The Value of Designations for Certified Residential Appraisers

[Tom D]

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.

My SRA demo report was over a 100 pages when my 1004 appraisal report was 8 pages. Most of the SRA report was whatever. This was before the internet when you had to physically search for info.

 

[J Grant]

My SRA demo report was over a 100 pages when my 1004 appraisal report was 8 pages. Most of the SRA report was whatever. This was before the internet when you had to physically search for info.

The funny thing about their narrative was that most of it was not really informative. It was more like verbose descriptions for page padding, liking citing the color of each individual brick-type thing.

 

[Essexfenwick]

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.

The same can be said about CPAs vs non designated accountants.

 

[Essexfenwick]

The funny thing about their narrative was that most of it was not really informative. It was more like verbose descriptions for page padding, liking citing the color of each individual brick-type thing.

I found it very informative. I used a huge, very homogeneous neighborhood and discovered like only 1 out of 20 matched pairs made sense in the real world. Like 10 would say having a deck was a negative and then you’d find the needle in the haystack that indicated a deck was worth 10k.

Doing a basic term paper that would be graded taught me more about residential appraisal than all the classes put together.

 

[J Grant]

The same can be said about CPAs vs non designated accountants.

A title or advanced degree does not confer ethics. In fact, the increased skill level could better cover for gray area work if one is so inclined. Which does dis service to the rest pf the ethical advanced degree holders The old MIA joke - Made as Instructed.

 

[Bobby Bucks]

I love it when the topic of initials is broached. This is my personal journey. Brokers license sophomore year in college, didn’t use it for years because I peddled advertising. Began using it after I became a slumlord. Got appraisal license in 1997. Went to work in a fee shop owned and run by an MAI and SRA. Appraised part time and eased into it gradually while still selling and listing RE. A few months after joining, my mentor Lord William who was an SRA opted to not renew his designation one year. He said he got nothing for his dues because a license was all that mattered, it was not a hasty decision, he had considered it a long time. I recall him getting numerous calls from SRAs he had known for years. Some were unfriendly to him. One old goat in particular basically threatened him. That guy was one of the “pecking order” types and he considered it heresy that anyone would surrender his SRA. One particular bank we did work for would periodically assign reviews of other’s work and that guy would go full Gestapo all because Lord William had left the group, you would not believe how picky he was over reviews. He was a bitter old geezer. I know many MAIs and SRAs who are nice people and I like to think the arrogant ones in those groups are a small minority, but they certainly are vocal and visible. Just one goat roper’s opinion. B. Bucks Esq. still working on the notary public license.

 

[alebrewer]

My SRA demo report was over a 100 pages when my 1004 appraisal report was 8 pages. Most of the SRA report was whatever. This was before the internet when you had to physically search for info.

haha - that's how my first one went back in the day. Decided to do it again a couple of years ago - the whole thing is finished in class now, assuming you've pretty much got it written when class starts. Honestly - I learned way more this time than I did back in the early '90's.

 

[Sadie]

Pre licensing it was valuable. In my decades of appraising, I have never been asked if I have a designation except on the forms I have filled out for a new client. I have woeked for all sorts of clients including attorneys and accountants. BTW, a CPA is much more valuable than a plain accountant. They do lots more than an accountant who is not a CPA.

 

[Essexfenwick]

Pre licensing it was valuable. In my decades of appraising, I have never been asked if I have a designation except on the forms I have filled out for a new client. I have woeked for all sorts of clients including attorneys and accountants. BTW, a CPA is much more valuable than a plain accountant. They do lots more than an accountant who is not a CPA.

It’s already more valuable for legal work as well as small bank work and corporate/government jobs.

With the intentional watering down of licensing requirements (with the Institute enabling) and elimination of easy residential work the Institute is angling the SRA back to pre licensing territory

 

[alebrewer]

With the intentional watering down of licensing requirements (with the Institute enabling) and elimination of easy residential work the Institute is angling the SRA back to pre licensing territory

I'm thinking prolly too little, too late. When you're the most expensive game in town - you really have to set yourselves apart - and the fact is, the vast majority of folks see more value in a $200 McKissock course than they do in a $500 AI course.