Many dynamics are changing the appraisal profession. Fed by the ever increasing and often nonsensical demands of clients, many appraisers are seeking ways to bring back the enjoyment and satisfaction they once had with their vocation.
Appraisers specializing in residential form work face the greatest frustrations with their careers. Continuing demands for speedy turnaround, "competitive" fees and incessant call backs designed simply to fill a file cabinet are forcing appraisers to question the value of the profession.
The MBREA is looking at ways to help its members overcome the barriers to a rewarding career. We are planning business management seminars that will focus on how to organize a successful practice around non-lender clients. We will explore the use of new technologies aimed at streamlining the appraisal process. And, we will be seeking out your ideas for additional resources we can bring to you in the future.
The fear of narrative report writing is one we want our members to overcome. The task of writing a report rather than completing a form is daunting for many. We plan to demystify the process through education. Instructors, with many years of experience writing reports for divorce, bankruptcy and other private clients, will step students through the process.
One dynamic at play is the aging of the appraisal profession. We see this as providing tremendous opportunity for appraisers under the age of 50 as their elder colleagues begin to retire. In order to take advantage of future opportunities, younger appraisers need to equip themselves for growth. This will require developing the skills to write narrative reports and to testify as expert witnesses in court.
I always considered myself a competent, professional appraiser, but there was no way for me to differentiate my capabilities from the 1,200 other certified residential appraisers. Then the MBREA invited me to join a committee. While serving, I realized the stature conferred upon the men and women who held designations. They were role models, teachers and considered the best of the best. I committed myself to joining their ranks by obtaining my RA designation.
Shortly after starting the process, I was hit with the reality of preparing a demonstration report for review by the designation committee. One way I overcame the hurdle of report writing was the assignment of a mentor by the Committee to work with me. The first draft of the report was submitted and returned with several suggestions for improvement that were incorporated into the final report. With relief, I left an interview with the Committee with a huge sense of accomplishment when I was informed I had "passed" the test.
My experience mirrored that of another recent candidate for designation. When he completed the interview he stated that what he learned through the process made him a better appraiser.
If you are looking to expand your practice outside of lender work you have to put yourself in the right place to attract clients. Obtaining your MBREA designation is a big first step to propelling your career forward. I encourage you to give Rich Goulet, designation committee chair, or me a call to learn more about the process.
Paula Wolfe is the 2013 president of MBREA, Dedham, Mass.