Developing an appraisal specialty is one way to boost your business and stay competitive in today’s world. We recently asked our appraisal community, “What new appraisal niche or specialty would you like to break into?” Below, we share the results regarding which specialty areas appraisers are most interested in pursuing. Top answers include review appraisal and commercial appraisal.
What new appraisal niche or specialty would you like to break into?
1. Review appraisal (28%)
“There is so much to learn in appraisal and so much personal ‘best judgment’ involved that I value opportunities to explore other people’s opinions and compare to my decisions. It’s fascinating to me to realize all the differences of opinion that exist and the reasoning behind them.”
“I think reviewing your peers’ work in your market area gives you an insight into how others work and how you match up to them.”
“Having had some of my appraisal reports reviewed and seeing how poorly some of them have been reviewed, I want to be able to provide a better report for my fellow appraisers.”
“I just took a McKissock class on reviewing appraisals and it was excellent. A lot of appraisers in the class felt as I did, that reviewing might be the next best thing.”
Ready to sharpen your review skills? Enroll in our CE course: Evaluating Today’s Residential Appraisal: Reliable Review.
2. Commercial property appraisal (16%)
Appraising commercial properties requires a higher license level, but many appraisers feel it’s well worth the investment since you’ll earn a higher fee. With a larger variety of properties available, you can expand your appraisal practice to cover a wider swath of the market. Plus, the challenges of appraising complex commercial properties can be quite rewarding.
“I believe I would enjoy the challenges of specializing in the commercial property market. I see a lot of diversity and challenges in this area.”
Looking to break into the commercial appraisal niche? Check out our catalog of commercial appraisal courses.
3. Relocation appraisal (13%)
“I feel as though, in my market, there have been many relocation sales recently and a lot of talk about people moving from certain parts of the country to the other for work. With Amazon and other big businesses in my area, and with movement of headquarters, I can see this as being a good area to learn new skills.”
“Years ago I did a little relocation work. It was different yet brought perspective to my regular residential work. It was a little more complex which made it more interesting! Would love to get back into this!”
Increase your knowledge in the specialized field of relocation appraising with our CE course: Relocation Appraisal and the ERC Form.
4. Litigation appraisal (12%)
Throughout your career, the real estate market and interest rates will rise and fall. But disputes, disagreements, and litigation over real estate issues will continue—and may even increase in a down market. There will likely be a steady demand for competent, prepared, professional appraisers in the area of litigation support. Because this type of work requires a high level of experience, expertise, and research, the fees can be very rewarding.
5. Agricultural appraisal (6%)
Agricultural appraisal is a lucrative field right now in many parts of the U.S. since the pool of experts is dwindling and aging. (Based on a recent survey by McKissock in February 2018, only 16% of licensed appraisers specialize in farm appraisal.) However, it’s a challenging field, at a time when transactions are slow and comparables are few and far between. For more info, read our article, Farm Appraisal: A Profitable Yet Challenging Field.
6. Complex property appraisal (3%)
Appraisals of complex and oddball properties require knowledge of many different types of appraisal techniques, creativity, and a positive attitude. Complex properties can provide rewarding personal and professional challenges, even for seasoned appraisers.
Interested in complex property appraisal? Experienced and novice appraisers alike will enjoy our CE course: Complex Properties: The Odd Side of Appraisal.
Other appraisal specialties to consider
Besides the six multiple-choice survey answers provided, many respondents (23%) had their own ideas about which appraisal niche is the most appealing. “Other” responses include divorce and estate appraisal, hospitality appraisal, hybrid appraisal, green property appraisal, eminent domain, land exchanges, cannabis, management, and tax-related appraisal work.
Looking to round out your appraisal services by adding a new specialization to your resume? Sharpen your skills and knowledge in the appraisal niche of your choosing with our robust catalog of continuing education courses.