DALLAS—Despite rumblings in the past that the real estate appraisal industry was doomed because not enough young people were joining the profession, the appraisal profession is indeed alive and well. But, unfortunately, it's true that its ranks are graying and there is a pressing need for young men and women to choose this occupation. Nearly half (49%) of real estate appraisers are 51 to 65 years old, and 13% are 66 and older, according to the Appraisal Institute. That means large numbers of seasoned appraisers are set to retire, and no fresh-faced newbies are stepping in to take their place.
With the appraisal industry in the throes of a talent crisis, it's time we took action. We view industry advocacy as a top priority for 2018 to reverse this demographic trend.
BBG has a stable roster of experienced appraisers, but we also place a great emphasis on actively recruiting and mentoring younger professionals. Our industry is built on knowledgeable, experienced, veterans to this industry, but we must continue to build out the industry with the next generation. Our goal is to create a culture where that knowledge and experience can be passed on and grow beyond the previous generation.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
