The N.A.R. reports that most appraisers are satisfied with their work, but they’re worried about the rise of automated appraisals and are not happy with appraisal management companies. (See report)
“Appraisers provide the credible, outside opinion on a property value that agents, lenders, and ultimately the consumer depend on,” said NAR President William E. Brown, adding that “if the regulatory burdens holding appraisers back go unaddressed, the challenge of providing that timely appraisal will only get worse.”
The survey found that appraisers are largely satisfied–around 80% say they have plenty of work and enough time to do it. More than half say they don’t make enough money, regulations are too much to comply with, and it’s too hard to build business through relationships, presumably because of the dominant role of appraisal management companies in commissioning business.
Most appraisers said they don’t train new appraisers because they don’t get compensated for it. But clients rarely accept appraisals conducted by trainees anyway, plus there’s liability connected to training.