Over the years, RAC has piloted us through valuation changes and trending techniques. Here’s a recap of what they taught us at the 2022 Conference so we can continue applying these methods moving forward.
Another year, another fabulous conference for Relocation Appraisal and Consultants (RAC)! We were so pleased to have George Dell, SRA, MAI, ASA, and CRE open the event with his class on “Stats Graphs and Data Science.” This is a lecture that requires more than one sitting; it’s crammed full of information and techniques that many appraisers don’t use.
Out of the attendees of the class, more than half stayed for the RAC conference held later in the week. The conference started with an update from Appraisal Institute President-Elect Craig Steinley, MAI, SRA, AI-GRS, and AI-RRS. He discussed changes we can expect to see in our industry soon.
During this session, RAC Past President Byron Miller clarified the ANSI measuring standards. As someone who was involved in the ANSI update process, he knows the changes & how they were implemented firsthand. With big changes like ANSI, it’s helpful to know that we have sources within our membership who can assist with transitioning.”
George Dell, SRA, MAI, ASA, and CRE briefly introduced his class, and Issac Peck followed with the importance of managing risk in our day-to-day activities as well as new appraisal products available.
Cindy Nixon, a distinguished guest and director of the relocation at eXp Realty helped RAC member Ryan Campbell, SRA, understand the distinction between the sales price & market value. Lastly, The Healthy Home Paradox panel included Emily Seils, membership director of the Real Estate Division at Pearl Certification; David Maruna, vice president of the New Construction Division at Pearl Certification; Jeff Bentley, ABR, CRS, Green HERS Rater LEED / MAX DFW Starwood; And Eric Johnson US-Ecologic Executive Vice President.
The researchers explored the discrepancy between people’s demands for healthier homes and the market’s failure to appropriately value healthy homes.
The second day began with Ted Jones, Ph.D., who is the chief economist at Stewart Title Guaranty Company. His previous experience as an appraiser allows him to talk about economics in a way that is easy for real estate professionals to understand. Mark Gronke, CRP, GMS, president of Fidelity Residential Solutions, & Linda Nesper, SCRP Altair Global’s vice president of client services, followed one’s lead by giving the group an update on what relocation looks like currently and what their predictions are for the future market trends.
Next, Molly Spalding with Berkshire Hathaway HomeServices introduced Catherine Pappas and Allison Rybarczyk. Pappas is the director of relocation & client services at Dickens Mitchener, while Rybarczyk is the relocation director at Arizona Best Real Estate. Together, they provided a market update from the Relocation Directors Council (RDC).
With the current, ever-changing market, it is essential to stay updated on any relocation changes & challenges in market forecasting. Mary Allen, Ph.D., social scientist & coordinator with Lynker Inc. at NOAA Office for Coastal Management, displayed the destruction water can cause to coastal properties and how an eroding coastline can lower property value rates.
Lisbeth Bullmash, a JAMS mediator and arbitrator, concluded the presentations by discussing what an arbitrator is as well as how we could include it in our services if we wish.
Congratulations to Michael Manley, CRP, IFA, with Michael Manley Appraisals LLC! He was the winner of the Worldwide ERC®/RAC report writing contest. Thank you, Diane Bell & Mike Vanni from Dwellworks & Dave Redding from SIRVA, for their time judging all the submitted reports.
We hope you had a great time at this year’s RAC conference and were able to make new connections and expand your knowledge. We’ll see you next year in Plano, Texas, from September 14-15, 2023!
