ValcoMD strongly supports the Appraiser Diversity Pipeline Initiative (ADPI) along with Fannie Mae, Freddie Mac, National Urban League, and others as well as the Careers Building Communities Program.
Residential property Appraisers play a vital role in home-ownership, providing opinions of value that are used for mortgage lending. In recent years, fewer people have pursued careers as Appraisers. Real estate is often viewed as a fragmented industry largely due to the diverse property types and complexities that surround the construction, development, and management of real estate assets. With the changing demographics, technological advances and the overall way in which people live, work and play have created enormous opportunities for real estate professionals. One consistent theme among all stakeholders is the increased need for talent. Job growth in the real estate industry is projected to grow exponentially, due to the aging workforce and the demand for skilled talent is at an all time high particularly in construction as new buildings come online and older buildings are being renovated. Seventy seven percent of Real Estate and Construction firms agree that they expect their jobs to change considerably over the next three to five years as a result of digital business trends. These companies are rethinking their approach to talent, employee experience and organizational culture.
Currently, there seems to be limited awareness of the career opportunities available in the residential Appraisal field, and regulatory changes in the wake of the housing crisis a decade ago have contributed to a lack of incentives for entry. At the same time, increasing digitization of the mortgage industry to make it more efficient is creating a sense of urgency for the traditional Appraisal process to evolve.
According to the Appraisal Subcommittee (asc.gov) in 2018 the majority of appraisers are nearing retirement: 49 percent are between the ages of 51 and 65, and an additional 13 percent are 66 or older. As older, experienced appraisers retire, we need a new generation to step in, yet fewer people are entering the profession: only 7 percent of appraisers have been working in the industry for two years or less, whereas 52 percent have been in for 20 years or more. The present field of appraisers is also lacking in diversity, as 75 percent of appraisers are men and 87 percent are white.
For more than twenty (20+) years I have supported and performed for similar housing, education and diversity initiatives. We embrace this program and are executing in our local marketplace. If you want to learn more about a career in Real Estate and Appraisal, our local efforts or want to talk about implementing somewhere else, please contact me directly at 301-882-3145 or glen@valcomd.com
ValcoMD supports PAREA (Practical Applications of Real Estate Appraisal). PAREA provides another pathway for aspiring appraisers to fulfill their experience requirements by taking advantage of innovative technology. PAREA is designed to offer practical experience in a virtual environment combining appraisal theory and methodology in real-world simulations. This experience can be provided through a wide range of online and virtual reality technologies. PAREA was adopted by the AQB on October 16, 2020 and became effective January 1, 2021. Here are some details:
It provides an alternative to the traditional supervisor/trainee model.
Participants complete all Qualifying Education prior to beginning program.
Initially available for Licensed Residential and Certified Residential experience credits. Partial experience credit for the Certified General credential can also be awarded.
When complete the participant is eligible for up to 100% of experience credit for Licensed and Certified Residential credentials.
Providers and participants must complete training on all topics listed in the detailed content outline.
Participants will receive periodic mentoring throughout, ensuring sufficient demonstration of experience and understanding prior to moving forward in the program.
Participants will be required to produce USPAP-compliant appraisals within the program.
Participants, successfully completing PAREA must also pass the national licensing and certification exam for the appropriate credential level.
For more click below:
To learn more , see below:
Video on a Career in Real Estate Appraisal
Video on a Career in Real Estate Appraisal
Video on Working as an Appraisal Trainee
The Process to Become an Appraiser
Why get an Appraisal Designation?
Download a Flyer on the ADPI Program