Upcoming Changes To Real Property Appraiser Qualifications

[Ken B]

Understood. The trick will be convincing a 4 year college grad that he should spend 2-4 more additional years taking required related courses, working as a trainee for almost nothing, passing a state exam, and then working under the thumb of micro managing AMC that require 48 hour TAT with a yearly pay, after 40-60 hours per week, that might only be $40,000 or perhaps less especially the first 5-10 years. Then tell them out of that $40,000 they'll have to cover all their own business expenses, healthcare, taxes, etc. They'll laugh in your face and say they can get a better deal as a newbie file clerk in an insurance office or as a manager trainee at Hertz Rent-A Car.

I know HS grads with quality jobs that would laugh if they knew what appraisers deal with and for how much.

Any discussion of requiring a 4 or even 2 year degree to get into appraising is a joke unless the business is changed from the bottom up to reward higher education.[/quote]

Supply and demand. It's a great concept.

 

[J Grant]

With the new req, the AMC low fee high output micromanger model won't appeal to them. College grads will work for mediocre pay IF the job offers something else in compensation...like an interesting work environment, a fun glamour job, or a do gooder kind of job such as teaching/social work. But working for an AMC offers none of that. Therefore, most college grads pursuing appraisal will go for the cert gen license, and their presence in the field will force residential rates and working conditions to improve over time.

AMC's are in a rush to hire staff, as they know that in a few years they will start running out of a large pool of appraisers to use, therefore they are trying to lock up as many appraisers out there into low/mediocre pay jobs as they can, while they can.

 

[Bama Bayou]

Many of you have been grandfathered a four year degree. Why the complaints?

 

[Delta85]

Many of you have been grandfathered a four year degree. Why the complaints?

Not me. I earned mine. I just feel the requirement is ridiculous given the state of the business. I got into appraising a decade ago cause I was looking for a career change and a chance to start my own business. Had I known the business would become what it is now I would never have given it a shot as I had several other opportunities I could have looked into that in hindsight were much better.

But, as I've invested the time, money, and effort to get where I am in the appraisal business I feel compelled to continue on in my attempts to succeed.

 

[Flygirl 152]

Why all of these requirements for appraisers and nothing for the underwriter? In most residential transactions the undermonkey acts like and is treated as a God! In TX if you have a manicure it is performed by someone holding a license! How can it be that the undermonkey can approve millions of dollars in loans with questionable qualifications? Time for the undermonkey to become professional!

What about the realtors? They have no higher education requirements, and yet they are convincing/encouraging buyers to make large dollar value transactions.

How about some education for them?

 

[J Grant]

The lack of education in Realtors has nengatively impacted re markets for years. I hope they become outmoded by technology (some of them are) . Whatever their shortcomings are, we can only be responsible for our profession.

That said, perhaps when our profession reclaims more respect, perhaps appraisers could lobby for the following: That realtors are not qualified to set listing prices, and that should be done by appraisers. Realtors are qualified to show houses, negotiate and write contracts. They are not valuation experts, and their lack of qualifications in valution is skewing markets and has done so for decades.

 

[Delta85]

What about the realtors? They have no higher education requirements, and yet they are convincing/encouraging buyers to make large dollar value transactions.

How about some education for them?

I agree. Why are they not held to a higher standard? They are closing deals worth hundreds of thousands if not millions of dollars based on their knowledge of the market and real estate in their local area. Consumers depend on them and this knowledge to make educated decisions. They are sales people true, but they have an obligation to be ethical and have a knowledge of what they say and do.

 

[Lost Cause]

Realtors are qualified to show houses, negotiate and write contracts.

Sure, they're qualified to do these things, and more. But what Realtors really are is salesmen. One does not need advanced education to be a salesman. Asking for much more than sales ability may be asking too much.

 

[The Warrior Monk]

Sure, they're qualified to do these things, and more. But what Realtors really are is salesmen. One does not need advanced education to be a salesman. Asking for much more than sales ability may be asking too much.

Interestingly enough, many of the top agents out in my neck of the woods are college grads. For most, real estate wasn't their first job. They had jobs on Wall Street, in the fashion industry, and other jobs that required college degrees to enter.

 

[The Warrior Monk]

According to a recent report from Cambridge, Mass.-based Forrester Research, 20% of America's millionaires never attended college

The average net worth of billionaires who dropped out of college, $9.4 billion, is more than double that of billionaires with Ph.D.s, $3.2 billion - some notable dropouts are Bill Gates, Steve Jobs, JD Rockefeller, Howard Hughes.

Some don't need college to be smart or successful - some do.

It should always be remembered that these examples are not indicative of the general populace. Self-made billionaires are people with a certain talents. Even with those talents, 80% of them are still college grads. Entry to many jobs that provide access to this type of money require college degrees, such as in the finance industry.