What's the value? Noelle McDonald can help. The commercial real estate market is upside down today. Mark and Noelle talk about the current state of the appraisal marketplace and what lenders should be on the lookout for now and in the future.
IN THIS EPISODE:
- [1:16] Noelle shares her background and describes what Lender Consulting Services does
- [6:49] The appraisal industry is aging people out, and new people are not coming into the field because becoming an appraiser is challenging because of the requirements
- [12:42] Noelle discusses aspects of the process that people are not aware of
- [16:37] Noelle talks about how she deals with the emotions of the appraisal and how appraisers are coping with the uncertain landscape of commercial appraisals
- [23:10] Noelle is wary of new technology, where you can have valuations done cheaper, faster, and quicker on the fly.
KEY TAKEAWAYS:
- Often, there needs to be more communication between the appraiser and the entity that will process the loan. People need to understand that once the appraisal is done, it is done.
- Appraisers are being aged out, and the training involved in becoming an appraiser is vigorous and much more complicated than in the past.
- Appraising commercial property has changed since COVID. There are so many empty office spaces that values are bound to be affected. Appraisers are catching up on the data they need to do their job. Interest rates have also changed the landscape. It all affects the appraisal.
RESOURCE LINKS
Mark Ritter Website
Mark Ritter LinkedIn
Lender Services Website
Noelle McDonald LinkedIn
BIOGRAPHY: Noelle McDonald
Noelle McDonald is the VP of Valuation Services for Lender Consulting Services. With over twenty years of experience, she leads one of the leading lender support companies in the country through a variety of commercial appraisal requests.
