An appraiser has the great responsibility to be credible, trustworthy, ethical, and knowledgeable, and it takes time to acquire the necessary education and experience to achieve that. To some, however, the requirements to become an appraiser are restrictive. For example, to become a Certified General Appraiser in Michigan, an aspiring appraiser needs to have a bachelor’s degree, obtain 3,000 hours of appraisal experience in no less than 18 months (just a few short years ago, the cap was no less than 30 months) and complete 300 hours of appraisal education (if no equivalent education was obtained at the college/university). There are plenty of people with extensive agricultural backgrounds who are transitioning out of an agricultural field and are looking at a second career in appraising; or those who are finishing a college degree and face another 300 hours of education and 18 months of experience.
However, in order to even start the process to become licensed as a trainee, each person needs to find a mentor (or mentors) to provide supervision for the duration of the logged experience. There are claims that mentors are difficult to find in underserved areas, and where they are available that many qualified appraisers don’t have the time or desire to supervise a trainee.
In an attempt to create more options for completing the required appraisal experience, on October 16th, the Appraisal Qualifications Board[i] published a press release that states they have adopted a “New Pathway for Aspiring Appraisers”:
"Technology is opening new doors in the appraisal profession," said Vice President of Appraisal Issues Lisa Desmarais. “The current trainee/supervisor model can sometimes be a barrier to entry for aspiring appraisers. PAREA [Practical Applications of Real Estate Appraisal] is not a replacement for this existing model, but it is an alternative pathway for those hoping to become appraisers to gain the required experience to join the profession. . .
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."
While some in the appraisal industry welcome the opportunity to widen the path that leads to an appraisal career, others are hesitant to believe that technology could replace ‘real-world’ experience.
As we have experienced this year, participating in virtual office meetings and streaming classes has its pros and cons, but sometimes it is the only viable option when gathering ‘in person’ is just not feasible.
The entire press release can be found HERE.
Peoples Company has an experienced team of certified appraisers across the country that specialize in the appraisal of agricultural properties. To inquire about having an appraisal conducted or retaining the services of a professional licensed consultant, contact Peoples Company at 855.800.5263 or email Appraisal@PeoplesCompany.com for additional information.