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…]