participant has completed education and passed related course exams in the particular specialized topic. This is a great opportunity to develop competency in a growing business specialty.
On a final note, the chapter is offering a Boston Harbor Sunset Cruise on August 20. Join us for an evening of networking and interesting views of the city from the water. Enjoy the remainder of the summer. I'm looking forward to getting out of the basement soon!
Joseph Comperchio, SRA, is the 2014 president of the Mass. & R.I. chapter of the Appraisal Institute, and works for commercial banking at Chase, Boston, MA.