Appraisers who take on trainees can experience numerous benefits, including enhancing earning opportunities, saving time, learning new skills and planning for the future.
Enhance Earning Potential
Although it costs money to hire a trainee, doing so could allow appraisers to spend more time meeting with prospective clients and marketing the business. In other words, if a trainee can be in the office taking care of certain tasks, the appraiser should have more time to network and focus on bringing in new business. And when appraisers land new clients, they have a trainee to help them do the work.
Free Up Time
Some appraisers might not be aware that in many instances trainees can complete a property inspection without a supervisory appraiser also having to inspect the property, which Fannie Mae and Freddie Mac confirmed within their policies earlier this year. So, trainees can handle more than office or research tasks for a wide variety of situations where allowed by policy, and if the appraiser wishes.
Take Advantage of Technology
Young professionals often have more up-to-date knowledge and experience working with the latest technological offerings, so having that expertise on staff can pay big dividends. Even appraisers who are adept at using the latest tech tools might find value in learning from younger colleagues.
Keep an Eye Toward the Future
Helping train the next generation of appraisers can be good for business, and can help shape the future of the valuation profession. It’s common knowledge that new talent is needed, and current appraisers can help themselves while also creating opportunities for others.
While hiring a trainee can benefit appraisers, there are potential liability issues that need to be addressed.
As most experienced valuation professionals know, a supervising appraiser has to sign appraisal reports prepared by trainees, so both individuals are liable. That’s not necessarily a reason not to hire a trainee, but potential liability certainly should factor into the decision.
For individuals interested in becoming an appraiser trainee, the Appraiser Qualifications Board requires 75 hours of education to be classified as such. Additionally, for those working toward a real estate appraisal license or certification, the Appraisal Institute offers an education package designed specifically to meet the qualifications to become a trainee.
Also, for students with an interest in the valuation profession, the Appraisal Institute offers its Student Affiliate program to allow students currently enrolled in an accredited college or university to join the organization at a significantly discounted rate and learn from appraisal experts in the profession.