Luxury Real Estate Appraiser Designation?
Back in the late 1970s, when comedian Steve Martin was at his standup peak, he appeared on Saturday Night Live in a routine whose theme was “How to have A Million Dollars And Never Pay Taxes.”
Steve got right to the heart of the matter:
“First, get a million dollars…”
Appraisalbuzz provided a press release type piece on luxury real estate appraising, and I did a double-take wondering whether this was a parody. McKissock, a well respected online education company, now offers a designation for luxury real estate appraising, which I find quite silly. Here are the steps they shared to get into this niche so appraisers can make more money and work fewer hours per this piece:
- Become a certified residential or certified general appraiser (licensed appraisers are a tiny segment already)
- Make sure you’re well-suited to specialize in luxury appraisal (don’t wear the same shirt you used to change the oil in your car)
- Familiarize yourself with the luxury home market (develop local market knowledge which takes years)
- Earn a professional designation (get the CLHA designation today!)
- Get started as a luxury real estate appraiser (find wealthy attorneys to give you business)
In other words, this new designation conveys the appraiser’s luxury expertise to the world. But it can’t!
In reality, many appraisers don’t understand that the organization creating the designation has to spend a lot of money to market the designation’s brand, or the consumer will place no value in it. And appraisal organizations have never demonstrated adeptness at doing so, largely because it is too freaking expensive. Early on, appraisal designations did mean something, but with the advent of appraiser licensing/certification and the proliferation of new designations as largely revenue opportunities, their effectiveness for generating new business is severely limited, except perhaps within the old guard of the profession itself.
- FNMA Continued Effort to Get Rid of Appraisers - September 29, 2023
- Beware of Bifurcated Appraisals - August 4, 2023
- And Why Is the Second Appraisal Always the “Correct Value?” - June 9, 2023