The ranks of available Appraisers are thinning out. One way to cope with the issue: enable the appraisers to be more efficient. With Valuation Express, our “Uber app", our assignment team can locate the appraiser in real-time to expedite the inspection – often within minutes of receipt.
The number of licensed appraisers has been falling for years. And the trend is likely to accelerate: A recent National Association of Appraisers survey showed 35% of appraisers were between the ages of 55-64. And nearly a fifth of the appraisers said they plan to retire in 2 to 5 years.
The barriers to entry for would-be appraisers are many. Licensing requirements are tough, and the would-be appraisers struggle to find experienced appraisers willing to spend the necessary time with them so they can enter the field.
The bottom line: With fewer appraisers to go around, it can be a challenge to find a licensed real estate appraiser within reach of a property that needs an inspection. That means time wasted, as appraisers have to travel further. That, in turn, means longer turn times, and turn times are a consistent concern we hear from our lender-clients. Nobody’s satisfied with the status quo, least of all buyers.
Valuation Express allows United States Appraisals to quickly identify a qualified appraiser in range of the target property. Once the right appraiser is found, our suite of tools also makes scheduling easy – an appraiser can accept an order wherever they are via their phone. Everyone involved, including the buyer and lender, get visibility into the status as the inspector moves through the process.
Appraisers with local knowledge will always be crucial. The data might tell you an area is hot, but knowing why isn’t as easy. That’s especially true for residential property, where buyer emotion rules and isn’t always easy to quantify or explain.
The declining numbers of appraisers is a serious issue. That’s why our development team is busy trying to find ways to reduce assignment times, so they can efficiently deliver residential valuation services to as many properties as possible.
The content within this article is for informational purposes only, no warranties or representations are contained herein. It is not intended to provide legal advice.