IMPACT OF SHORT-TERM RENTALS FOR REAL ESTATE APPRAISERS

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Notes

The sharing economy is impacting our global economy and continues to evolve. Part of that 21st Century sharing economy is short‐term residential rentals (STR’s). More and more often, appraisers are having to value these assets for various purposes, which poses a challenge from a valuation perspective, mainly in the area of highest and best use.

Short‐Term Rentals and the Impact on Valuations is a seminar designed to educate appraisers about the global short‐term rental market, improve the awareness of appraisers about the impact of short‐term rental units on the market, and discuss best practices to value properties that are part‐time or full‐time short‐term rentals.

The methods included in this seminar are not to be considered the standard rule for all appraisers, a “rule of thumb”, or even an established technique to solve the problem. The methods included are designed to use recognized methods and techniques understood by all appraisers for STR’s. However, by applying the basic principles and procedures, particularly with Highest and Best Use, the results should be credible and able to be replicated by market participants.

This seminar is self‐contained and all mathematical demonstrations are included. We do not have standalone Excel worksheets or other downloads.

 

• We will be going over the basics of the sharing economy to understand where the short-term
• rental properties fall.
• We’ll also discuss why STRs are now an issue that appraisers must deal with.
• The idea of this course was to provide a clear path for appraisers to research, analyze, and report the value for a property that includes STR units.
• The practices described herein are considered to be recognized methods and techniques that my peers would use.

 

Learning Objectives

 

• Recognize properties that are the subject of valuation that have the potential to be STR's
• Discuss appraisal projects with clients to develop a scope of work.
• Derive the highest and best-use analysis to set up valuation methodology properly.
• Employ correct techniques in the appraisal
• Cite data sources used by our appraisal peers for short-term lodging
• Apply market information for the valuation of the subject property
• Properly value STRs and apply the test of reasonableness.

 

Additional Information

Continuing Education Approval

The Appraisal Institute has approved this third-party-developed seminar for 20 AI Points. The SC Real Estate Appraisers Boards have approved 7 hours of CE credit.  100% attendance is required for credit and will be monitored throughout class time.

IMPORTANT: Not all states have approved Synchronous (AKA Virtual) education; therefore, registrants MUST CHECK their individual states for approval BEFORE registering for the Program. Before registering for the Program, registrants understand and agree that continuing education credit for this program MAY NOT be available in their state on the date of the Program. The Appraisal Institute is not responsible if credit is not available for the Program in individual states. Please note: State exceptions for virtual education may expire PRIOR to the offering date.

Location

• Live Synchronous Classroom Via Zoom Videoconference

Schedule (Eastern Time Zone)

• 8:00 a.m. – 8:30 a.m. (Zoom Check In)
• 8:30 a.m. – 5:00 p.m. (Seminar Presentation)

Required Equipment & Technology

Students are required to have the following technology and equipment to participate in the program: reliable internet connection, computer (or tablet), web camera, audio, and microphone, Zoom application on computer or tablet. Go to zoom.us for new user tutorials and articles.

Synchronous Classroom Participation Requirements & Guidelines

• A copy of your driver's license must be emailed to the Chapter office as verification of your identity after you have registered for the seminar and prior to the start date. 
• Students must have a reliable internet connection, computer (or tablet), web camera, audio (speaker and microphone) capability to participate and receive continuing education credit.  
• Your webcam must always be in the on position with you in front of it.  Check your webcam privacy settings and allow the Zoom software to access it. If you have a Lenovo laptop, some participants have noticed that they need to install the Lenovo Vantage App on their computers for the webcam to operate. 
• Basic Zoom Account is required. A paid Zoom account is not required to participate; however, you need to sign up for the free basic Zoom account and app (zoom.us) and install the app prior to the seminar start date.
• The Zoom platform will be interactive and live. The instructor must be able to see and interact with all students and students must be able see and interact with the instructor.
• Students must be in a location that allows for their full attention and interaction.
• Registrants will receive a separate email from Sarah Walsh, 24 hours before class, with Zoom login information. 
• Contact the chapter office if you have any questions regarding the participation guidelines, at sarah@ccai.org.

Disclaimer Information

Registration is on a first-come, first-served basis. If the program is filled, e-mail sarah@ccai.org to be placed on a waiting list.   The SC Chapter of the Appraisal Institute is not responsible for non-refundable expenses incurred by the student.  If you have a disability and require accommodation, please notify the Chapter office at least two weeks in advance at sarah@ccai.org.  We will arrange for reasonable accommodation.

CANCELLATION POLICY

If a student wishes to cancel enrollment, a cancellation notice must be submitted in writing via email stating the reason for the cancellation and his/her AI account # to sarah@ccai.org. 

Enrollment Cancellation Fees:

• Up to 15 days prior to the program start date, $10 cancel fee
• 3-14 days prior to the program start date, $25 cancel fee
• Less than 3 days prior to the program start date, no refund will be provided

National Disclaimer

This Educational Program was developed and organized by the Appraisal Institute Chapter offering the Program with the intent of addressing topic(s) of current local interest solely for educational and informational purposes. The Appraisal Institute national organization was not involved in developing or organizing the Program.

The content of this Program, including but not limited to any written materials and presenter comments, does not represent the viewpoint of the Appraisal Institute (defined as including but not limited to, the national organization, its Regions, Chapters, members, candidates, affiliates and staff) unless formally adopted by the national Board of Directors. Further, the Appraisal Institute has not peer-reviewed or approved the content of the Program and does not warrant the accuracy or timeliness of the content of the Program. The content of the Program is subject to court decisions and local, state and federal laws and regulations and any such revisions of such laws and regulations.

This Program is presented with the understanding that the Appraisal Institute is not engaged in rendering legal, accounting or other professional advice or services. Nothing in the Program is to be construed as the offering of such advice or services. If expert advice or services are required, attendees and readers are responsible for obtaining such advice or services from appropriate professionals.