Appraisal Institute Crumbling

[J Grant]

I don't see the AI crumbling, It seems the same as it has been the past decade a dwindling number of people going for SRA and likely stable rates for MAI

The AI does stand for quality and offers a standard of education that would be a loss if it folds. That said, the problems with it are obvious wrt the fees and for too long their classes did not get continuing Ed credit , and after licensing the designations on Res side though valuable for some for others seems to offer little financial benefit. Add in that some of the worst paying and poor treatment of appraisers AMC's were fronted by designated chief appraisers left a sour taste with many.

 

[Salty]

It’s insurance for when/if residential work is drastically reduced and if you want to stay in the business doing more complex/unique/higher paying individual assignments or if you would quit and do something else .

Been hearing that for 10+ years. I think the AI is fine, just not really geared toward residential. I am really hung up on the amount of dues. They are more than any other dues / fees I pay (and I have many hands in my pocket). That alone shows a disconnect between the AI and most res appraisers.

 

[Deleted member 122624]

I’m an SRA. I get private work because of it on top of my regular work.

I keep it as insurance if the business volume shrinks so I don’t have to change careers and I can puts around in retirement with high paying expert type work.

I think it’s personal choice about what your plan is if work volume collapses. If you’re going to switch out then I wouldn’t value the designation. But if the work reduces to expert work.. the MAI SRA will be lucrative. It’s just planning.

If that type of predictable event occurs, it would be easier to get the designations now because as in life once they become more valuable, the requirements will ratchet up as a protection racquet

I’ve built up my private business in Atlanta without anything other than being a certified residential appraiser. In 2020 I did 25 private jobs. In 2021 that went up to 75+ private jobs. You don’t need a designation to be successful so long as you yourself put in the work to market yourself, do good work and add value to others. GOOGLE MY BUSINESS is more important to a consumer than if you have an SRA/MAI etc when it comes to residential work. NO one has ever asked me if I am any of these, and if you do the work, market and get the reviews, that will propel you above others. just my opinion.

 

[Zephyr999]

MOOT

Yup...and yup.

 

[TC]

Yup...and yup.

Sorry, can't help myself.

 

[Essexfenwick]

I’ve built up my private business in Atlanta without anything other than being a certified residential appraiser. In 2020 I did 25 private jobs. In 2021 that went up to 75+ private jobs. You don’t need a designation to be successful so long as you yourself put in the work to market yourself, do good work and add value to others. GOOGLE MY BUSINESS is more important to a consumer than if you have an SRA/MAI etc when it comes to residential work. NO one has ever asked me if I am any of these, and if you do the work, market and get the reviews, that will propel you above others. just my opinion.

The entities that required it already knew you didn’t have it. I get legal, bank and tax work that already require it. If residential work volume declines due to technology the remaining complex residential work will probably require it. As volume shrinks, credentials matter more and fees are higher and specific . But naturally many would choose to change careers.

 

[Deleted member 122624]

The entities that required it already knew you didn’t have it. I get legal, bank and tax work that already require it. If residential work volume declines due to technology the remaining complex residential work will probably require it. As volume shrinks, credentials matter more and fees are higher and specific . But naturally many would choose to change careers.

Wait. So all that legal, bank and tax work I already do is somehow different than your work because you have an SRA? Who states that you need such a designation to do any of this work? Please show me how me not having a designation makes me inferior to you as an appraiser? Is it because you took some classes and paid for a designation that you must pay for every year in order to keep it? So as I continue to get orders piling in for all this type of work and more, what you are saying is because you have a designation you make more fee wise than me, and you will have more opportunities at more work if it dries up?

Sorry. Must disagree with you here.

I get it. Y’all put a lot of time and energy into obtaining more education, to learn more and have something that was once actually really needed. no one can take that away unless you stop paying dues. And I’m not saying that anyone with a designation is better or worse for it compared to others that don’t have one. I’m just saying that in this day and age consumers look for reviews, good work, knowledge and quality. Not just a designation.

 

[Essexfenwick]

Wait. So all that legal, bank and tax work I already do is somehow different than your work because you have an SRA? Who states that you need such a designation to do any of this work? Please show me how me not having a designation makes me inferior to you as an appraiser? Is it because you took some classes and paid for a designation that you must pay for every year in order to keep it? So as I continue to get orders piling in for all this type of work and more, what you are saying is because you have a designation you make more fee wise than me, and you will have more opportunities at more work if it dries up?

Sorry. Must disagree with you here.

I get it. Y’all put a lot of time and energy into obtaining more education, to learn more and have something that was once actually really needed. no one can take that away unless you stop paying dues. And I’m not saying that anyone with a designation is better or worse for it compared to others that don’t have one. I’m just saying that in this day and age consumers look for reviews, good work, knowledge and quality. Not just a designation.

Not inferior at all!!!!

CPAs aren’t superior to other accountants either. It’s just the way the system is set up. The AI is a totally woke organization that has the most rigorous requirements and designations. Being in it is a protection racquet / insurance against a lower volume more specialized and complex appraisal environment that still requires humans.

Most will probably leave the industry to something just as or more lucrative.

 

[DTB]

Speaking strictly in terms of your business interests, I think the math hinges on the types of clients and the types of assignments the individual wants to service. There are lots of jobs, lots of assignments and lots of clients who won't hesitate to swipe right if an appraiser doesn't have the qualifications they're looking for.

Define lots

 

[George Hatch]

Enough to motivate some appraisers to pursue these additional credentials.

I get asked once or twice a year if I have an MAI, at which point I provide them with a referral.