Exploring New Horizons: Opportunities in Alternative Appraisal Markets - with Kelly Davids
Michael Hobbs MAI, SRA, CRP, LEED GA
Chief Appraiser, Founder, Serial Entrepreneur, Podcast Host, EO Member
I recently had the privilege of speaking with Kelly Davids , an influential figure in the appraisal profession, about the exciting opportunities in alternative appraisal markets.
In our discussion, Kelly highlighted the untapped potential in areas beyond traditional lending appraisals, such as pre-selling appraisals and mass appraisals.
These alternative markets offer a valuable avenue for appraisers to diversify their services and revenue streams, especially during times of high interest rates and low transaction volumes.
By venturing into niches like rural property appraisals or litigation support, appraisers can become authorities in specialized domains, opening doors to new business opportunities and professional growth.
In particular, Kelly pointed out that pre-selling appraisals can empower homeowners by giving them a clearer understanding of their property’s value before entering the market. This proactive approach not only helps homeowners but also positions appraisers as trusted advisors, fostering stronger client relationships.
Similarly, mass appraisals offer a unique opportunity for appraisers to engage with large-scale property evaluations, often required by governmental and corporate clients. This specialization can lead to more stable and consistent work, even in a fluctuating real estate market.
By embracing these alternative markets, appraisers can not only weather the current economic storm but also set themselves up for long-term success.
Some more key insights from Kelly:
1. Harnessing Technology for Appraisal Efficiency:
Kelly discussed how modern tools like automation and data analysis are transforming the appraisal process. By leveraging technology, appraisers can streamline workflows and enhance the accuracy of their valuations, meeting today's market demands more effectively.
Embracing technology is crucial for staying competitive in a rapidly evolving industry. Appraisers who adapt to these advancements can improve their efficiency and deliver higher-quality services.
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2. The Importance of Continuous Learning and Adaptation:
Kelly highlighted the value of lifelong learning and professional development. She shared her personal journey of obtaining advanced degrees and continuously updating her skills to stay relevant.
Continuous learning ensures that appraisers remain knowledgeable and adaptable, capable of meeting new challenges and seizing emerging opportunities in the real estate market.
3. Diversity and Inclusion:
The focus on diversity and inclusion within the appraisal profession is not only timely but also critical for the evolution of the industry. Kelly passionately supports the Appraiser Diversity Initiative, which is dedicated to bringing new faces and perspectives into the field. This initiative aims to create opportunities for underrepresented groups, ensuring a richer, more varied pool of professionals.
By championing this cause, Kelly emphasizes the importance of a diverse and inclusive industry that can better serve a wide range of communities and clients.
As she says, "The Appraiser Diversity Initiative is gung ho, I'm a real champion of supporting that effort." Highlighting these efforts showcases the industry's commitment to progress and innovation, making it a more equitable and dynamic profession for all.
Let’s embrace these opportunities and reshape the future of the appraisal profession together! ??
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Appraisals, Fractional Interest Valuations, Rent Control Advisory, Litigation Support focused on MHC & RVP Market in Western USA.
9 个月Expanding your appraisal practice is always a good idea. This is especially true if you are practicing in areas where appraisals are seen as a commodity rather than a professional service. Of course, you have to deliver the professional service that set you apart from the appraisers who are simply providing commodity level work.