Through the Appraiser's Eyes

I one of my blogs I had mentioned that the average age of an appraiser is over 50. That means that more appraiser's are and will be retiring. In these challenging times many appraisal offices are closing. I also found out that Fannie Mae will require any trainee to be accompanied by a supervisory appraiser on all inspection when Fannie Mae is doing the loan. The way it has worked in the past is that someone becomes an appraisal trainee and could go on inspections, write the report and have a supervisor appraiser review the report. So a trainee could be an assest while in training by doing the inspections.

What does this all mean. Lets look at the big picture. The appraisal business is going through some real tough times, just like anyone in the real estate field. Actually anyone in any business today mostlikely is having a real tough time of things. Anyway, With (A) more appraiser's retiring, whether due to age or the challenges of the business. (B) Appraisal businesses are closing. (C) Appraiser's are not or can not hire new trainees due to the fact that the appraiser must hold the trainees hand and accompany the trainee to every appointment. throughout the whole training process. You see there is no motivation for an appraiser to hire a trainee unless they have an account or two to bring to the table. This means less people able to get into the appraisal business.

So in the big picture it appears that it is going to be tougher than ever to enter into to appraisal business. Not that you would want to at this time, however thing will turn around as they always do and then we have to look at the best way to work with the system and bring new blood into the business.

The appraiser