Last year, the AQB scaled back on requirements for those entering the appraisal profession. Since more than 25% of appraisers plan to retire in the next 5 years, many hope that the AQB changes will help attract new blood to the industry. Whether you’re a newbie trying to break into the game or a seasoned appraiser looking to stay competitive, keep reading for advice on where to focus your professional efforts this year.
Opportunities for future appraisers
In a recent survey, active appraisers across the nation chimed in on where they see the greatest opportunities for newbies in the profession. They advise new appraisers to focus their professional efforts in the following four areas.
1. Seek out analytical opportunities and embrace technology
According to the 2019 Appraisal Income Guide, appraisers who excel at adopting new technologies earn over $44,000 more per year than appraisers who fail to leverage those tools.
2. Consider focusing on commercial, rural and agricultural opportunities
Certified general appraisers (a.k.a. commercial appraisers) have the highest income potential across license levels, with an average income of $91,574. As for rural and agricultural opportunities, check out our article on Farm Appraisal: A Profitable Yet Challenging Field.
3. Seek out non-lender work
Non-lender niche specialty areas like litigation support and divorce and estate appraisal can be very lucrative. However, it can be tricky to break into this type of work. Here’s some advice on How to Market Your Appraisal Services for Divorce and Estate Work. Other examples of non-lender work include ad valorem taxation appraisals and eminent domain appraisals. Get more info here.
Interested in tackling non-lender assignments? Take our top-rated course, Divorce and Estate Appraisals: Elements of Non-Lender Work.
4. Consider supplementing with hybrid/desktop appraisals
Clients are increasingly asking for limited scope appraisals (a.k.a. hybrid/desktop appraisals). These assignments require a scope of work that is less than the traditional “full” appraisal, but they can be money-makers nonetheless.
Where to focus professional efforts across license levels
Across all license levels, survey respondents highlight technology training and focusing on non-lender assignments as their top two opportunities for the year to come. Other areas where appraisers plan to focus their professional efforts in 2019 include education and training and USPAP changes.
Download the 2019 Appraisal Income Guide for insights to help you maximize your earnings potential. For more resources designed to help you grow your appraisal career, browse our blog or follow us on Facebook and Twitter.