Mr. Woodward Hanson, MAI
2000 President, Appraisal Institute
Global Real Estate
Industry in the Year 2000
There are five megatrends affecting the appraisal profes-sion:
technology, securitization, globalization, corporate restructuring and the graying
of the profession. Appraisers need to successfully take advantage of the new
opportunities these changes will cause in the real estate market worldwide.
USA Real Estate
in the Year 2000
In the United States, the real estate market will continue
to be strong reflecting the overall sound economy. However, I do not think the
growth in the real estate market will be quite as robust as in 1998 and 1999.
in the Real Estate Industry for the
Appraisers need to position themselves as problem solvers
instead of deliverers of appraisal reports. In oder to do that, they need to
apply their valuation skills to other disciplines, build a higher profile of
professionalism in the public and investment communities, and stake out new territory
and establish their expertise. Technology will continue to evolve rapidly and
combining various technological breakthroughs with their analytical skills, appraisers
should continue to evolve as a viable profession.
How to Improve the
Thai Real Estate Market
I think, worldwide, we need to develop global, uniform
professional practice standards for appraisers. That would help the real estate
market in Thailand and other parts of the world because we would have a common
way to value property throughout the world. Also, appraisers worldwide should
integrate their efforts with other affiliated organizations in real estate to
influence future policies. That will certainly benefit the entire profession.
Cautions for Valuers
Valuers need to adapt to the five megatrends listed above,
or their skills will not be as marketable.
For Thai Property
I think it is important for residential and commercial
appraisers in Thailand to diversify their business practices. Learning to apply
their skills to such areas as automated valuation models (AVMs), litigation,
high-value unique homes, underwriting for commercial mortgage back securities,
international investment and feasibility studies will improve their skills and
add to the profitability of their business.