New Education Program Bucks Industry Aging Trend
In January of this year, the firm launched a ground-breaking new training program called BBG University that gives hundreds of young professionals an opportunity to receive the in-depth training needed to become successful commercial real estate appraisers. BBG-U, whose participants’ average age is 27 years old, also bolsters the appraisal industry as a whole at a time when many real estate appraisal professionals are advancing in age.
According to industry statistics, nearly 50 percent of active appraisers are between the ages of 51 and 65 and 13 percent are 66 years or older. Those figures are a cause of deep concern for the industry because there are a significant number of baby-boomer appraisers now retiring or planning to do so in the not-so-distant future.
For years, the number of real estate appraisal professionals has been in a state of decline due to more practitioners retiring and fewer younger people entering the business. Further contraction of appraisers will have serious implications for this profession and the real estate sector overall.
BBG, the largest national independent commercial real estate services firm, has long recognized this industry challenge and has decidedly undertaken BBG University to add more young people to the ranks of the valuation profession.
BBG University offers an innovative and skills-rich educational program designed to prepare next-generation appraisers to meet the growing demands of the profession as well as provide a rewarding career path at BBG.
BBG University is part of BBG’s continuing appraisal education, supported by The Appraisal Institute and other industry groups. BBG plans to hold these training programs four times this year at its Dallas headquarters. The two-week immersive course helps jump-start the careers of BBG analysts by establishing connections with BBG leaders, offering helpful insights about appraisal techniques, and providing information about BBG technology and processes.
Since its inception, BBG University has successfully helped build a new generation of valuation professionals. Class sizes are about 20 analysts, though the June 2022 program – the program’s third class – enrolled 30 analysts to accommodate strong demand for the training. To date BBG has hired 70 analysts through the program.
For BBG, the program will create new highly skilled practitioners needed to meet robust client demand and the firm’s strong growth trajectory. For the appraisal industry, BBG University is achieving high marks for its role in building a future generation of appraisers who will be well-prepared for the industry challenges and opportunities that lie ahead.