I recently interviewed Bet Hoffman, president at Market Appraisal Services. She is a niche expert in the field of Real Estate Appraising. In this interview she lets us in on the particulars of her niche and how she became to be an expert. She has worked hard and followed a strategy that has propelled her to the top in her field as well as identified her as an expert in her field. Now Beth has a few books lined up that will teach others in her field. She has created a platform, identified her market and is teaching others and is getting into Niche Publishing. We look forward to seeing her become even more successful.
1. Can you please tell our audience who you are and what you do?
I am Beth Hoffman, a Certified General Real Estate Appraiser. I handle appraisal inspections and reviews and I am a valuation analyst for real estate markets all over the country. Occasionally I handle forensic or retro appraisal reviews and write policy and guidelines for lenders.
2. What is your niche and how many people do you believe share your niche?
Currently there are approximately 120,000 appraisers in the United States according to some industry statistics. However, there are a handful of appraisers that write policy and guidelines and act as consultants for the type of analysis that I do. My specific area of consulting involves clients looking for more efficient ways to streamline the appraisal process. This can be lenders or Appraisal Management Companies. Also, most clients want to know where their weaknesses are and if they are not in compliance and how to become compliant.
3. How did you get started doing what you do? What kind of education got you there (school, on the job training, seminars)?
I am a second generation appraiser and basically had a job waiting for me when I graduated from college. This is the only job I've had since college. In order to obtain the level of licensure I have a college degree in real estate or a related field such as business management, finance, building science, etc. is required. After college there is a two year apprenticeship that must be completed with a licensed mentor. While the apprenticeship is being fulfilled several classes are required and an exam is required. Assuming you pass the exam a 'trainee' license is issued. While doing the apprenticeship a trainee must keep track of all written reports and any contributions to their mentors reports. This is referred to as their experience points. Each state sets a number of points required during the two years. Once all of this is fulfilled then the trainee sits for the Certified General exam. The residential license does not require a college degree, but all the other requirements must be fulfilled in order to sit for the exam. I will be dating myself here, but, when I started, I didn't even need a license. When licensing came into law, I had taken enough appraisal classes to sit for the exam. The first state I received my license I was the 50th person licensed. The second state I was the 70th.
4. Are you a “go to” person in your field? If so, what steps did you take to get people to recognize you as an expert?
As far as being a 'go to' person I do have several faithful followers! There are operations managers, valuation specialists and even appraisers who will contact me with a large range of questions. I have clients that will need advice with regards to federal compliance issues. Most lenders, especially smaller banks, do not have a full-time appraiser on staff and from time to time need some clarification on rules and regulations. I have clients that want to handle a situation in a specific manner but they are not sure if it is allowed under the current laws. I have one colleague who refers to me as the 'go to appraisal expert' when he writes documents for his clients. So at this point I would say I am the 'go to appraisal answer expert.' If I don't know the answer I will find out!
I started to complete appraisals for divorce court and other disputes and was called in many times to court as an expert witness. As I mentioned before my license numbers are very low and you don't see that very often any more. When I go to a continuing education class the instructor typically has each appraiser state how long they have been doing appraisal work and where they are licensed. I am licensed in 8 states so that usually draws credibility automatically. When you register initially you have to give your license number so they can hand you a certificate of continuing education that needs to be turned into the state when you renew your license. Usually the instructor notes how low my license number is and somehow that gives me credibility just based on a number!!!
I mentioned my colleague that calls me in for specific appraisal questions. This was someone who had confidence in me and referred to me as the 'expert'. Until that time I never thought of myself as an expert. I believe what has also helped me become an expert in my field is that I have worked in so many difference facets of the industry, from residential to commercial appraisal inspections to review appraisals, writing policy and guidelines, testifying in court and searching for new opportunities, all has brought me to where I am today. I have pushed and stretched in many areas of the business and diversifying has been key to surviving the touch economy and also to becoming an expert. I also believe that working for big corporations, small fee shops and owning my own company has shown me many different areas of the management side of the business. My favorite consulting jobs currently are tackling valuation departments that are basically for lack of better words, a mess, and streamlining their departments into effectively managed company.
5. Are you working on a book? If so, can you give us a teaser?
Yes! have two ideas in the works; one fiction and one non-fiction. The fiction work is based on stories and situations encountered throughout my years of appraising. The stories are basically real, but so far fetched no one would believe any of it if I wrote it as non-fiction! Two main characters are John Duhl, the dashing salesman and very nice honest guy! Too good to be true type! The other is the girl who somehow manages to get dates with many of the homeowners of the properties she is appraising. She gets invited to all kinds of events - open houses, holiday parties, but how she got into the biggest event in the city's history is a mystery!
The other non-fiction work is a practical book for anyone who has to deal with an appraiser. Homeowners refinancing, buying, or donating property that needs to be addressed with the IRS. Chapter names so far and subject to change are "What your lender doesn't want you to know" and "What Your appraiser needs to know".