Real estate appraisers continue to face new challenges - by Reynold Archambault

Rey Archambault, Appraisal Institute

Real estate appraisers continue to face new challenges as they navigate an ever-changing landscape of economic forces, governmental regulations and client’s needs and expectations. Secondary market requirements and underwriting guidelines have undergone significant revision in recent years, bringing increased focus and scrutiny to the work product of valuation professionals. Connecticut’s challenged business climate and underperforming economic conditions continue to greatly impact property values in all sectors, requiring constant analysis of the supply and demand influences, and overall marketability of all types of real property. Special interests test the resolve of the state’s mandatory appraisal licensure, seeking to permit less qualified individuals to perform property valuations.  It is important for appraisers to have a peer resource network with which to interact and maintain a high level of professionalism.

The Appraisal Institute, recognized nationally as the most highly regarded professional society of real estate valuation professionals, is served locally by its Connecticut Chapter (CCAI), celebrating 25 years as the state’s premier professional appraisal organization.  CCAI continues to serve as a beacon of integrity for consumers of real property valuation and analysis, both in the public and private sectors, by offering a diverse range of educational resources, while providing a forum for the exchange of ideas and networking among its members.  CCAI also provides a unified voice for real property valuation professionals to champion the cause of fair and unbiased property valuations, safeguarding the public trust and ensuring a high degree of integrity among valuation professionals, while adhering to the Appraisal Institute’s rigorous ethics and standards.

In addition to offering Appraisal Institute developed core courses and seminars, and providing links to nationally sponsored AI webinars and synchronous educational offerings to both its members and the balance of Connecticut’s 1,600 statewide licensed appraisers, the CCAI sponsors numerous educational offerings locally. Highlights of 2015 offerings developed by members and affiliates included topics covering energy-efficient (green) building technology, municipal tax assessment, Fannie Mae’s Collateral Underwriter program and HUD’s policy revisions, as well as providing quality continuing education offerings dealing with USPAP, appraisal law, and appraiser liability issues.

Edward Deak, PhD., Professor of Economics, Emeritus, Fairfield University was again kind enough to speak at our quarterly meeting in January to provide his economic forecast for the coming year, as sponsored by the Connecticut Appraisal Foundation.

Significant changes to MLS technology during the past two years was addressed with a series of Chapter sponsored training sessions by MLS personnel.  Interesting topics to be covered in 2016 include new seminars on land valuation, appraisal work-file development, and drone technology and its impact on the appraisal industry. Several additional USPAP and appraisal law offerings and advanced level courses and seminars at various state-wide venues as appraisers near their bi-annual license renewal deadline will also be offered.  Details and registration information can be found on the chapter’s website, www.AI-CT.org.

The chapter’s membership, nearly 300 strong and consisting of roughly 130 designated members, affiliates and candidates for designation, was visible representing the Appraisal Institute at conferences and trade shows, including the “Development Connect” Commercial Real Estate Conference in September at Mohegan Sun, and the annual “New England Mortgage Expo.” CCAI members successfully lobbied the state legislature again this past year in advocating for the continuance of Connecticut’s existing mandatory state license law for real estate appraisers to ensure unbiased and transparent real property valuations for consumers. One of CCAI’s members, Marc Nadeau, SRA, recently authored a book entitled “Identifying Residential Architectural Styles,” available for purchase via the Appraisal Institute website. Two individuals received new membership designations and several candidates for membership are nearing the completion of their membership designation paths, ensuring the continued vitality of the chapter in the years to come. Appraisers not affiliated with our organization, but who are interested in learning more about the Appraisal Institute and the local chapter, are encouraged to attend our quarterly dinner meetings. All are welcome.

Reynold Archambault III, SRA, principal of Archambault & Associates in Southington CT, is immediate past president of the Connecticut Chapter of the Appraisal Institute.