President's Message, September 2023
Dear Appraisal Institute Colleague:
In these monthly messages, I’ve had many opportunities to talk about my life and work in South Dakota. However, many of you may not know that I haven’t always lived in the Mount Rushmore State. My father was a fast-rising executive for a nationwide insurance company and transferred often when I was very young, bringing us to various locations in Ohio and Wisconsin in my elementary school years. When I was 13, he was invited to take one of the highest positions in his company’s home office in Los Angeles. Uncertain of the effects of that change on my siblings and me, he instead left the company and took the opportunity to reset his outlook about the future. He returned to his midwestern roots in Rapid City, South Dakota, and launched himself into a successful career as the principal of his own real estate brokerage company. The rest, as they say, is history and that single decision led me to my ultimate career choice as a real estate appraiser.
Although I have called more than a few places home during my life, there is no doubt that my professional home is with the Appraisal Institute. After years of volunteer service to help this organization grow and evolve, it is a great source of pride to share with you the news of a program that will allow more individuals to make a home in the Appraisal Institute – the organization’s Practical Applications of Real Estate Appraisal program, commonly known as AI PAREA.
I encourage you to read more about the AI PAREA launch and other important updates from the Appraisal Institute below.
AI PAREA Registration Now Open
AI PAREA for the Licensed Residential path has launched, and registration is now open to the public!
As the first virtual experience program in the country, AI PAREA is an accepted alternative pathway for aspiring Licensed appraisers to gain all their experience. Historically, the only option available to aspiring appraisers was the supervisor/trainee model. With the AI PAREA program, participants can appraise properties virtually with one-on-one guidance from a Designated AI member/mentor.
AI PAREA will create opportunities for diverse aspiring appraisers seeking a pathway into the profession, allow AI membership the potential to hire valuers who have been thoroughly trained by one of your fellow Appraisal Institute Professionals and help secure the future of AI and the valuation profession.
View AI PAREA for program details, registration information, scholarship opportunities and more.
Valuation Professionals Encouraged to Apply for Participation on Subject Matter Expert Panel
If you’re interested in lending your professional expertise on residential and/or commercial subjects, Appraisal Institute Regulation No. 7 establishes a Subject Matter Expert Panel. Members of the SME Panel provide, as requested, subject matter expertise, ideas and other assistance in:
- Development of Appraisal Institute courses and seminars, as well as in other matters relating to Appraisal Institute education;
- Development of general guidance and formal Guide Notes on specific valuation practice issues, as well as in other matters relating to standards, ethics and guidance;
- Establishment and maintenance of the Appraisal Institute Body of Knowledge, as well as in other matters relating to the Body of Knowledge; or
- As may be required by any other national committee.
Members of the SME Panel are appointed by the president. Under my direction, the Body of Knowledge Committee is currently compiling a list of potential appointees to be considered. If you have expertise in one or more of the following topics and are willing to serve, we invite you to apply for consideration.
- Short-term Rentals (STR)
- Cost Approach and Depreciation
- Highest and Best Use
- Residential Green Valuation
- Accessory Dwelling Units (ADU)
- Valuation Models and Data Science
- Cost Approach
- Sales Comparison Approach
- Income Capitalization Approach
- Market Analysis & Highest and Best Use
- Going Concern/Intangibles
- Property Rights
Panel members do not need to be designated, or even a member of AI, to be included on the SME Panel. To be considered please email Body of Knowledge Chair Kerry Jorgensen. Please provide your contact information, the topic(s) for which you have expertise and a brief statement as to your qualifications.
Examine Basic Procedures and Practices with Upcoming Education Offerings
Why attend the upcoming "Basic Appraisal Procedures" course? You'll be taken step-by-step through the valuation process:
- Defining the problem
- Collecting and analyzing data
- Reaching a final opinion of value
- Communicating the appraisal
Additionally, attendees will receive an introduction to property description, construction, design basics and more! Learn more about the “Basic Appraisal Procedures” course
Another exciting offering allows attendees to learn about standards and ethics requirements for valuers in general and, more specifically, for valuers who belong to AI, in the upcoming "Business Practices and Ethics" course. Learn more and register on the AI website
45-Day Notice of Proposed Amendments to Regulation No. 2
At its November 9-10, 2023, meeting in Schaumburg, Illinois, the Appraisal Institute Board of Directors will consider proposed amendments to Appraisal Institute Regulation No. 2. The proposed amendments are expected to have minimal financial impact.
If you have any comments on the proposed changes to Regulation No. 2, please contact your elected Directors and/or send your comments via email to email@example.com.
Comments received on or before November 3, 2023, will be compiled for distribution to the Board of Directors and the Admissions and Designation Qualifications Committee (ADQC).
Latest Podcasts Focus on AI PAREA and AI’s Dedication to Diversity
In the latest episode of Face Value, hosts Warren Boizot, SRA, AI-RRS, and Tonia Vailas, MAI, AI-GRS, are joined by Appraisal Institute President-Elect Sandy Adomatis, SRA, who also serves as the AI PAREA primary subject matter expert, and Ray Martinez, Ph.D., AI’s senior manager of technology-based education and a key member of the AI PAREA team, to discuss the recent launch of the program, as well as provide the audience with program updates and information on how you and other aspiring appraisers can get involved.
Another recent episode of Face Value focuses on AI’s commitment to diversity. This podcast features hosts Boizot and Vailas speaking with Smedmore Bernard, Jr., MAI, Brent Quashie and Elana Wroten to discuss the Appraiser Diversity Initiative (ADI) program. They speak about how the program has been beneficial, advice they’d give to others and share details about the brand-new William S. Harps DEI Award, which will be presented for the first time next month.
Other News Around the Appraisal Institute
Are you looking for some excellent exposure, and potential new business opportunities, for yourself and your company? Is there an exciting topic that you think other appraisers need to learn about? There are several opportunities you should consider:
Additionally, subject matter experts are encouraged to submit their new topics and ideas to be considered for education programs.
Practicing appraisers have served as authors and contributors to every book published by the Appraisal Institute. Share your knowledge by making your contributions. Learn more about publishing with us.
The Appraiser Diversity Initiative is an important priority for the Appraisal Institute. I'd encourage you to keep updated on our Appraiser Diversity Initiative webpage. If you know an individual who is looking to join the valuation profession, please encourage them to check out the website as well.
We continue to expand our social media activities. Be sure to follow us and share our articles of interest.
Craig Steinley, MAI, SRA, AI-GRS, AI-RRS