Class Valuation

[Alsie35]

I find generally anyone who 55+ working as an appraiser are almost always in the end-of-the-world mindset, my dad included.

I would occasionally lurk onto the AF when I was researching something, from 2010-2020 (when I finally joined). It was the same back then. End-of-the-world posts ad nauseaum.

Funny thing is, one of these days someone will be right. And he'll then consider himself to be a "prophet" ...

Thing is - what I described is the GRIFT of every investment advisor and economic prognosticator out there. Ten thousand, all making different predictions. One of them gets it right - BY PURE CHANCE - and proclaims himself to be the new Nostradamus (which, technically, he then IS - but only because Nostradamus had the SAME grift!)

 

[RustyTapeMeasure]

I worked two years to get this license and walking away from it after 4 years seems stupid and lazy.

I am glad you are not the field general determining how we march forward or not.

I find generally anyone who 55+ working as an appraiser are almost always in the end-of-the-world mindset, my dad included.

I don't agree so good luck in your future lucrative and rewarding appraisal career. You certainly know what is best for you. Regardless of what you hear or see, keep up that march to back up your 2 years spent getting the license because it will look to you as your being lazy or stupid. 20 years ago I was not 58 and knew plenty of 55+ appraisers that your blanket generalizes about now and NONE had the opinion of appraising at that time that those of us do now. Maybe there is validity to 55+opinions of the appraisal profession now, it not just being a boom and bust cycle of past that will return to fruitful days at some point. Hybrids, waivers, PAREA, etc etc will have no impact on your appraisal volume. /s

 

[glenn walker]

He wants to take over his dad's legacy ?

 

[Alsie35]

I find generally anyone who 55+ working as an appraiser are almost always in the end-of-the-world mindset, my dad included.

Given the negativity of other posters, I thought I'd chime in again on your original point.

There is no doubt that the appraising job is changing. How much and how soon - we shall see. It's for sure that the work patterns of those of us who built a business going out on inspection and doing it all will change - and at the very least - look different in the future.

Do I like it? Hell no. I built a "better mousetrap" that's made me a boatload of success over the past 16 years. I'd have to be crazy to like change "just for the sake of change" at this point.

Will I adapt? Probably - we'll see what the new "UAD 3.6" thing is all about. Depends on how much extra time per job it requires - and at what fees.

At some point, if the returns are too diminishing - I'll walk. All it would mean for us would be spending some of the $$$ we saved instead of giving it all to our kids someday. (Did I mention we've had a boatload of success with this gig?)

But here's the real point I am getting to: whatever that new appraising world looks like, or how successful you become in it - you will probably never have the opportunity to have the kind of success that some of us have had. Maybe I'm wrong. I hope so, for the sake of the younger generations. Because the loss of that opportunity will be what really sucks.

I could be wrong - and software geniuses a couple of generations younger than I will figure out a way to leverage the new appraising business to make a really good living. Who knows? Its happened before, that's for sure.

But with the way that Fannie is now slowly ensuring that each job will be "piece-mealed-out" in the future - I somehow doubt it.

I really hope I'm wrong about all this, and that being of a certain age with tech limitations simply prevents me from "peeking over the horizon".

But either way - good luck to you. With a good work ethic and ability/willingness to learn - you'll succeed in some career if not this one. I know because I DID. In law, in the military, and in this improbable field. Just take the opportunities as they arise and DON'T BE TIMID.

It's just that once you get past 60 ... you kinda are looking for the station to get off on, to enjoy life a bit more. So that's all that's behind the sentiments you've been reading on here, just expressed with perhaps a little more thought - I hope.

 

[Dale Floyd]

I was among the youngest in TN to become a licensed appraiser back in the day, I think the average age of an appraiser back then was in the 50’s and the majority were very negative and critical of the industry.

Now, I’m in my later 50’s and I’m told the average age of appraisers is still in the 50’s and most I know are very negative and critical of the industry.

If the sky had fallen as many times as our peers have predicted, we’d be in soup lines today. I suppose it’s the nature of an analyst to see the negative much more clearly than anything positive. I only know of a handful of exceptions.

 

[caleb1004]

I just got an email about class valuation purchasing or acquiring appraisal nation. I’ve been working in Nashville for the past four years and it seems four or five AMCs I’ve worked for have been required by class valuation. My thought is this is kind of turning into a monopoly situation Where you have to run through this one AMC to get work. This worries me in terms of fees being paid or the bidding system that we use where they can potentially keep a majority of the fee because there’s no other competition. Is there anything going on in Washington to deal with something like this or to deal with the fee bidding system? Basically we’re just eating each other to get work. The slower it’s getting the fees ive been offered have dropped down to the 400s for multifamily properties and I’m not sure how much longer this can last and people stay in this profession. Any thoughts on antitrust lawsuit or ways to get this changed?

you are correct in the "eating each other" part....appraisers dont realise the power we have in pricing. we are drilled that we are not allowed to conspire on pricing, but that doesn't mean we are to just lay over and accept dirtball fees from the early 2000's. if appraisers would wake up and have some backbone, our fees would go up . I turn down more than I accept....

 

[Shawangunk RE]

That is scary, "Classless" AMC is horrible. Terrible low fees, ridiculous "revision requests". UGH.

 

[sts2f1]

Wondering whats gonna happen to fees with the new form rolling out soon. Ive seen numerous posts about older appraisers retiring who dont want to go through it and I think my dad will be one of them. Ive sent a few emails to AMCs about being careful how they treat us with fees cause if as many people retire as predicted then we will be few and far between even more so.

 

[Overimprovement]

Wondering whats gonna happen to fees with the new form rolling out soon. Ive seen numerous posts about older appraisers retiring who dont want to go through it and I think my dad will be one of them. Ive sent a few emails to AMCs about being careful how they treat us with fees cause if as many people retire as predicted then we will be few and far between even more so.

I believe no matter how many of us leave the industry, the ongoing migration to other forms of valuation means the demand for full fee 1004-type reports will stay in lockstep with the supply of appraisers able to complete. I will be shocked if fees don't decrease by end of 2026.

The powers that be control demand for appraisALS. Our control of available appraisERS means squat.

 

[sts2f1]

I believe no matter how many of us leave the industry, the ongoing migration to other forms of valuation means the demand for full fee 1004-type reports will stay in lockstep with the supply of appraisers able to complete. I will be shocked if fees don't decrease by end of 2026.

The powers that be control demand for appraisALS. Our control of available appraisERS means squat.

Are you referring to appraisal waivers?