Appraisal Institute addresses state of the valuation profession.

The Long Island Chapter of the Appraisal Institute held its February membership meeting on Wednesday, Feb. 7, to discuss the state of the valuation profession.

The evening's guest speaker was Matthew L. Smith, MAT, SRA, president of Smith & Salerno Valuation Services, and a national director of the Appraisal Institute. Smith addressed the changing state of the valuation profession due to a changing market structure and the demands of technology.

"I believe there are positive changes within the valuation profession, and we just have to seize the moment, go forward, and take advantage of these changes," he said.

Real estate appraisers have established a market structure, which consists mostly of mortgage lending and legal work. Members of the Appraisal Institute are meeting the demands of the new market structure by expanding their base and getting involved with appraisal management companies, controlling outsourced fee panels, and providing alternative services such as price opinions, appraisal valuation models, and economic studies.

Today's members are keeping up with the demands of technology and the overwhelming availability of data. Online appraisal ordering, data warehousing, appraisal valuation models, and statistical analysis are new, technology-driven tools, which will provide new opportunities for today's appraisers.

Smith believes the Appraisal Institute members should strive to be valuation experts in all fields of real estate and real estate related businesses. Appraisers are becoming analysts, not data gatherers. They are investing in the advancement of the profession by reestablishing ties to academia, investing in research on new theory/applications, and developing new products and services.