More than Half of Appraisers Responded They Would Get Out of Appraising
AppraisalPort Weekly Poll Analysis
This month, I want to again give you a quick summary of three recent polls. The first poll cut right to the chase, asking if you would get out of appraising if you could. This turned out to be the most popular poll in a while with 6,262 responses. I was surprised that more than half (53%) responded that they would get out. Another 25% said they would like to stay but only if fees were what they consider to be customary and reasonable. The smallest group, at nearly 7%, was composed of those who just aren’t sure what they want to do at this time. That leaves only 15% who responded that they are definitely happy with the appraisal business and have no desire to leave. However, when you add that 15% to the 25% who want to stay if the fees were customary and reasonable, we have at least 40% of appraisers who really want to stick with the profession. Appraising is certainly different than decade ago, but I was not expecting the numbers to be this one sided. Let’s hope things get better soon.
The final poll I discuss below seems to indicate that things may be getting better for appraisers. If business continues to increase, maybe these numbers will be more favorable to appraising in the next 12-18 months.
The next poll I want to discuss is a direct follow-up to the one above. Since so many appraisers would be willing to leave the profession, we asked if all the new rules and procedures that were implemented by HVCC, and subsequently the Dodd-Frank Act, are the cause of this desire to leave. This poll had a total of 5,138 responses and was a bit more positive than the previous poll. All this legislation does seem to be a big reason for appraisers wanting to leave the business. The largest group, at 42%, answered that they would want to stay in the appraisal profession if not for the implementation of these rules. Nearly a third (29%) responded that they would still want to get out of appraising regardless of the rules. On the positive side, about 29% responded that they want to stick with appraising regardless of the legislation. So, in this case, we have nearly a third of appraisers who seem to be in the game for better or worse. I did get some e-mail on this poll. Some believed the legislation has been good for appraisers; after all, it is intended to protect the appraiser’s independence. Some appraisers stated they would have responded that they are staying in appraising because of this legislation – good point.
As mentioned above, the final poll I want to discuss shows that business has increased for appraisers in the past year. We simply asked, “How busy are you currently with appraisal work?” We had 5,958 responses and the results showed that appraisers are pretty busy right now. The top answer was “very busy” with 37% of the vote. This was followed closely by “extremely busy” with 28%. “Doing OK” was third with a strong 22%. So when added together, nearly nine of 10 appraisers have enough assignments right now to at least keep them in business. The two less positive responses both received a relatively small number of votes. Only 9% responded that their business is “slow” right now. I’m happy to report that only a small number, about 4%, said they are “dead and barely hanging on.” So, at least for now, most appraisers seem to be receiving enough orders to keep them going.
~ Source By Steve Costello, AppraisalPort Product Manager