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TOPICS WE DISCUSS DURING THIS EPISODE:
What is a “desktop” appraisal?What are the pros and cons of a desktop appraisal?How do you position yourself as a valuation expert?Interested in partnering with McKissock Learning for high-quality education solutions? Check out our website and become a member today: https://www.mckissock.com/appraisal/.
RESOURCES MENTIONED DURING THE EPISODE:
Connect with Steve Maher on LinkedInSteve Maher’s Website McKissock Appraisal -
“Creating Change in Organizations and Empowering People”
RSDS is challenging the real estate appraisal industry in how diversity initiatives are supported. According to Dr. Randy Flowers, this is what makes RSDS different from more traditional appraisal firms. By investing in their Appraisal Diversity Initiative, RSDS spends resources in areas that are typically “blocked out” for recruitment in order to encourage greater diversity throughout real estate appraisal.
Julie and Dr. Randy go on to discuss the company’s vision of what a more well-rounded real estate appraisal company looks like, and how the concept of continuous learning from multiple perspectives helps trainees learn how to become the best versions of themselves.
TOPICS WE DISCUSS DURING THIS EPISODE:
How RSDS is changing the way diversity plays a factor in the real estate appraisal industryWhy being kind, coachable, and humble are such important traits for staff membersThe concept of being proactive instead of reactive when it comes to keeping clients updated on report statusInterested in partnering with McKissock Learning for high-quality education solutions? Check out our website and become a member today: https://www.mckissock.com/appraisal/.
RESOURCES MENTIONED DURING EPISODE:
Official Website - RSDS -
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“Appraisal Bias and Diversity, Equity, and Inclusion”
As Robbie Wilson explains, the RSDS model was created to help solve one of the biggest problems for new appraisers entering into the profession — barrier to entry. By knocking down these barriers and increasing diversity, the RSDS solution is able to more aggressively hire and train the next generation of professional appraisers. Consequently, these individuals, many of whom may have otherwise been locked out of the system to start with, are given an opportunity to thrive as real estate appraisers.
Julie and Robert go on to discuss how RSDS maintains compliance while assisting individuals prepare to find work in their desired market, how RSDS has been handling the slow down in the residential lending market, and the importance of remaining neutral while acting professionally as a real estate appraiser.
TOPICS WE DISCUSS DURING THIS EPISODE:
How RSDS is attempting to create a more diverse real estate appraisal industryThe generational problem of entry into the industry that RSDS is working againstHow biased appraisal processes are being corrected to improve the industryInterested in partnering with McKissock Learning for high-quality education solutions? Check out our website and become a member today: https://www.mckissock.com/appraisal/.
RESOURCES MENTIONED DURING EPISODE:
Official Website - RSDS -
“What is the Mississippi Practical Appraiser Training program?”
According to the U.S. Department of Housing and Urban Development, “The Mississippi Practical Appraiser Training (MPAT) program is the first of its kind that provides appraiser applicants the opportunity to train for licensure without going through the traditional trainee process.”
There are three different paths to licensing when it comes to real estate appraisal. The first path, the supervisor-trainee model, is the most commonly thought of, and involves individual, 1:1 training. The second path, PAREA, otherwise known as Practical Applications of Real Estate Appraising, is an independent pathway to licensing, and is offered by education providers (including McKissock Appraisal). The third path, which this podcast episode explores at greater length, is MPAT, where a certified instructor educates via practicum. The thing that helps set MPAT apart is its emphasis on teaching concepts rather than just steps to be taken. With MPAT, the importance is placed on truly understanding the ins and outs of the industry in order to have a firmer foundational knowledge that becomes more practical in real world application.
TOPICS WE DISCUSS DURING THIS EPISODE:
The three different paths to real estate appraisal licensingHow MPAT differs from other forms of real estate appraisal instructionThe approach MPAT takes with preparing real estate appraisersThe different stages of MPAT instruction and related timetablesInterested in partnering with McKissock Learning for high-quality education solutions? Check out our website and become a member today: https://www.mckissock.com/appraisal/.
RESOURCES MENTIONED DURING EPISODE:
Official Website - Melissa BondReal Estate Appraisal PAREA Program -
“How Getting Started in Real Estate Appraisal Can Open Doors and Create Opportunities”
The journey to becoming a real estate appraiser requires effort, but the career options it can provide are well worth the commitment needed to break into the industry. Thanks to the flexibility the industry provides, many aspiring real estate appraisers not only learn at their own pace, but eventually have greater control over their earning potential and are able to level up within the industry.
While there are definitely some challenges along the way, and specific barriers that one must break through at times, partnering with the right real estate appraisal education partner is the key to setting oneself up for success. Throughout the episode, Jordan discusses the path he hopes to carve out for himself, both he and host Julie Molendorp provide actionable advice for aspiring real estate appraisers just starting out, and we learn more about the overall state of the real estate appraisal, including a shift in focus regarding fair housing and bias within the industry.
TOPICS WE DISCUSS DURING THIS EPISODE:
How real estate appraisal crosses over into different industriesThe various challenges that would-be appraisers often face when they’re just starting outWhy some rules, particularly regarding sponsors, need to be adjustedThe benefits of PAREA module training and the real-world experience it providesHow “analysis paralysis” has led to an overly conservative approach in real estate appraisalThe benefits of utilizing a hybrid-model approach to real estate appraisalInterested in partnering with McKissock Learning for high-quality education solutions? Check out our website and become a member today: https://www.mckissock.com/appraisal/.
RESOURCES MENTIONED DURING EPISODE:
Connect with Jordan Morgan on LinkedInReal Estate Appraisal PAREA Program -
“No Two Clients — or Real Estate Appraisal Situations — Are the Same”
When it comes to real estate appraisal, no two cases are exactly alike. In fact, some more unusual cases can be vastly different, and require a more “thinking outside the box” approach as a result. However, the quality of service you provide should always be high regardless of the situation at hand. When it comes to unique cases, you always need to remember the basics in order to provide your clients with the best experience possible.
Setting client expectations is a critical first step in any real estate appraisal situation. Making sure that you’re fully aligned with your client every step of the way is a great way to set the tone and help prevent potential dissatisfaction down the line. Always providing answers to the questions you’re asked is also a great way to keep your real estate appraisal clients happy. This may seem obvious, but answering exactly what you’re being asked, as opposed to delivering more general responses, will not only keep everyone on the same page, but it will also encourage your clients to answer specific follow-up questions that are the most important to them.
Topics We Discuss During This Episode:
What it’s like handling more unique cases in real estate appraisalHow you can help guide clients to the exact service they needWhy your real estate appraisal reporting should provide clarity at all timesHow to effectively market yourself as a real estate appraiserThe importance of tapping into you network to foster valuable partnershipsHow tax appeal work factors into real estate appraisalWhy thinking outside of the box is an important skill set as an appraiserInterested in partnering with McKissock Learning for high-quality education solutions? Check out our website and become a member today: https://www.mckissock.com/appraisal/.
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“A New Approach to Appraisal Value to Prevent Real Estate Appraisal Bias”
Appraisers have received lots of criticism and distrust surrounding appraisal bias. Numerous reports about the discrepancy in appraisal values for black-owned homes — specifically before and after they’ve been “white-washed” — have recently been published. These reports are attention-getting, but anecdotal. However, the sheer number of examples makes the public wonder if some real estate appraisers do in fact operate with pre-judged bias, especially with how they choose the comparable sales that form the critical foundation for value opinions.
However, is the story actually more complicated than that? Appraisers are bound by not just Uniform Standards, but also by Assignment Conditions established between the appraiser and client. The Agencies — FNMA, Freddie, FHA, VA, and USDA — have enormous market power in the $12 Trillion home finance system, and their rules on how comparable sales are chosen are strictly enforced by the AMCs that are the primary point of contact for real estate appraisers. When an appraiser accepts Assignment Conditions, he or she must comply or face the risk of violating Standards, or losing the client, often represented by an AMC.
From the 1930s into the 1960s, the Agencies used explicit race-driven rules to restrict access to finance in Black and Latino neighborhoods. It did enormous damage to homeowners and businesses, handicapping the ability to build wealth to maintain and grow those communities.
Even though race-driven lending is gone, the strict appraisal rules about acceptable comps may “recycle” the discriminatory damage from the past. Agencies and AMCs require appraisers to limit sales to narrowly defined areas, and how far back into the past they can look. Especially in areas where wealthy and poor communities border each other, these types of strict rules may result in widely varying opinions of value.
Topics We Discuss During This Episode:
This discussion covers these issues and possible solutions to real estate appraisal bias, including Restorative Competitive Value — a new set of rules that will empower the real estate appraiser with greater flexibility and transparency on reporting, particularly through:
“Showing Your Homework” by identifying all the possible sales that meet the physical criteria of the subject propertyAdjusting the “Comparability Triangle” by not throwing location out, but dethroning it as the most important considerationImplementing a “Dual-Valuation Solution” but utilizing both traditional market value and restorative competitive value to get a more accurate estimateInterested in partnering with McKissock Learning for high-quality real estate appraiser education solutions? Check out our website and become a member today: https://www.mckissock.com/appraisal/.
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“Getting Your Finger on the Pulse of the Economy in Your General Marketplace”
In this first episode of the Beyond of Numbers podcast, we discuss the real appraisal outlook as it stands in September 2022, touch on the economic impact that’s driving the real estate economy, and benefit from Kevin’s more than three decades worth of experience as he offers advice and highlights best practices for real estate appraisers.
Topics We Discuss During This Episode:
Why providing both data and explanation of said data is so importantHow mortgage rates are impacting the professionAlways staying on top of the most up-to-date dataAre we headed towards a recession?The importance of recognizing that things always change in the real estate economyThe relationships between appraisers, underwriters, and reviewersWhy getting involved in appraisal organizations is so critical to your successInterested in partnering with McKissock Learning for high-quality education solutions? Check out our website and become a member today: https://www.mckissock.com/appraisal/.
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Welcome to Beyond the Numbers with McKissock Appraisal, a podcast series hosted BY real estate appraisal experts FOR real estate appraisers. If you're looking for the latest professional news updates, are aiming to take your appraisal career to the next level, or you're just starting out in real estate appraisal, this podcast series is just what you need to help establish a firm foothold within the profession.
Each month, a different real estate appraisal expert will join the discussion. Sometimes our host and guest will discuss current market trends, while other times they may conduct more of a deep dive into the impact the economy is having on the profession. If you're thinking of becoming a real estate appraiser, our discussions will even break down the inner workings of the profession, specifically touching on the various career options available to newer appraisers.
If you're looking for actionable advice that you can immediately put into practice, this monthly podcast series is for you! Subscribe now so you never miss an episode, and prepare yourself for one of the most authoritative real estate appraisal series you'll ever hear. We look forward to providing you with professional insight, career guidance, and the direction you need to find success in real estate appraisal.
