COVID Impact on real estate appraisers

Real estate appraisers will get to know the state of the industry amid the coronavirus situation when they read this comprehensive survey titled Impact of COVID-19 on the U.S. Real Estate Appraisers conducted by Real Estate Bees, a rapidly growing national community of real estate experts.

In gathering data for this report, I was invited to share my expert opinion on a number of questions that aimed to know the challenges and opportunities that appraisers encountered during the pandemic. My answers were used for these particular questions: 

1) If you knew the impact of this situation on your business in advance, how would you prepare your business to mitigate your losses or even profit from it? and

2) What marketing channels do you prefer to use during the pandemic over the rest and why?  

Apart from these questions, I, along with other professional appraisers, also commented on questions like: 
-    What are the specific negative impacts the pandemic is having on appraisers?
-    What unexpected opportunities has the pandemic opened for appraisers? 

The professionals also shared our opinions on the benefits and drawbacks of transferring to working remotely and participated in a number of multiple choice questions as well. Answers to these questions were presented in diagrams that showed the results of the survey in numbers.

What’s interesting is that more than 50% of appraisers surveyed believe that the pandemic has only caused “moderate” negative impact on the business and more than half of those surveyed also believe that the pandemic has opened unexpected opportunities for the industry. 

Also, despite the restrictions posed by the pandemic on a number of businesses nationwide, about 75% of appraisers have not adjusted their marketing budget. 

​Check out this report for more interesting information on how the coronavirus has affected the real estate appraising industry. This, along with other data from different real estate professionals surveyed, can also be read in a general report published by Real Estate Bees.