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Initiatives encourage younger talent.
Over the past few years, there’s been an abundance of appraisal-related news stories about the declining number of appraisers nationally, the stringent requirements to gain entry into the profession, how appraisers will eventually be replaced by disruptive technology and all of the regulations and technology which many say slow down the valuations process. While this kind of talk doesn’t seem to cast the appraisal profession in a positive light, being an appraiser today continues to have many positives.
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There’s been increasing demand for valuations services in the recovering economy, and the Appraisal Institute and other appraiser-related groups have been proactive in starting initiatives to attract a younger demographic to the profession. Support and resources are also provided in regard to educational requirements for achieving designations and licensing.
The board of directors of the Metropolitan New York Chapter of the Appraisal Institute, recently met to discuss the future of their profession, the value of the Appraisal Institute’s designations in career-building and how they’re seeking to attract new appraisers.
“There isn’t a child in the United States today who is saying, ‘When I grow up, I want to be an appraiser’,” said Marc J. Nakleh, a director at Cushman & Wakefield.
The appraisal profession may not attract many young people as higher profile careers such as technology; much of this is because many accredited universities do not offer degreed appraisal programs. While many appraisers are mixed on how they view the professions future viability, many still consider the valuations profession to be a rewarding and stimulating career path, one with a great future considering current market demands.
“Demographics reflect significant opportunity for diligent young people seeking a profession with a long-term upside,” said Theresa Nygard, senior vice president, KTR Real Estate Advisors.
“Of particular interest to women, is that it is also a career that offers flexibility and, while most appraisers are male, there is no discernable glass ceiling in the profession.”
Eric Lewis, executive managing director and an industry leader of the Hospitality & Gaming Group, Cushman & Wakefield, Valuation & Advisory Services and 2013 president of the Metro New York Chapter of the Appraisal Institute, said “The question of value is omnipresent in real estate.” This underlines how valuations play a key role in all aspects of real estate, whether selling, buying or developing it.
Becoming an appraiser requires in-depth education of all aspects of what impacts real estate valuations and despite the importance of appraisals in the real estate industry, Arthur Chiaramonte, principal, Capital Appraisal Services, found after speaking with students at NYU’s Schack Institute of Real Estate “Everyone wants to be in development,” instead of appraisal.
Marc Nakleh said appraisal work provides a solid foundation in regards to skill sets, which scales well to other areas of real estate.
“Give valuation a few years commitment and you can build an outstanding career in any area of real estate,” said Nakleh.
“Especially when the economy is struggling, you have to be more creative in looking at a career field,” said Alice Palmisano, executive director, Brown Harris Stevens Appraisal & Consulting.
Individuals with backgrounds in other higher education fields of study find opportunities in the appraisal profession. Before beginning their appraisal careers, Nakleh studied software development; Nygard graduated with art history and English degrees; Palmisano majored in dance; Chiaramonte was studying electrical engineering; and Lewis has a degree in public accounting.
In the area of increasing more appraisal curricula at the university level, Nakleh and Lewis are real estate curriculum consultants for their alma maters, University of Florida and Lehigh University respectively and they reach out to young talent at the universities, with the intent of encouraging them to get into the profession.
What are the characteristics of a great appraiser? Lewis said having good writing and communications skills to convey valuation results to people who are not valuations experts, Chiaramonte said being logical, Nygard said being analytical, Nakleh said being a hard worker and Palmisano said being observant.
Resource:
Real Estate Weekly. Appraisers examine future of their profession