Cheryl Kunzler, SRA, AI-RRS One of the Thought Leaders in Residential Valuation

by Woody Fincham, SRA. AI-RRS, RAA

 

I have known our  interviewee for over a decade.  I first met Cheryl Kunzler, SRA, AI-RRS when she came out to teach a class for my then Chapter, the Hampton Roads Chapter of the Appraisal Institute.  Since then few people have done more to help me along in my career professionally.  Cheryl has allowed me to co-teach and audit many of the classes that she teaches.  I have learned so much from her both as an instructor and as an appraiser.  Cheryl is a true leader in the professional being an outstanding appraiser.  I hope you all enjoy learning a but about one of my friends and colleagues.

VN:  How long have you been in the profession?

CK: I have been an appraiser, reviewer and consultant for 40 years.

VN: What is your favorite thing about the profession?

CK: I have always enjoyed the freedom this job has given me.  I can set my own appointments, do my research in my own way and constantly learn new thought processes and different ways of accomplishing the same thing; an opinion of value. Besides others in the profession, I have been interacting with agents, property managers and property owners to learn how to be a better appraiser.

VN: Who are your mentors and idols within the profession?

CK: My father, Lew Pollvogt, was my first mentor; when I expressed an interest in appraising, he suggested I first take some beginning courses to learn what the work entailed. I worked with him for more than 20 years and learned how to be an appraiser.

I was also influenced by some of my instructors also, for expanding my understanding and love of the profession.  Richard Lodge, MAI and John Ammon, SRA both now deceased, along with Thomas  Craddock, SRA, MAI, were very instrumental in my participation in the Appraisal Institute governance and teaching. There were other instructors; just can’t bring them all to mind.

Right now, my idol is Sandy Adomatis. She has developed and written about everything green; an influence on value that I don’t think existed before she began.  Sandy has accomplished so much for our profession in disseminating up-to-date knowledge about a very important topic, for residential and commercial appraisers. She has also encouraged me over the years to move in different directions.

And I admire you, Woody, for your excitement and dedication to appraising and teaching.  I have learned so much from teaching with you. I am so happy to have our profession populated with extremely knowledgeable, dedicated and forward- thinking appraisers such as yourself.

VN: What are some of your passions inside the profession?

CK: I absolutely love teaching appraisal courses and seminars.  Over my many years of teaching, I have been able to pass on much of my body of knowledge, which was passed on to me by other instructors and appraisers. I learn so much from the students every time I teach. Since many starting an appraisal career started out in another career, they have a wealth of knowledge to share. The other students, just starting out in the beginning courses, have so much enthusiasm and are eager to learn and test out what they already know.  It is just so exciting!

 

I have also been involved with reviewing courses and seminars for the Appraisal Institute and writing test questions for AI and others. It really expands and tests my own knowledge!

I would love to have residential appraisers receive more recognition for their abilities and expertise.  I have run across so many people (both appraisers and non-appraisers) who believe that those specializing in residential are “just” house appraisers. Though I have completed residential and commercial appraisals for years, the extent of recognition for the residential side has not changed much in 40 years. I wish I had a way to change that attitude.

VN: What are some passions of yours outside of the profession?

CK: I started traveling internationally over the past four years. I love going to other countries and see their use of wind farms, solar panels, green roofs and unique architecture. Right now, I am taking a Russian language course; I am traveling there next year, and it makes my brain think in a different way.

I also enjoy gardening, but now I must balance that with the times I am out of town!

VN: Where do you see the profession in 3 years?  5 years?  10 years?

CK: In three-to-five years, I think the demand for appraisers will continue to decline.  Lenders have always tried to find ways to eliminate the appraisers from the mortgage lending process. But as I tell my students, look outside the lending arena; attorneys will always need valuations for estates, for divorces, for property disputes. I have always enjoyed completing review appraisal work. It can be interesting to see how others solve an appraisal problem. And regardless of what many appraisers think, there is not always a problem to be discerned with an appraisal review assignment.

In five years, wholly dependent on the trends of our economy, I believe more and more clients will rely on online databases, spreadsheets, hybrid appraisals and other processes to value properties. That is not to say that appraisers will not be needed; just that other skills and areas of expertise will be needed by appraisers. Perhaps more research and analysis, and not as much physical inspections.

In ten years; sorry Woody, I don’t have a crystal ball! In about 2005 or 2006, I appraised a 20-acre residential parcel with three separate houses located on the site. It was for estate purposes, and the highest and best use was for subdivision development. Seven or eight years later, I was requested to complete another assignment on that property, (which by the way, was physically the same as is was at my first valuation). I was unable to take the assignment at the time. However, I looked back on my report and realized there was no way now to support the discounting I had applied originally. The recession had occurred beginning in 2008, and the original market information I had gathered was not at all appropriate. So, I really don’t have enough information to forecast ten years from now.

 

VN: What is one thing about your personal business that you are most proud?

CK: I am pleased at the way my business has evolved over the years; it provides enough variety related to the profession to allow me to expand my knowledge. I am doing review work, course and seminar review, teaching and serving on my county board of equalization.

VN: If you could change one thing about your business model what would it be?

CK: I would like to have started sooner using technology, for marketing, research and analysis. There are so many more efficient ways to complete our assignments than there were several years ago.

I would also have started specializing in litigation assignments earlier in my career; I really enjoy solving a complex problem and testifying to my results.

VN:  What are some present goals for you and what you do are doing in the valuation space?

CK: I would like to complete more review assignments; they challenge my knowledge on many levels. I am lucky to be in a position that I have not completed work for lenders for the past 8 or 9 years.  I don’t want the pressure of time and making everything fit in someone’s process. I mostly complete narratives and find I can communicate better. I am not criticizing anyone who does this type of work; I did it for more than 30 years. I was just ready for a change.

VN:   If you could change one thing in valuation, what would it be?

CK:I would really like appraisers to embrace learning; many appraisers take required seminars on topics they already know or assume that they cannot learn anything new in for instance, a USPAP course. I think we all may have encountered appraisers who assume the way they did things “back then” is sufficient for now. The profession is always evolving, and I hope everyone in the profession realizes that.

VN:  What advice would you give someone just getting in the profession?

CK: Allow yourselves to get a variety of experiences of methods of valuation and property types within your specialty. Don’t just do lender work; there are so many other uses for your services. You never know when you will find a niche not being adequately served in your market.  Get involved with the appraisal profession; find an organization that works for you. I have always been proud to be a member of the Appraisal Institute and serving on local, regional and national committees, so of course that is the one I would recommend. But get involved somewhere! Get a designation, value your expertise and don’t always reject the more complex assignments. Diversify if you are a residential specialist and maybe in commercial you can become more of an expert in one property segment.

VN: This last one is for you to discuss or talk about whatever you would like.

CK: I will have to imitate what many others have said in this blog. Enjoy life, take chances, be adventurous, don’t wait until tomorrow, grab opportunities in work and in life, spend time with your family. Life is too short to wish you had done something else!

Listen!! Amazing what you learn when you are not speaking!

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Sage advice from a respected professional and amazing insight on personal life as well. Many of us are workaholics, I know that I suffer from it.  Cheryl is doing lots of traveling now, I keep dibs on her through her Facebook page.  She is always off enjoying some awesome locations.   She also echoes some of the same advice that we see from many:  get out of the lender space if you can, or limit it’s affects on your business by doing less of it.

 

Thanks, Cheryl, for taking the time to do this.