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2000Real Estate Situation : Appraisal Institute

(VAT News 1/2000 page 13)

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.

New Innovations in the Real Estate Industry for the 21st Century
    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 Valuers
    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.

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