Appraisal Outlook

Posted by Amrock
In an industry that is as cyclical as the real estate appraisal industry, it’s important to keep your head on a swivel, and always look to the future. If you are failing to prepare for the future, you are really just preparing to fail. So where will the industry be in five, ten, and twenty years? No one knows for sure, but one thing is for certain, it will change. It will not be where it is today.

Who are the appraisers of the future?

The industry today is fielding experienced entrepreneurial appraisers in their fifties. They set their own schedules, they each have their own techniques, and they each use technology to gather data to produce their opinion of a property’s value.

In the near future, the industry is looking at the mass retirement of a large number of appraisers, increasing their scarcity, and the need for quality appraisers. At the same time, there are additional requirements that need to be met. A four year degree will need to be added to the future appraiser’s repertoire, as well as the additional hours of training and in-the-field education. The future appraiser will be a younger crowd, leveraging technology and new processes the appraisers of the future will offer new efficiency to clients, lenders, and homeowners alike! They will be more connected, more available, and more informed than ever before.

Efficient & Efficient

The time spent before the appraisal will be more efficient, and effective. The data will be more available, and the amount of digging to find comps, etc. will be minimalized. Each piece of the appraisal process will be integrated with technology.

Visibility

Due to the improvements in technology, there will be increased visibility by the lender, and the borrowers in the process. Which will intern limit the amount of back and forth that naturally happens in the process, saving everyone time?

The appraisal industry is always changing, but with improvements in technology, and processes, and an increase in the amount of training and education involved in becoming an appraiser the outlook for the future is bright.