Recently, I was sent an article about the iBuying industry in San Diego, where companies like Zillow and Redfin are now buying homes for a fee of around 7.5 percent of the sale price. It’s interesting to see another example of how technology is creating convenience for its users; for a notably higher fee, the iBuying program bypasses the trouble of hiring an agent, repairing the home, and showing the home, among other things. It’s almost certain that technology will continue to be integrated into our everyday lives, with these services handling the most simple of tasks (Instacart for grocery delivery, anyone?) to the complex ones (selling an asset worth hundreds of thousands of dollars).
Being aware of changes to our industry is not only something that appraisers should do, but that they must do. According to USPAP Standards Rule 1-1, an appraiser must be aware of those recognized methods and techniques that are necessary to produce a credible appraisal. SR 1-1 also says that appraisers must also continuously improve their skills to remain proficient in real property appraisal.
AI’s Body of Knowledge is such an example of “recognized methods and techniques,” but the San Diego chapter is also doing our part to provide local education to the members to help improve their skills. You can find our latest offerings on the main site, but I want to point out a few of them. First, on October 10, we will once again be boarding a trolley to discuss historic commercial properties from Downtown to Old Town. Come learn about projects such as the redevelopment plans for Horton Plaza and take a tour of our great city. Our general lunch meeting will precede the tour, and afterwards come hang out for another AI After Hours.
Also, mark your calendars for November 14 as we present the Southern California Hotel Valuation Update. Come learn from hotel developers, operators, brokers, and others as we look at the various components that make up this side of our industry. This event will be held at the Green Dragon in Carlsbad (a place I’ve always driven by, but have never been to).
Lastly, our chapter exists to serve our members. If you have any ideas for education or for networking opportunities, let us know.
Have a great month!
Eric Schneider, MAI, SRA, AI-GRS