*Do you feel your association with the AI has benefited your career as a real estate appraiser?
Absolutely. For me personally it has increased income, opened doors, provided a network of peers, and given me a sense of professional accomplishment.
I know there are many on this forum who have strong negative feelings toward AI and still more that believe the SRA has diminished in value. IMHO, it depends on what market you serve, what client base you have (or want to have) and your professional aspirations.
I guess this would be the spot to interject the results of the national appraiser survey completed at Washington State University about four years ago. The full report titled "Structural Analysis of U.S. Appraiser Income" can be found at
http://business.fullerton.edu/journal/past...02/v18n2a07.htm. The study examined the impact on appraiser income from a number of factors such as years of experience, age of the appraiser, formal education, SRA/MAI designation, minority status, type of firm, etc. The survey found that those with the SRA or RM (old AIREA resi designation) earned 18% more than the average. Those with the MAI or SRPA (old Society comm. designation) earned 26% more.
Anecdotally, I can tell you from my own experience as a review appraiser that the SRA appraisers I work with and know from my AI chapter are more steadily busy than the non-designated appraisers because of the more diverse clients they have and their lesser reliance upon financing work.
*Did you have to travel and stay at hotel to complete the required courses for designation?
It depends on where you live. If you live in a fairly metropolitan area or close to one, you'll be fine. If you live 100 miles from the nearest small town that's another story. If you haven't already, I suggest you go to AI's web page (appraisalinstitute.org) and review the SRA requirements then go to the education schedule page to see where courses are being offered. However, this list is not all-inclusive. There are courses not on this list so you should also check your local chapter and surrounding chapters, as chapters sponsor the courses. There is a place on the web site where you can get local chapter contact info.
*How much should I expect to spend a year to keep a designation, i.e., annual dues, continuing Ed (AI continuing Ed), etc.?
Probably around $1,200 - $1,300 per year.
*What about the AI and their attempts to create a database of appraisal reports from the AI appraisers?
Glad you asked that question. The mainstream use of the internet and the increasingly ubiquitous nature of data is a fact of life. AVM's are a fact of life. Those that are kicking and screaming are trying to stick a finger in the dike of technology that is bursting through like a tidal wave. Better to get on top of the wave. Although it has decreased, there is still financing work to be done. But there are other sources and types of business that I believe the SRA will help you obtain. If you want to stick to financing work (which is decreasing) then you probably don't need the designation. If you see and accept the changes in the profession and want to pursue diversification of clients and types of services, then the SRA will have increasing value given these trends. I liken these technological changes to the advent of the internal combustion engine 100 years ago. Some wagon makers fought the new technology and ultimately went out of business. Some wagon owners figured out how to attach the engines to their wagons and prospered. While many here see the SRA as diminished (which may have been the case short-term over the last 10 years since FIRREA) I take the opposite opinion that going forward for the longer-term, the SRA will increase in value for the above reasons. So, it also depends on the remaining years you have in your career. If you are only five years from retirement, it might not be worth it. It may be another story if you have 10+ years yet.
*From my experience (10 years as an appraiser) the SRA and MAI are the only designations worth having.
Not necessarily. Although they are probably the best known nationally and I am obviously a biased member of AI, on this forum I have always encouraged people to pursue any designation from a REPUTABLE organization. Don't waste your money to buy a designation from a designation store. I am also not too keen personally on joining a union, but there are other meaningful designations out there beside the SRA. A designation derives its value to some extent from the level of experience and education required to obtain it.
I would also reiterate what Jo Ann said about attending some chapter meetings of various organizations. It's the best way to see what's going on locally and pick some brains of their members.
Hope this helps. Good luck.
