The Value of Designations for Certified Residential Appraisers

[George Hatch]

^^^ That's the thing, the payoff for the extra effort comes up when times are slow; you're still getting more work even when others aren't.

TBH I think the appraiser's reputation for solving problems and doing good work is a bigger factor than the SRA designation. But the flip side of that is that the kind of person who would sacrifice the time and money to get the designation is also the same kind of person who will put more effort into their work. Not always, of course; but more commonly overall when compared to the masses.

 

[Carnivore]

If your willing to relocate, your SRA can possibly get you a full time job with bennies at Fannie or Freddie. That's who they higher peeps with a designation.

 

[bnmappraisal]

I've been CR since 2/2009. I've been asked 1 time (that I recall) regarding if I had a designation. I do think having initials behind your name (in most cases) is definitely an honor/something to be proud of, but I have not lost any work (that I'm aware of, besides the aforementioned situation) because I don't have the designation. Best of luck to you and your decision

 

[Salty]

I gave up my SRA as it became nothing more than a money grab. The dues were insane. More than my NAR, ima, and pick another org of your choice combined. I was paying over 1k per year. Then as the industry continued to crumble with low fees and not enough work, I couldn't justify the expense. No one asked for it and I had no desire to do PITA assignments. Even if I did, there are not enough of those available in my area to support a family anyway. Plus the AI could care less about residential appraisers; felt we were just a cash cows to them. AI made no retention effort whatsoever. In my opinion, ASA might be a better choice.

In the time I had the SRA and was listed in various directories, I never had anyone contact me. The public has no idea what it is and real estate agents thought is was some sort of senior housing designation, they could care less.

 

[Tim Hicks (Texas)]

I am sure the designation makes great wallpaper for the office that nobody sees.

Honestly, if you want it, get it. If you don't, then don't. It might increase your income, it might not.

 

[Mike Ault]

Lawyers shopping for appraisers see the value in such designations, as you are instantly more "credible" than someone without one. Lenders & mortgage brokers in the residential world, not so much. So, it depends on the type of clientele you work for, and those you are trying to attract. If you're looking to expand your client base in slow times (always recommended) then you can figure the ROI pretty easy. One court case assignment per year will pay for that designation. If you work half as hard marketing yourself to attorneys as you did gaining that designation, it will probably pay for itself several times over. This is my 32nd year, and I've lost out on business which I was pursuing by not having that designation, zero times. I don't pursue court work however, and leave that to those whose temperament is better suited for it.

 

[Tom4value]

Absolutely the only designation I've ever been asked about is the MAI. So, I recommend you get your certified GENERAL license and then think about getting the MAI. Don't stop at CR. Residential work is mostly lending work and lending work is feast and famine with an onerous layer of FNMA/FHA bureaucracy on top.

I am not Certified General but I think you are right, designations really only apply to Commercial as they are more sophisticated.

 

[Tim Hicks (Texas)]

Lawyers shopping for appraisers see the value in such designations, as you are instantly more "credible" than someone without one. Lenders & mortgage brokers in the residential world, not so much. So, it depends on the type of clientele you work for, and those you are trying to attract. If you're looking to expand your client base in slow times (always recommended) then you can figure the ROI pretty easy. One court case assignment per year will pay for that designation. If you work half as hard marketing yourself to attorneys as you did gaining that designation, it will probably pay for itself several times over. This is my 32nd year, and I've lost out on business which I was pursuing by not having that designation, zero times. I don't pursue court work however, and leave that to those whose temperament is better suited for it.

The few times I have worked for lawyers, it was difficult to collect unless paid up front.

 

[Essexfenwick]

I am not Certified General but I think you are right, designations really only apply to Commercial as they are more sophisticated.

Residential is not as sophisticated and that’s why an SRA separates you from the unsophisticated crowd. That’s the point. Most appraisers don’t want the more difficult sophisticated residential assignments and only want the unsophisticated easy assignments. That’s fine but that work will drastically reduce because it’s not very valuable. So if you are serious about an appraisal career going forward and want to stay in the industry it’s a no brainer to get an SRA. If you are on the verge of retiring or fine with getting out of the field rather than do hard assignments then don’t waste your time

 

[J Grant]

There are residential non-SRA d appraisers who competently perform high-value/difficult "sophisticated" appraisals. However, the SRA shows proof the appraiser has made a considerable effort to get it, and for prestige, they are hired in certain situations like: trust departments of banks,Tax/IRS work, manager at an AMC or a federal agency, and certain legal work. And it could lead those good at networking to referrals from Cert Gens in the AI division..

I believe it takes a certain kind of person to pursue it and also to benefit from it.

Does it make one a better appraiser? I don't know. I think if one is ethically challenged or lacks common sense, getting designated won't change that. If one is competent, it will make them even better. The courses do teach good narrative writing skills.

When I used to do reviews back in the day, I reviewed two reports from two different SRA appraisers. Of course, the reports that make it to a review are usually pre-flagged by somebody. Each SRA report turned out to be a problem child -, but both were well-written and LONG. Padded with narrative, much of it superfluous. One report was so long it was painful to read. It had back story of the region going back to the settlers, followed by a kind of travel brochure description, block by block. Pages and pages of it. But in the end, his horrible comp choice and ignoring more similar proximate comps made the results no better than an ordinary report that had the same fundamental problem.