Trade Group Says Few Residential Property Appraiser Trainees on Tap

The Appraisal Institute said just 9% of residential appraisers will add full-time trainees in the next one to two years, while 21% of commercial appraisers will do so.

Previously, representatives of AI as well as appraisers and executives at some appraisal management companies have expressed concern about the lack of newcomers to the profession.

Nearly three in 10 residential appraisers hired one or more full-time trainees in the past 12 months, the Appraisal Institute survey found. Most of the residential appraisers, 80%, said the number of trainees on their staff did not change over the past 12 months and just 5% increased their hiring.

While two-thirds of the residential appraisers surveyed said they expected the number of trainees retained in the next year or two would not change, 24% said they expected the number to go down or were not sure.

Over nine out of 10 residential appraisers have three or fewer trainers, with 7% having four or more.

Meanwhile, 21% of commercial appraisers say they have four or more trainees.