MAI - Is it worth it?

[Vernon Martin]

I do well without it, but that's because I have a clientele. I lose one or two assignments a year by not being an MAI, which isn't enough to motivate me to jump through all the hoops. I have never had a lender refuse me for not being an MAI

In 2012, I was asked twice if I was an MAI. The first time was a lease dispute (which stipulated an MAI appraisal), and I didn't think the owner of the nail salon could really afford my services, any way. I referred him to an MAI friend, but I'm not sure that I was doing my friend a favor.

The second time was for a date-of-death appraisal for tax purposes. At first we had a deal; then the property owner called me back and said that his attorney said that the IRS only accepts "MIA" appraisals. I assured him that was not the case and that I've done such appraisals before without consequence. Just as payback to the meddlesome attorney, I asked him where his attorney went to law school. I told him that unless his attorney went to Harvard or Yale Law School, that he should fire his attorney and get a qualified one.

I never heard back from him.

I also do work for attorneys and it has not been an issue.

 

[The Warrior Monk]

MAI does not mean membership in AI.

I'm aware of that, though some of the designated members I've testified against don't.

I'm a non-designated member of the Appraisal Institute, so membership in the organization doesn't get me the job over a non-member.

I've personally have obtained work just from being an associated member. In the last instance, the client was looking for a SRA to appraise a particular oceanfront property. Since there was only one SRA familiar with the area (my father), who did not want the assignment, I got it by virtue of being associated with the AI.

 

[hastalavista]

I do well without it, but that's because I have a clientele.

Not being an MAI but an SRA, my experience with the designation is that it does broaden the potential client pool, and potentially can improve the quality of clients seeking services.
So, in my case, my designation and the contacts I've made through the designation process & being an active member in the designating organization has more than paid for the expense of acquiring the designation. It has also allowed me to continue to diversify my practice away from mortgage lending (admittedly, a bigger issue for residential appraisers than for commercial appraisers).

The designation process has also made me a better appraiser; not because of the letters but because of the process required to obtain those letters.

I anticipate the same benefits as I move toward the MAI level.

But, obviously, the overall reward of the designation is going to be dependent on the demand in the area (as Incognito points out) for designated appraisers and the additional client pool/volume it brings, which may or may not be significant to one's current situation (as Vernon Martin points out).

The designation, by itself, does not make one a better appraiser or a superior appraiser vs. those without the designation.

The designation process, however, can (but not always) make one a better appraiser and can increase the opportunities for assignments (in volume and variety).
I also think there is a level of personal satisfaction of obtaining a designation; again, it doesn't mean one is better than another, but it is an achievement and achievements are usually worth something to the achiever; even if not worth anything to anyone else.

 

[Semi Pro]

I'm aware of that, though some of the designated members I've testified against don't.

I've seen it on a competitor's website too. "MAI stands for Member, Appraisal Institute". + m2:

 

[tsiegel]

Seems like most people vote: Yes.

 

[JSmith43]

That was a very candid & sincere response by Denis.

Here are my skeptical 2 cents. The MAI brand is one of the all time great marketing implementations. Imagine having MAI as a requirement in lease renegotiations, in lending guidelines (mostly in the past)?

That is a pretty good job of cornering the market. And, it is reality based, for the most part, since the education is generally best in class. I can't say that the internal discipline has been anything other than ordinary for a professional organization, but that is not looked at as much as the AI education & designation gauntlet.

At this point in time, it is worth it in most locations if top tier commercial work is the goal. The past can be a good predictor of the future. But, when GM started making Vegas with warp prone heads and Ford started making Pintos with exploding gas tanks, it became a different World.

When most of the big 8 accounting firms imploded, it became a different World. When Fannie Mae & Freddie Mac spun into receivership, it should have become a different World:icon_mrgreen:

We can value the MAI at this point in time. Can it become even more valuable? Can it's value diminish? Will the Appraisal Foundation grow in reach and stature? I'm not sure.

Therefore, the uncertainty of future benefits should be factored into any decision. But it should look pretty good right now for someone 35 & interested in such work. You can always get the "New" AF designation later, if it materializes & becomes a factor. Looking backwards, so far, so good!

 

[The Warrior Monk]

Seems like most people vote: Yes.

Yup. I intend on attempting to get the designation after I obtain my CG (application being sent in very soon). It's beneficial to me simply because there is only on other active MAI in the area I work, and he's a lot older than me.

 

[JSmith43]

I've seen it on a competitor's website too. "MAI stands for Member, Appraisal Institute". + m2:

That is what MAI used to stand for, as I recall. At some point in time that was changed or disavowed. I wonder what it really is supposed to officially stand for now? Has anyone got the inside scoop?

Obviously they don't want affiliate members diluting the designation brand with word games.

 

[tsiegel]

The AI may still have some degree equivalency option available. Good Luck...

They do. GMAT or 30 credit hours for certain Gen Ed courses (which I don't have because I went to music school and the AI apparently doesn't care at all about my "Music of Miles Davis" class).

 

[tsiegel]

You can always get the "New" AF designation later, if it materializes & becomes a factor. Looking backwards, so far, so good!

Is this real? What is it?