On my Indispensable Appraisers podcast, I spoke with Dr. Randy Flowers, the President of Operations at RSDS Appraisal Diversity.
He just broke the 200th appraiser in his company in 55 cities. He’s graduated almost 45 trainees in the last year.
RSDS is on track to hire, train and employ 500 diverse appraisers over the next five years in the 75 most populated markets.
This will better serve the housing market, preserve the profession, bring a fresh take with new technology and a drive to advance valuation.
His goal is to re-energize diverse and inclusive real estate appraisal leaders.
I admire doers like Dr. Flowers.
Here are some of his thoughts…
RSDS was created to help try to solve the 30+ year problem in the appraisal profession, which is a barrier to entry.
As technologies come in, bifurcated products have come in, but the RSDS solution is to hire and train the next generation of professional appraisers aggressively.
The current system right now lacks youth diversity inclusion of military service members.
Dr. Flowers also mentions a future labor shortage when the market turns around. This idea seems incongruent in a time of such low appraisal volume but highlights the need to prepare.
He also mentions:
Right now the market’s down 70%, but it won’t take much of a snapback to feel that labor shortage.
In the last 3 years over 7,000 licenses are no longer with us, and that’s a pretty steep decline.
This system has also created poor service levels, long wait times and issues for people trying to get appraisals.
A lot of money goes into lack of diversity – Chase $5.0M, Wells Fargo $6.0M.
Randy also discussed that our valuation industry needs to continue reestablishing trust in the financial sector.
He also mentions that new appraisers are shocked at how much technology still needs to be developed in the profession.
By opening these doors wider, we not only create opportunities for aspiring appraisers but also ensure a robust and reliable real estate market for everyone.
Let’s appreciate the professionals who help us make informed property decisions.
Open the doors.