Existential Crisis

[Non Sequitur]

New Tech, Old Attitudes Bring Appraisers To Brink Of Existential Crisis

Despite evolution in the greater real estate world, the appraisal industry has largely remained the same.

www.bisnow.com

"Appraisers are at an inflection point.

The issues pressuring the industry are decades in the making: an easing of mortgage borrower policies, a lack of recruiting into the profession and, perhaps most importantly, rapidly changing technology. Appraisers, however, have largely operated the same way for decades.

“Appraisal education, standards, habits, client expectations and government regulations still enforce the old way of doing things,” said George Dell, an appraiser and valuations educator. “I call those the five frictions holding back the appraisal profession.”"

Snip.

"“Everybody's trying to solve the appraisal problem but the appraisers,” said Thaddaus Dawson, a licensed appraiser based in Atlanta and the founder of 10KBA, an organization that aims to bring more young, diverse appraisers into the profession."

Worth the read, and worth signing in to the site.

 

[Alsie35]

Enter the squad of "Flying Monkeys". They'll know diddly about appraising, but boy will they be killer on those algorhythmic input boards ...

 

[George Hatch]

I dunno. I find myself running a race with my own economic obsolescence to see which one of us will outlast the other.

I don't know how any informed observer can look at the combination of changing user preferences + the march of the machine + the still persistent oversupply of appraisers in general and then come to the conclusion that we're going to run out of appraisers to service the mgt lending business within the next 20 years. AFAICT it's unpossible.

I wish it were otherwise but I'm not seeing any indications to the contrary.