November 3, 2020
Given the change of course that has happened in the world, we wanted to provide expert opinions on what aspiring graduates can do to start off their careers in an uncertain economic climate. We wanted to know what skills will be more important, where the economy is doing relatively well, and if there will be any lasting effects on the job market.
Companies are looking for candidates that can handle the new responsibilities of the job market. Recent graduates actually have an advantage because they are comfortable using newer technologies and have been communicating virtually their whole lives. They can take what they've learned and apply it immediately.
We spoke to professors and experts from several universities and companies to get their opinions on where the job market for recent graduates is heading, as well as how young graduates entering the industry can be adequately prepared. Here are their thoughts.
Jefferson Sherman: Clients and users of appraisal services will continue to need appraisers after the current generation retires, creating opportunities for a new generation of valuation professionals that reflects the overall demographics of a rapidly changing U.S. population. Appraisals may be required for any type of property, including single-family homes, apartment buildings and condominiums, office buildings, shopping centers, industrial sites and farms.
Jefferson Sherman: Opportunities for current and aspiring appraisers exist around the country. The real estate industry is undergoing tremendous change, not least around innovations and the changing nature of real estate work, driven by technology. Get out your crystal balls and look out 5 to 10 years - what will the real estate industry look like, and what adaptations will universities/associations be making to meet that change? We know that someday technology will make residential and commercial real estate unrecognizable to those who practice in the industry today. Creativity, complexity, curiosity and empathy will be key watch words. Increasing levels of automation and technological sophistication will change real estate jobs dramatically. Perhaps, most revolutionary, will be the need to use complex data, often of a sort that has not been readily available or applicable in real estate. Appraisers may have to change the way they think and understand the way that data is collected, managed, and analyzed. And most of all, how it can be applied. New realms of possibility will open up once real estate professionals have a handle on the best way to work with data - and the technology and people that can analyze it for them. Reliability is something most lenders and clients will question, in terms of the numbers a machine will deliver as it relates to the value of the property being appraised. An important aspect of technology changes is that machines can't replace all tasks. There always will be the need for human communication regarding explaining the underlying algorithm. Many appraisers already use some form of automated valuation model in their work, and for difficult properties these will enhance their approach. Big data can open doors to additional opportunities for valuation professionals.