2017 marks the fourth year of the existence of the Appraisal Committee, and what a year it has been! The committee has formed a solid base of experienced residential and commercial appraisers and REALTORS®. Yes, there are REALTORS® on the committee as well as appraisers, as they offer valuable insight into the day to day workings and challenges of this great central Ohio market.
The title of this article is “We're in This Together,” because that is the ambition of this committee; to get the word out that appraisers and REALTORS® can (and should) work together in this challenging market. We are fortunate that the Columbus REALTORS® Board of Directors recognizes this ideal and continues to embrace the appraisal industry as part of the team.
The appraisal industry has changed dramatically over the last few years, and it is often difficult for appraisers (many of whom work out of their homes or in small 2-3 person offices) to stay abreast of the continually changing guidelines and standards from governmental agencies. Part of this committee's objectives is to educate and update central Ohio appraisers and REALTORS® on these changes. Current industry information can be found on the Appraiser Committee Dashboard under the Membership tab on the Columbus REALTORS® website (ColumbusRealtors.com).
Appraisers in central Ohio have been challenged the first six months of 2017 by high demand, low inventory, and multiple offers with escalation clauses and contract prices that often exceed the list price by 5, 10 or even 20 percent. REALTORS® have become frustrated that the opinion of value on the appraisal reports is lower than the contract price. REALTORS® can help appraisers by letting them know if a property has had many showings in a short period of time and if the property has had multiple offers. It is the appraisers' job to tell the lender a story about your listing, and we have limited space to tell that story. We can write a more thorough report, and better support the value, if we have detailed information about the property and its listing history.
“We're in This Together” is also the name of the continuing education class that is offered this year on Oct. 12, 2017, 10a-12p., at Columbus REALTORS®, where a panel of appraisers will address current appraisal topics. The class is approved for both real estate and appraisal continuing education.
The committee is continually exploring additional partnerships with other professional appraisal organizations to bring appraisal related classes to Columbus REALTORS® appraiser members. We are also trying to get the Columbus REALTORS® classes/seminars that are pertinent to appraisers approved for appraisal continuing education hours.
One of the members of the committee is a representative on the MLS committee; which helps to relay appraisers' MLS needs so that we can continue to perform credible reports in a timely manner. Members of the Appraisal Committee have also been active in YPN functions and with REALTOR® Care Day.
These are just a few key points the Appraiser Committee has been involved in making a difference for Appraisers and REALTORS® that are part of the Columbus REALTORS® membership. We look forward to making a bigger difference in the future. I encourage appraiser and REALTOR® members to attend one of our future meetings. The next meeting is Friday, Sept. 8, 2017, 9:30a in the Columbus REALTORS® boardroom. If you have any interest in joining the Appraiser Committee, please contact Lucy Buzzee, Columbus REALTORS® Director of Professional Development, at (614) 475-4000 ext. 240 or Lbuzzee@ColumbusRealtors.com. This is a great way to help your profession.
On behalf of the Appraiser Committee, I would like to thank Columbus REALTORS® for all their support and recognition that it takes a team effort to have a positive impact on the local real estate market. We're looking forward to the future of this profession and real estate in central Ohio—together, we can make a difference!