How does the AIC’s rule change affect appraisers?
In February 2019, the Appraisal Institute of Canada (AIC) published a change to its rules to allow AIC members to use non-members for professional assistance in certain instances. This is allowed if the non-member is an employee of an organization approved by the AIC, such as FCT.
What does this mean for appraisers?
The rule change allows for innovative products such as FCT’s suite of Valuation Solutions, which significantly reduce the time it takes to complete appraisals. Our CUSPAP and USPAP compliant solutions enable appraisers to work more efficiently and profitably by using industry-leading valuations technology and qualified field technicians to help them provide an accurate opinion. Our valuations are also wrapped with property valuation indemnity insurance to provide all stakeholders peace of mind.
FCT’s Valuation Solutions in action
In Southwestern Ontario, there was a request for a full appraisal. As there are a limited number of appraisers in that area, turn-around-times are long, with appraisers driving around and inspecting several properties a day. In this instance, since the FCT approved appraiser could use a field technician and didn’t have to drive to the property, they were able to fit this request into their busy schedule and reduce their completion time by 10 days! This solution gave them the opportunity to increase their revenue without compromising on quality.
In rural Quebec, there was a request for a drive-by appraisal on a property that was located several hundred kilometres away from the nearest appraiser. The property was in the FCT approved appraiser’s area of expertise, but in the past they had to charge high fees due to the mileage and travel time. By using a field technician, we were able to reduce travel time and expenses, as well as provide an exceptional customer experience. This gave the appraiser the opportunity to provide their expert opinion faster, while not quoting themselves out of the market.
Joining FCT’s approved network allows appraisers to focus on providing their expertise, with access to FCT’s network of professional industry approved field technicians. It lets them complete more appraisals in a day and increase their bottom line, while offering the protection of property valuation indemnity insurance on their appraisals. Shorter turn-around-times also help appraisers build stronger relationships with lenders, as it allows lenders to provide their own customers with a better experience overall.
Want to be an FCT approved appraiser? Sign up here.
Do you have any questions? Ask us in the comments section!