An MAI designation is the most prestigious accomplishment an appraiser can achieve. By hiring a member of the Appraisal Institute with an MAI designation, a client will know that their appraiser has achieved the highest professional level of education and training available to commercial appraisers.
What does the MAI Designation mean?
To receive the MAI designation, an appraiser must first become a general member of the Appraisal Institute, the largest professional organization of real estate appraisers in the world. The Appraisal Institute seeks to create professional standards for appraisers and is internationally recognized and trusted.
To become a designated MAI, the appraiser must meet extensive requirements, including the completion of a demanding educational process as well as a comprehensive exam. All MAI designated appraisers must have a 4-year college degree before they can even begin the rigorous educational and testing requirements. The appraiser must also demonstrate a high level of specialized knowledge required to perform a wide variety of property types and have a minimum of 4,500 hours of applied work experience.
Finally, the MAI designated appraiser must also show that they have good moral character and meet the Appraisal Institute’s ethics and standards requirements.
What is the difference between MAI Designated and non-designated?
An appraiser who is MAI designated has demonstrated the ability to appraise properties of all types. An MAI-designated appraiser will be skilled at appraising a plethora of property types including industrial, retail, office, multifamily, special purpose, and other properties. The MAI designation guarantees that the appraiser understands the more complex skills required to appraise commercial or industrial properties.
MAI designation means that the appraiser is the most qualified to assess the intricate nuances necessary to provide their clients with the most relevant advice about real estate investments. It surpasses state certification and licensing requirements, assuring the client that the appraiser is well qualified to perform the most complex appraisals and has been vetted as demonstrating a high level of ethical standards.
How can the MAI Designation help commercial real estate owners?
Whether your transaction crosses state borders or is a property that involves complex financing (as many do), MAI designation may not only be a good option but a necessity. Many clients require an MAI designated appraiser to conduct appraisals for commercial properties. For those that don’t, an appraisal conducted by an MAI-designated member of the Appraisal Institute will always be more highly regarded.
By engaging a professional with the highest level of qualifications, you could end up saving money by avoiding the need of any future appraisals, regardless of changes in financial institutions and investors.
Russell Roberts is an MAI Designated Appraiser
Multiple people on Russell Roberts’ team have the MAI designation- Hans Schmitter, Vince Howell, and, of course, Russell Roberts. They have studied and worked hard to provide the best service evaluation possible for clients, as appropriate for the highest designation and expectations from the rigorous requirements of the Appraisal Institute.
As always, Russell Roberts Appraisals strives to provide quality service and products in a timely manner, click here to get a quick quote. Or go to our website for more information about the MAI designation, our team, experience, and capabilities.