Episode 125 - Racial Bias in Appraisals with Guest Marcus Fillyaw
Talking about a difficult topic is always tough. Racism and appraisal is certainly one of those topics. While it is tough to dicuss, and open, honest dialogue must take place if there is to be any solutions or understanding.
In this episode, Brian invites Marcus Fillyaw to discuss racial bias and the appraisal industry. The start made both a little nervous, but in the end, they realized the differences really aren’t that different. It is about understanding all around and not being afraid to have the talk.
SHOW NOTES
- 04:10 – Welcome to Marcus Fillyaw.
- 08:30 – What is an appraisal to a real estate agent?
- 09:45 – How does an agent handle a CMA? What pushback do you get from homeowners?
- 15:00 – What do the terms racist, racism, and biased mean?
- 19:50 – News and media sources suck and put their agenda and slant to sell their business.
- 21:00 – What are your proclivities and thoughts about different classes of individuals?
- 25:45 – Comment about Kamau Bell.
- 32:30 – In high profile cases of race and appraisal, where is the truth? Is there something else that affected the values?
- 42:30 – An appraisal is an opinion of value and there is almost always a range of value between practitioners.
- 47:35 – Appraisers don’t look for black communities to make comparisons.
- 54:35 – What is driving the increases in claims of racism in appraisal?
- 59:40 – People are more exposed to the stories so they might think the problems are happening to them.
- 1:01:35 – Appraisers commonly make people mad because we don’t get the value number the owner wants. However, it is not based upon race.
- 1:03:10 – Appraisers report the market. They do not make the market. There is not a systemic issue in the appraisal industry.
- 1:05:40 – The bigger issue is more about the incompetence of one of the appraisers in the value disparities.
- 1:09:10 – Education is one way to change the narrative and help everyone understand what is happening.
- 1:10:35 – Agents can help educate the public by teaching and helping their clients understand the process.
- 1:16:45 – Challenge yourself to seek out the entirety of any story. Don’t just read the headlines or listen to one news source.
- 1:18:50 – Last words of wisdom from Marcus.
SHOW LINKS
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