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Mr. Robbie Wilson- RA, SRA
Mr. Samuel Stewart- CRA, MAI
Mr. David Harmon- RA, SRA
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Spring has Sprung!
T
he spring season is prime time to reset, reorganize, reenergize and...recertify.
That's right! NSREA's Recertification Conference is coming up soon. This year, it will be held in New Orleans, Louisiana at the lovely InterContinental New Orleans Hotel (also the host hotel of NAREB's 70th Annual Convention) from July 27-28th.
Day one of this conference offers a National USPAP (Uniform Standards of Professional Appraisal Practices) Update course led by Mr. Robbie Wilson, RA, SRA. Day two delivers an Investment Analysis for Income Properties course instructed by Mr. Samuel Stewart, CRA, MAI and Mr. David Harmon, RA, SRA. We encourage you to register and book your accommodations now (before the vacation planning season hikes) while fares are still low!
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In this installment, we aim, as always, to inform and empower you. Read on for insights on valuation approaches, what to do if you find yourself on the receiving end of a complaint notice, how blogging can impact your business, and more!
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In This Edition:
- Valuation as an Art Form
- Notice of State Complaint 101
- Fines and Photography and Inspection Requirements, Oh My!
- Blogging and Your Business
- AI's VA Fee Panel Testimony
- Upcoming Events
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Valuation as an Art Form
Certainly we are all accustomed to the three primary means of arriving to an accurate valuation, income, market and cost, but is there a fourth approach? Dustin Harris, The Appraiser Coach, most definitely believes so. What exactly is this approach? Basically, it's your gut. Or, as Dustin Harris puts it, taking a step back and asking oneself, "Well, what would I pay for this thing?!". While it may not be the most scientific approach, your gut inclination can provide you with an important fail safe in producing correct valuation. Check out The Appraiser Coach's article on the fourth approach to value by clicking here.
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Notice of State Complaint 101
Panic, frustration, offense, and confusion. These are just some of the many emotions that may overtake you if you ever find yourself on the receiving end of a notice of complaint. And, according to Appraisal Buzz's Ted Whitmer, it is likely that an appraiser can expect such a complaint at least every eight to ten years. Possibly even more often thanks to the shift from financial institutions being the primary filers of complaint to now practically anyone that is a stakeholder in the mortgage transaction. So the question remains, what is one to do when you receive a notice of complaint? Check out Ted Whitmer's piece,
When You Get Notice of a State Complaint, which takes a step-by-step look at how to (and not to) proceed. Also, check out his
follow-up piece which provides updated statistics on notice of complaint frequency and recipients.
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Fines and Photography and Inspection Requirements, Oh My!
Technology is, of course, always advancing and with that comes updated tools to review (and scrutinize) your reports. OREP and Working RE are teaming up to offer a webinar all about when and how to take photos for your appraisal reports. Senior Residential Appraiser, Richard Hagar, will teach
appraisers all about the compliance and liability issues to consider in regard to various inspection requirements and the source of the photographs submitted in your reports. Do not miss out on this opportunity to remain informed and well equipped to protect your business! The webinar is available for purchase here.
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Blogging and Your Business
Times have been and are constantly changing; from various technological advances to national policies and cultural shifts, change is all about us and isn't going anywhere. Those in the real estate appraisal industry are especially no strangers to change and as such have become rather adept at adapting. This quality is exactly what is required in order to remain relevant and maximize success.
What exactly does that mean in this day and age? Well one regard in which the advancement of technology, with its "Okay, Google..." and "Siri, tell me..." instantly, easily accessible information, has altered how one does business is marketing. Once upon a time your expertise as an appraiser could be established through the quality of your work and word of mouth alone, however today digital marketing is the way. One of the best ways to establish a trusted presence within the digital sphere is via blogging. Surely all are familiar with the saying "two birds, one stone"; well, think of your potential blog more like six birds, one stone. Your blog can set you apart as an expert in the field, bring visibility to your business and offered services, act as a platform for topics of concern in the industry that need public attention, and so much more. In this
Appraisal Buzz feature, Tom Horn, established real estate appraiser blogger, explores six of the top reasons for appraisers to have their own blog. What are you waiting for? Check out
this piece and get started!
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NSREA Recertification Conference:
Click any of the events above for more info.
Stay in the Loop!
Looking for other ways to stay on top of the latest Fannie Mae appraisal news and policies?
Then you are in luck! Fannie Mae has just recently announced its new periodic newsletter
Fannie Mae Appraiser Update.
Click here for the current edition and click here to sign up for other Fannie Mae notifications.
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Appraisal Institute's VA Fee Panel Testimony
Recently, the Appraisal Institute went before the Subcommittee on Economic Opportunity of the House Committee on Veterans' Affairs in an effort to uphold and protect the independence of real estate appraisers in the Veteran's Home Loan program. During its testimony, AI's Vice President, Stephen Wagner, insisted that the VA Fee Panel functions as well as it does and comparatively better than other government loan programs due to its "greater degree of appraisal independence".
Of primary concern was the suggestion of changing the VA Fee Panel such that it becomes similar to those of the private sector and the FHA, which the Appraisal Institute staunchly opposed. To learn more about this testimony, check out this Appraisal Buzz piece covering the main highlights. If you would like to read AI's written testimony, click here.
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