TheMReport — News and strategies for the evolving mortgage marketplace.
Issue link: http://digital.themreport.com/i/1398400
28 | M R EP O RT FEATURE W hen I was a child, I had a clear vision of what I wanted to be when I grew up. While my friends were dreaming of becoming firefighters, doctors, or teach- ers, I had a different picture in-mind. As children, my brother and I watched my father build a suc- cessful career as a real estate appraiser. Though it was a career that struck him by happenstance, it was something he really enjoyed, which was evident when he shared stories with us from his time "in the field." Though he initially entered the industry as a mortgage broker in the '80s (a role that never really resonated with him), my father cut his teeth as an appraiser working alongside my uncle Brian—his twin brother—at a real estate company in Detroit, before eventually striking out to start his own appraisal company. After running his business successfully for 12 years, he and his business partner were approached by a buyer who was looking to grow in the appraisal space. After sell- ing, he continued to work within the business as it evolved and grew through additional acquisi- tions and personnel changes. Fast- forward to present day, almost 18 years later, and my father is still enjoying a fruitful career in the industry, now managing a cross- country team of hybrid appraisers. I consider myself lucky to have had role models like my father and uncle, who illustrated what a successful career as an ap- praiser looked like. Their positive influence led me, my brother (Ian), and my cousin (Tyler) to all follow in their footsteps after college, becoming appraisers ourselves. It didn't take long for us to realize that we were a bit of an anomaly; there weren't a lot of young people like us entering the field. As a 28-year-old millennial with five years' experience under my belt, I recognize the opportunity that exists for young people to carve out their own path to a successful, rewarding career as a real estate appraiser. The challenge is: how do we educate and get them interested in the industry in the first place? The Current State W hile I had somewhat of a blueprint to follow as I graduated college and embarked on my career within the appraisal industry, that is not the case for many. For me, and so many others, an appraisal career is "the family business." It's engrained in us early on, which gives us a leg up as we know—at least periph- erally—what an appraiser does, never mind the certifications, skills, and requirements needed to become one in the first place. However, this lack of aware- ness has led to a big issue from the Appraisal Institute, there are around 78,000 active real estate appraisers. On the surface that may seem like a healthy number, but when you consider that it's been decreasing for the past five years – at a rate of 2.6% annually – it's enough to cause concern. Then, when you factor in that 55% of current appraisers are nearing retirement, clocking in 20-plus years on the job with the majority between the ages of 51-65, then you quickly realize what a true problem we have on our hands. In terms of gender diversity, there is also room for improvement in that department as well (77% male and 21% female). However, instead of focusing on the "problems" we, instead, should look at the opportunity this creates for young people – regardless of gender – to enter the field. A Growing Opportunity W hen you consider the sta- tistics, there is no greater time for young people to enter the real estate appraisal field than right now. What many may not realize is that an appraisal career can provide them with the level of flexibility and earning potential that they've been looking for all along. My brother, cousin, and I (who are all in our mid to late What Appraisal Careers Offer Millennials/Gen Z As digital natives, young people are well positioned to build successful careers as appraisers, giving them flexibility and opportunity few other careers can offer. By Alec Marcus