In times like the present when the housing market is slow, you can help your appraisal business thrive by offering additional services beyond mortgage lending appraisals. What are some specific types of non-lending assignments that might be worth adding to your workload this year? As part of our monthly survey series, we asked real estate appraisers, “What type of non-lending appraisal work are you MOST interested in pursuing?” Participants showed interest in various types of non-lending work, with divorce and estate appraisal being the most popular. Read the full survey results below.
What type of non-lending appraisal work would you like to pursue?
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Divorce and estate appraisal (21%)
“I am interested in receiving more private work.”
“The houses don’t move, get divorced or pass on, just the people.”
“The purest type of assignment in my opinion. Especially estate work. No bugs in your ear from agents or other interested parties. Often it’s an older historic property which is my niche.”
“Since the onset of the pandemic, the Desktop Appraisal has dominated my work base, and the clients I’ve seen in waves are primarily trust attorneys who have high-wealth clients looking to either gift their assets or estimate their real estate for estate tax purposes. I’ve appraised approximately 50 portfolios (some twice) with a cumulative appraised value of nearly $2 billion. The fees are much lower, so I have developed some automation techniques to reduce the time requirement. I blend this with occasional review work and traditional valuation for banks/lenders, and it’s been a blessing to keep afloat during these very difficult times!”
CE course: Learn more with our top-rated course, Divorce and Estate Appraisals: Elements of Non-Lender Work.
Appraisal review (14%)
Appraisal review was the second most popular choice among survey respondents. If you’re interested in pursuing this type of work, keep in mind that you’ll need education and experience, as well as an effective and systematic review strategy, to be successful. Learn more in our CE course, Introduction to Commercial Appraisal Review.
REO and foreclosure appraisal (13%)
“With rising interest rates and a possible recession, demand for REO appraisals is likely to rise.”
Pre-listing appraisal (12%)
“I am most interested in pre-listing appraisals because I will have the opportunity to work one on one with clients that are ready to make the next move towards selling their home. I love working with clients face to face and helping them discover the fair value of their property, whatever that may entail!”
“Being able to provide an ANSI compliant sketch and opinion of value is very important to any seller or agent/broker. We do that. In fast markets, listings that linger sell below market. Price it right and sell for market price in less time.”
Property tax assessment (10%)
This type of non-lending appraisal work involves determining a property’s taxable value in order to calculate the correct amount of property tax owed each year.
Appraisal training (10%)
If you already have some supervisory appraiser or training experience under your belt, along with good management skills, you may want to pursue opportunities to help train future appraisers, collateral underwriters, AMC staff, and other industry professionals. Training work may include consulting, teaching, writing appraisal courses, mentoring, etc.
Related reading: How to Become a Supervisory Appraiser
Expert witness testimony (5%)
“I’ve been working in condemnation appraisal for over 25 years, but have done very little expert witness testimony. I’d like to be more fluent in this field.”
Condemnation appraisal (3%)
“When I first became a real estate appraiser, I had no idea how many different areas appraisals were needed. As our large and small cities/towns/homes continue to get older, I think I would like to try condemnation appraisals, for there just may be some life in those old places just yet!”
Relocation appraisal (2%)
Relocation appraising is a specialized field of endeavor. If you’ve never completed a relocation appraisal or want to sharpen your skills in this area, you can learn more in our CE course, Relocation Appraisal and the ERC Form.
Assessment appeal (2%)
“An assessment appeal, to me, is the ability to determine if a taxing authority has all of the information correctly and has taxed the property owner fairly. It’s all about the details.”
Several appraisers selected “Other” and wrote in their own responses. Additional types of non-lending appraisal work participants said they’re interested in pursuing include:
- Home inspections
- Secondary market
- Tax consulting
- Trust appraisal
- Appraising green buildings and residences
- Eminent domain
“Being an escrow assistant many years ago, I became aware of home inspectors’ lucrative careers and successful businesses. I am also aware that we do not have many women licensed as home inspectors, and I am hoping to open doors so other women may see how becoming a home inspector could lead to substantial employment. It is the alternative environment that I am most attracted to. The choice of working my own hours along with the need to establish a skill set that could provide retirement funds via savings quickly over the next ten years.”
“Tax consulting, specifically income tax. Also specializing in divorce appraisals.”
“The appraisal of green properties is becoming a must-have both for buyers, sellers, and definitely for real estate appraisers being solicited, whenever any related transactions are being considered or in process.”
Non-lending appraisal courses
McKissock Learning offers several courses to help you gain knowledge and sharpen your skills in various types of non-lending work:
- Self-paced online courses – Click on the links below to view course descriptions.
- Appraisal of REO and Foreclosure Properties – 7 hours
- Introduction to Expert Witness for Appraisers – 4 hours
- Relocation Appraisal and the ERC Form – 6 hours
- Divorce and Estate Appraisals: Elements of Non-Lender Work – 4 hours
- Uniform Appraisal Standards for Federal Land Acquisitions (Yellow Book) – 14 hours
- The Basics of Expert Witness for Commercial Appraisers – 7 hours
- Livestream courses – Click here to find livestream courses in your state.
- REO Appraisal: Guidelines and Best Practices – 4 hours
- Diversify Your Practice with Estate Appraisals – 3 hours
- Diversify Your Practice with Assessment Appeals – 4 hours
- Fundamentals of Expert Witness Testimony – 4 hours
What types of non-lending appraisal work would you like to pursue this year? Join the conversation! Follow us on Facebook, Twitter, and LinkedIn. Or, sign up for our newsletter to get a new survey question in your inbox each month.