Hiring of appraiser trainees will remain weak for the next one to two years, according to a recent survey conducted by the Appraisal Institute. About one-fifth (21 percent) of commercial appraisers said they would add full-time trainees; fewer than one-tenth (nine percent) of residential appraisers said they would do so, according to the survey of U.S. real estate valuation professionals conducted in May-June. Commercial appraisers account for less than one-third of practicing U.S. appraisers.
“Recruiting the next generation of appraisers is a priority for the Appraisal Institute and we continue to enhance our partnerships with six universities to offer credits toward an MAI designation,” said Appraisal Institute President Richard L. Borges II, MAI, SRA.
According to the survey, 93 percent of the residential appraisers who employ trainees employ one to three; only seven percent employ four or more. Comparatively, 21 percent of commercial appraisers who retain trainees employ four or more.
Additional survey results include:
►Forty-nine percent of commercial appraisers and 29 percent of residential appraisers said they employed one or more full-time appraiser trainees in the past 12 months.
►Strong majorities of commercial appraisers (75 percent) and residential appraisers (80 percent) said the number of trainees they retained in the past 12 months did not change. A total of 14 percent of commercial appraisers said the number of trainees retained increased over the past 12 months; only five percent of residential appraisers hired more trainees.
►Significant majorities of commercial appraisers (59 percent) and residential appraisers (67 percent) said the number of trainees retained in the next one to two years would not change. About one-fifth (20 percent) of commercial appraisers said they would decrease or were not sure how the number of trainees would change. Nearly one-fourth (24 percent) of residential appraisers were of the same opinion.
The online survey polled 591 real estate valuation professionals May 31-June 17. The survey had a margin of error of +/- four percentage points.