MAI Appraiser | Louisville, Kentucky
Russell Roberts is a commercial real estate appraiser living in the Louisville, Kentucky, metropolitan area. He provides commercial property appraisal and consulting services in Indiana, Kentucky, and Tennessee, and has the highest possible credentials for a commercial real estate appraiser – the MAI designation.
If you need a commercial real estate appraisal in the Louisville, Kentucky, area or anywhere in Indiana, Kentucky, or Tennessee, call his cell phone at (270) 872-5510.
About the MAI Designation
The MAI designation is the most prestigious credential attainable by a commercial appraiser. It is the equivalent of an MBA in the appraisal world. Those who obtain this elite designation are widely recognized as experts in their field by knowledgeable professionals. The designation used to stand for “Member of the Appraisal Institute”. No longer an acronym, the MAI designation is awarded to those with extensive experience appraising industrial, retail, office, multifamily, vacant land, special purpose, and other property types. Earning a designation requires attending graduate-level courses and undergoing rigorous testing.
Current (2015) MAI Designation Requirements include:
Obtaining a designation requires a four year undergraduate college degree from an accredited degree-granting education institution approved by the ADQC. To find out if your degree qualifies, click this link.
Advanced courses include:
- General Report Writing and Case Studies
- Advanced Income Capitalization
- Advanced Market Analysis and Highest and Best Use
- Advanced Concepts and Case Studies
- Quantitative Analysis
Specialized Appraisal Experience
Each candidate for the MAI designation must submit a log, documenting at least 4,500 hours of specialized experience.
General Comprehensive Examination
As mentioned above, MAI candidates must pass a comprehensive exam consisting of four separate modules. The modules test for general appraisal knowledge and knowledge of the three basic methods to value commercial real estate including the cost, sales comparison, and income approaches.
Demonstration of Knowledge
Several options are available to meet this requirement but it generally consists of writing a dissertation style appraisal report demonstrating that one is well-versed in appraisal techniques and methods.
How Long Does it Take to Obtain an MAI Designation
As with any challenge in life, it depends. Some people fly through college in a couple of years. Others take longer.
Benefits of Obtaining your MAI Designation
Obtaining an MAI designation opens new doors of opportunities for those interested in a commercial appraisal career. The credibility afforded the designation by other real estate professionals (including bankers, accountants, attorneys, and others) broadens the scope of work the appraiser is asked to perform.
What will I Learn as an MAI Candidate?
MAI Candidates will be required to take several courses that teach advanced appraisal techniques. For example, the Quantitative Analysis course teaches how to use simple linear regression to derive adjustments applied to comparable sales. Here is an example: Using Simple Linear Regression in Appraisals
Trend line analysis and demographic factors that influence the value of commercial real estate are also topics covered in these classes. For example, the charts below present those characteristics that tend to affect demand for commercial real estate in Louisville, Kentucky, including population, employment, and household income trends.
Appraisal Institute Video
To learn more about the MAI Designation and how you can become a part of this select group of appraisers, check out this video, produced by the Appraisal Institute. I’ve also included a link below providing more details about their requirements.
To learn more about requirements to earn an MAI designation click here.