An appraisal career can offer many benefits to young professionals, and there’s never been a better time to consider a career as a real estate appraiser. While many job-seekers may not realize the abundant opportunities the valuation profession can offer, even fewer fully understand what an appraiser does day to day.
Appraisal Institute Discusses Appraiser Demographics in Latest YouTube Video
Even with the myriad challenges in today’s residential and commercial real estate markets, the percentage of appraisers with a certification is at an all-time high, according to Appraisal Institute research. While the overall number of appraisers is decreasing, the number of certified general and residential appraisers is on the upswing. [Read more…]
Recruiting the Next Generation of Real Estate Appraisers
With more than half of appraisers in the U.S. age 51-65 and nearing retirement, the aging of appraisers presents both a challenge and an opportunity for the valuation profession. Because nearly 54 percent of college graduates are unsure of next steps, college students represent a virtually untapped resource for the next generation of real estate appraisers.
In 2011, Inc. Magazine named real estate appraisal as one of six “top performing industries,” due to the demand as well as the housing market’s recovery, stating that the appraisal profession should be the first to reap the benefits. It also noted revenue and employment growth of nearly 9 percent and 4 percent, respectively, and low barriers to entry.
Key growth markets could include working with accountants, financial analysts, investors and others on real estate portfolio management/analysis, purchase, lease and investment packaging. Additional areas of real estate valuation such as right of way, conservation easement, taxation issues and litigation support (expert witness) also could provide opportunities for professionals looking to get into the appraisal business. [Read more…]
Number of Certified Appraisers on the Rise; Next Generation Key to the Future
Even with the myriad challenges in today’s residential and commercial real estate markets, the percentage of appraisers with a certification is at an all-time high, according to Appraisal Institute research. However, because more than half of appraisers in the U.S. are age 51-65, and since many have left the industry in recent times, there needs to be a concerted and strategic effort to attract younger individuals into the profession.
The Appraisal Institute has analyzed the Appraisal Subcommittee National Registry data since 2006 using a consistent methodology, and the long-term trend is now clearer:
- The number of appraisers continues to decrease at a rate of about 3 percent per year;
- Appraisal firms decreased the number of trainees dramatically over past two to three years; and
- The appraiser population could decrease 25 to 35 percent over the next 10 years due to age attrition and fewer new entrants.