On Jan. 1, McKissock announced the company was withdrawing further action and planning regarding the PAREA (Practical Applications of Real Estate Appraisal) project. McKissock stated the primary factor contributing to this cancellation was the substantial resource cost, which exceeded initial estimates and resulted in a higher end price for customers.
This decision was made with the recognition that a higher cost would create a new barrier to entry into the appraisal profession, potentially hindering individuals from pursuing a career due to financial constraints.
Nancy Gerome, vice president, Valuation & Property Services, general manager, McKissock Appraisal, outlined her thoughts in a letter.
“With a strong commitment to responsibility and transparency, we want to inform you about a significant decision regarding the McKissock PAREA (Practical Applications of Real Estate Appraisal) project,” Gerome wrote. “After careful consideration and thorough evaluation of various factors, we have made the difficult decision to cancel the McKissock PAREA project. We understand that this news may be unexpected, and we want to provide you with a clear understanding of our reasoning and the steps we are taking moving forward.
“One of the primary factors contributing to the cancellation is the substantial resource cost required to provide a product of the quality we envisioned. In our pursuit to deliver a premium solution, the associated costs exceeded initial estimates, resulting in a higher end price to our customers,” Gerome added. “Regrettably, we recognize that this higher cost would inadvertently create a new barrier to entry into the appraisal profession – specifically, a financial obstacle.”
Gerome emphasized McKissock’s commitment of fostering inclusivity and accessibility in the appraisal profession is unwavering. She believes the imposition of a prohibitively high price would run counter to these principles and potentially hinder individuals from pursuing a career in appraisal due to financial constraints.
“This decision in no way reflects a diminished commitment to the appraisal profession. On the contrary, we remain steadfast in our dedication to providing innovative solutions and supporting the growth and excellence of appraisal professionals like yourself,” Gerome said. “In light of the cancellation, we are actively exploring alternative solutions to address the challenges faced by individuals entering the profession. Our team is dedicated to finding creative ways to ensure that quality education and training is accessible to all aspiring to excel in the field of appraisal.”