As we prepare to give thanks tomorrow, I hope you’re finding time to relax and celebrate the holiday with friends, family and your community. My family kicks off our Thanksgiving celebrations by participating in the Knights of Columbus Turkey Day Run. We’ve done this as a family for decades, with one of us pushing a stroller and then as walkers and runners. At the end of the race, we enjoy some cold beers while re-connecting with old and new friends participating in the event. When the race was shut down for the pandemic, we ran a 3.2-mile loop around the neighborhood in solidarity with beverages in our driveway which included Bloody Marys.[Read more…]
Dear Appraisal Institute Colleague:
This month, I call on each of you to think about ways you can contribute to the Appraisal Institute’s in a way that also increases your visibility and sets you apart from your peers. In addition to serving on the Appraisal Institute’s Executive Committee, I have been proud to prepare and present seminars to my chapter over the years, and I have served as a reviewer for each of the Capstone case study offerings. I’ve also spent significant time in the general demonstration report grading area, where I was chair for three years and had the opportunity to collaborate with the Body of Knowledge Committee members as they considered changes and additions to the 15th Edition of The Appraisal of Real Estate.
After 90 years, the Appraisal Institute is still an organization that relies on volunteer service to continue its stellar reputation around the world. I encourage you to think about what expertise you have to give back to this organization, while building your own reputation in the process.
Read on to learn more about ways that you can add your expertise for the benefit of our membership.
Contribute to AI Publications and Education
There are numerous ways for appraisers to make their expertise known throughout the Appraisal Institute, including in AI publications and education offerings.
- Education Programs: Subject matter experts are encouraged to submit their new topics and ideas to be considered for education programs. Click here to learn more.
- The Appraisal Journal: The Appraisal Institute’s quarterly journal has been the leading peer-reviewed forum for appraisal professionals since 1932. Learn more about contributing your ideas by clicking here.
- Valuation Magazine: The Appraisal Institute’s quarterly magazine is an excellent way to gain recognition and share your experiences and expertise with your colleagues. Click here to view the submission guidelines.
- Book Authorship: Practicing appraisers have served as authors and contributors to every book published by the Appraisal Institute. Share your knowledge by making your contributions. To learn more, contact Tep Shea-Joyce, senior manager, Publications , email@example.com.
- Practical Applications of Real Estate Appraisal (PAREA): AI PAREA is an online program covering appraisal theory and methodology in real-world simulations, with mentoring from expert appraisers like you! Mentor applications are now being accepted. Click here to learn more.
While these contributions go a long way to expand the organization’s content, I have heard from numerous individuals over the years that their contributions helped expand their book of business as well. You have an opportunity to make an impact on the profession and to set yourself apart.
Don’t Forget to Meet Continuing Education Credits in 2022
With only two months left in the year, I want to take this opportunity to remind you to check your CE off your to-do list before the Dec. 31 deadline. Visit the Appraisal Institute’s Continuing Education page to learn more.
New Book Provides Advice on Residential Market Analysis
The latest book from the Appraisal Institute is Residential Market Analysis and Highest and Best Use, by Mark R. Ratterman, MAI, SRA. The book presents practical advice and real-world examples that demonstrate:
• How to determine the appropriate level of market analysis;
• The dos and don’ts of market area delineation;
• Productivity analysis;
• Supply and demand relationships in residential markets; and
• Researching data sources and applying statistical tools.
Readers of this new text will learn how to plan and perform appropriately detailed market and highest and best use analyses that lead to credible and supportable value conclusions and convincing appraisal reports. Get your copy today!
Stay Tuned for Next Episode of Face Value
Join host Tonia Vailas, MAI, AI-GRS, for a discussion on the Appraiser Diversity Initiative (ADI) program, personal experiences and advice from employers, past participants and more. Plus, learn how you can get involved.
Click here to listen and subscribe.
New Seminar on Data Inconsistencies Premieres Dec. 2
I’d encourage you to check out a new seminar from the Appraisal Institute, titled, Inconsistency: It’s Hiding in Plain Sight in Your Residential Appraisal – Non-lender examples—Next level analysis. This seminar focuses on significant inconsistencies that can affect categories like the definition of market value, market analysis and highest and best use, the three approaches, functional and external obsolescence, and reconciliation. Visit the AI website to find an offering near you.
Other News Around the Appraisal Institute
And here’s some other important news from the Appraisal Institute:
- The Appraiser Diversity Initiative is an important priority for the Appraisal Institute. I’d encourage you to keep updated on this initiative on AI’s Appraiser Diversity Initiative webpage. If you know an individual who is looking to join the valuation profession, please encourage them to check out the website as well.
- The Appraisal Institute continues to expand its social media activities. Be sure to follow AI on Facebook, Twitter, LinkedIn, YouTube, and its blog, Opinions of Value.
As the summer ends, I hope you’ve had time to do the things you enjoy with friends and family. One of my favorite things I look forward to this time of year is the start of college football. As a life-long suffering South Carolina Gamecock fan, it is difficult experiencing annual renewed optimism and then watching reality set in with yet another disappointment. However, I would not trade the fellowship and love of the school and game for simply winning. As the adage goes, “There is always next year.”[Read more…]
One thing you might notice about me is my affinity for bow ties. I was required to wear a tie and blazer every day during middle and high school, so I became accustomed to a more formal look day-to-day. About 10 years or so ago, I noticed more folks wearing a bow tie and got interested in them. It took a few years to get bow ties worked into my wardrobe and they are now the standard. Tying a bow tie is an art and when properly tied (it should not look perfect), a bow tie adds more personality to my look and sets me apart from the traditional tie wearers.
FWIW, earlier this year, I was required to wear a traditional necktie for an event and chose one from about 20 years ago. It took me four or five tries to properly tie it. Funny how quickly I forgot something I have done hundreds of times. There is no substitute for repetitive learning.
Whether it’s in your attire, your work life, your home life, or your hobbies, I’d encourage each of you to find a way to stand out and make a difference. They say the squeaky wheel gets the grease, so make sure to make yourself – and your priorities – known by standing out and setting yourself apart in a meaningful way.
This month, I’m pleased to share with you some updates about the Appraisal Institute’s priorities and the work we’re doing to ensure that our organization continues to stand out in the valuation profession.
AI Taking Big Steps Toward Achieving Strategic Plan Goals
I am proud to share that the Appraisal Institute has worked hard toward achieving the goals outlined in the Strategic Plan adopted by the AI Board of Directors in August 2021. We have taken some key steps over the past few months, and I’m pleased to share these updates with you.
- Modernize AI’s education delivery system and products. Outside consultants with significant expertise in this area have completed studies, and their recommendations for processes and delivery are being evaluated. Implementation is expected to begin soon and will initially focus on the AI website, the event registration process and the overall user experience.
- Modernize technology, such as social media and communication methods, and a review of the website. These efforts will focus on a campaign to refresh the AI brand, social media, communications and the website. We have identified an outside firm to handle the rebranding campaign and website redesign. Changes to the website will include an updated look and feel and, equally important, an enhanced user experience. AI’s Communications Department has already implemented changes to its social media and communications efforts, and will continue to focus on generating more visual content and enhanced interaction to appeal to a wider audience.
- Develop a plan to recruit and retain AI professionals. A recruitment and retention plan will follow AI’s new branding and messaging, and will involve input from the Residential Appraiser Project Team, among others.
- Implement PAREA. Development and testing are underway and will continue for the next several months.
- Develop a DE&I action plan. A DE&I statement was adopted last year, and I have more exciting news to share below on the DE&I front.
I’m very proud of the excellent work that’s been done so far and excited about what it all means for the future of the Appraisal Institute and the valuation profession as a whole. Read more in the latest issue of Valuation magazine.
DE&I Action Plan Recommendations
As you’ve likely heard, the Appraisal Institute Board of Directors at its Nov. 11-12 meeting approved the Strategic Plan strategies that will guide the organization’s efforts in 2022, and beyond. The organization will pursue those goals with a focus on five Board-approved strategies, including development of a DE&I Action Plan.
A Project Team comprised of AI Designated Members, in collaboration with an outside consultant, spent several months developing a DE&I Action Plan, including recommendations, that the Board reviewed and discussed during its third quarter meeting. The Action Plan and recommendations include input from AI membership, which was provided via survey responses and stakeholder interviews.
The Appraisal Institute’s Strategic Plan includes goals to provide leadership toward a unified and inclusive profession with diverse perspectives and to improve the diversity of its affiliated professionals. The approved recommendations represent a significant step forward as the Appraisal Institute continues to pursue these important goals.
As these recommendations are investigated and components of the plan implemented, we’ll continue to keep membership informed accordingly.
Check out other updates from the Board meeting.
Paula Konikoff Elected 2023 AI Vice President
Congratulations to Paula K. Konikoff, JD, MAI, AI-GRS, who was elected 2023 Appraisal Institute vice president by its Board of Directors during the Board’s Aug. 4-5 meeting in Las Vegas.
Konikoff’s one-year term as vice president will begin Jan. 1, when she’ll also serve for one year as chair of the Finance Committee. She’ll serve as president-elect in 2024, president in 2025 and immediate past president in 2026.
Learn more about Paula Konikoff.
Appraisal Institute Honors 15 of the Best and Brightest in the Profession
It was my privilege to celebrate and honor the contributions of 15 individuals who make a big difference in our profession during the Appraisal Institute Annual Conference earlier this month. Attendees celebrated the award winners at an Aug. 3 luncheon sponsored by Appraisal Institute Education and Relief Foundation. Congratulations to the following individuals:
Appraisal Institute awards:
- J. Scott Robinson Lifetime Achievement Award – Steven L. Marshall, MAI, SRA, AI-GRS
- Outstanding Service Award – Arthur “Rocky” McElhannon, MAI, SRA, AI-GRS
- Outstanding Service Award – Jacinto “Jay” Munoz, MAI, SRA, AI-GRS, AI-RRS
- Women’s Initiative SPOTLIGHT Award – Claire M. Aufrance, MAI, SRA
- President’s Award – Elaine Liz-Ramirez, MAI, AI-GRS
- President’s Award – Mark E. Verrett, SRA
- President’s Award – Claire M. Aufrance, MAI, SRA
- President’s Award – Rodman Schley, MAI, SRA
- President’s Award – Suzanne Brockway
AI Education and Relief Foundation awards:
- George L. Schmutz Award – Brad Carter, MAI, and Tyler Leard
- Dr. William N. Kinnard Jr. Award – Larry Wright, MAI, SRA, AI-GRS
- James H. Pritchett Award – Henry J. Wise, MAI
The Appraisal Journal awards:
- Armstrong/Kahn Award – Richard J. Roddewig, JD, MAI
- Swango Award – Sandra K. Adomatis, SRA
- Richard U. Ratcliff Award – Stanley D. Longhofer, Ph.D
Latest Face Value Podcast Highlights DE&I Efforts
In episode four of the Face Value podcast, host Warren Boizot, SRA, AI-RRS, is joined by Ayako Marsh Miranda, SRA, Claire Aufrance, MAI, SRA, and Elaine Liz-Ramirez, MAI, AI-GRS. The group covers leadership, Diversity, Equity and Inclusion and the Appraisal Institute’s current and ongoing efforts in this space. You aren’t going to want to miss this episode.
Click here to listen and subscribe.
- If you haven’t already heard, The Appraisal Foundation’s Appraisal Standards Board announced that the current edition of USPAP will be extended by another year and will now be effective until Dec. 31, 2023. This change will not impact the current qualifying and continuing education courses on appraisal standards required for all appraisers. Learn more about the Appraisal Institute’s “15-Hour National USPAP” classroom course here.
- Do you have expertise you’d like to share with your peers? I’d welcome you to submit your ideas for consideration in Valuation, AI’s quarterly magazine, or The Appraisal Journal, our peer-reviewed journal.
- Don’t forget to subscribe to Face Value, the Appraisal Institute’s monthly podcast.
- The Appraisal Institute continues to expand its social media activities. Be sure to follow AI on Facebook, Twitter,LinkedIn, YouTube, and its blog, Opinions of Value.
Other News Around the Appraisal Institute
And here’s some other important news from the Appraisal Institute:
Summer is usually an opportunity to spend a little extra time with our families and that’s no different for me. Like most of us, I also enjoy sharing some of my family’s successes. My wife holds a Ph.D. in Pharmacology and works with the Roper Hospital system. My daughter, Nora, is entering her second year of practice as a physician’s assistant with a local urology group and my daughter Grace is entering her third year as a registered nurse at Roper Hospital working the Cardio Step Down floor. Grace is also finishing her first year at the Medical University of South Carolina, where she is in the Nurse Practitioner program. My son, Mason, will soon begin his senior year of college at Clemson University and his interests are in distillery.[Read more…]
Some of my proudest moments as an Appraisal Institute Designated Member have been working with Candidates and Practicing Affiliates to help them achieve their Demonstration of Knowledge portion of the designation process. Over the years it has brought me great pride when former Candidates or Practicing Affiliates find me at an event to show me the designation behind their name.[Read more…]
In my 37 years in the valuation profession, I’ve learned just how important it is to make valuable, meaningful connections with others in the profession. I started that journey many years ago with the South Carolina Chapter of AIREA (now AI) and The Society of Real Estate Appraisers. I continued it at LDAC and after that, chapter, region and national leadership events, including the Appraisal Institute Annual Conference. The connections made over the years have resulted in close friendships, collegial relationships and professional connections throughout AI and the appraisal profession.[Read more…]
This month, I encourage you to think about your colleagues, peers and mentors who have guided you throughout your career. For me, my career as an appraiser began in my final semester of college, where I took a real estate appraisal course that was taught by an MAI, Ph.D., using “The Appraisal of Real Estate,” 7th edition. On the first day of class, the students were tasked with completing a narrative residential real estate appraisal that was due on the last day of class. We were provided with a list of local SRA designated appraisers, so we’d have access to a mentor and the necessary data found in an appraisal office.[Read more…]