Real Estate

The Appraisal Process Is An Absolute Joke: The Real Word

On this week’s TRW: Find out what Byron Lazine and Nicole White have to say about the future of appraisals, incentive-based recruiting and this week’s Left, Middle, Right.

Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.

Byron Lazine and Nicole White began this week’s episode by discussing a recent New York Times article that detailed two black homeowners who were looking to refinance. Their appraisal came in at $472,000 and their mortgage lender denied their refi. Subsequently, the homeowners, one of whom is a physician at Johns Hopkins, staged the house as if it was owned by a white family and it was appraised at $750,000.

Part of the issue is that according to the Bureau of Labor Statistics, more than 97 percent of appraisers are white. Since the summer of 2020, dozens of black homeowners have alleged discrimination in home appraisals.

Lazine and White said that whenever they cover these stories, appraisers say these are isolated incidents, yet these stories keep popping up. Lazine says that he believes there will be massive disruption in this segment.

Next, Lazine and White discussed an op-ed by Troy Palmquist about the decline of incentives from Compass and other major players and how those who got in early, like “monster team leaders,” are doing well, leaving those who got in late struggling to find their place in the industry. “At the end of the day,” said Lazine, “focus in on selling real estate.”

Finally, Lazine and White turned to their segment Left-Middle-Right, which looks at political issues across the spectrum.

Agents should be talking about these projects if they’re happening in their local market. These offer a great opportunity to look at changes occurring in the community. Post a Reel using your cellphone in the Instagram app.

Target marketing to older Millennials and use it as a way to stay in touch with them, sending them information about how this might help them become homeowners.

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