Appraisal Institute Announces Key Elements of First Quarter Board Meetings

CHICAGO, Feb. 23, 2024 /PRNewswire/ — The Appraisal Institute, the leading association of real estate appraisers, released the highlights of its First Quarter Board Meetings, February 22-23, 2024. Chief Executive Cindy Chance, PhD, updated the Board on organizational change and progress since the last special meeting in mid-December, at which the Board approved funding to support the next phase of her reorganization plan. President Sandy Adomatis, SRA, chaired the meeting at which the Board deliberated on a number of topics with the goal of serving its mission and members’ interests.

CEO Report: Reorganization continues to advance the drivers of value for members

Operational adjustments successfully completed following the 15% reduction in staff announced in early January. Cost savings on track to close a potential $1.2 million 2024 operating budget deficit
Key staff hires have been concluded with others well-advanced. New hires’ priorities are to lead goal-oriented teams and instill best practice in critical business areas including Education & Publications and Customer Service
Business reporting underway, including initial identification of goals and performance metrics by unit, focused on organization wide KPIs
Finalizing selection and planning for critical technology investments to improve neglected technology infrastructure, including on-line education platforms and learning management software, customer service systems and accounting and expense management systems
Implementing first steps in education overhaul plan, built around investment in network wide distribution of QE and DE and creation of improved, quick to market on-demand CE. Re-aligning Publication content to focus on member interests and thought leadership
Ongoing overhaul of communications and advocacy, focusing on appraiser-centric communications, including:
- Relaunch of email and social media marketing vehicles and approaches including the all-new "Appraisal Now" weekly newsletter
- Review and planning to establish new marketing partnerships and sponsorship opportunities
- Continued step-by step remediation of the website to improve user experience, enhance accessibility of information, improve brand identity and inculcate appraiser-centric messaging
- Began member-wide sharing of expert third-party government affairs updates, advanced planning to promote inclusive legislative engagement and awareness across Chapters
- Continued improvements in transparency and significant steps towards best practice communications, including commencing Quarterly Reporting, online Regional Joint Meeting presentation and member Q&A (400+ participants), post First Quarter Board meeting highlights release followed by open on-line Q& A, commitment to public announcements of significant events and developments, enhanced President’s Message format including video

Planning underway for Membership improvements including campaign focused on the value of Appraisal Institute designations, growing membership, and offering thought leadership webinars
- Efforts underway to identify and provide needed Chapter resources and support such as hosted websites, domain email addresses and access to local member course registrations
- Aligning the Appraiser Diversity Initiative, PAREA, and University Relations into a "pathway into the profession" team, committing to clear reporting on progress and challenges in attracting the next generation of diverse professionals

Board decisions included:

Decision to send possible changes to the Bylaws, permitting all AI professionals to be referred to as members, out for customary 45-day notice and comment period
Decision to send a possible change to the Body of Knowledge, regarding mention of a second definition of fee simple, out of all members for a 90-day comment period
Decision to send a possible change to continuing education requirements to add a valuation bias and fair housing course requirement, out for customary 45-day notice and comment period

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The Appraisal Institute is the leading professional association of real estate appraisers. The Appraisal Institute’s Code of Professional Ethics and Standards of Professional Practice comprise requirements for ethical and competent practice, and advance equal opportunity and nondiscrimination in the appraisal profession. The Appraisal Institute’s work includes an array of professional education and advocacy programs, and stewardship of the highest level professional credentials in residential and commercial real estate appraisal.

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