Cristy, throughout my career I have sought out women leaders to touch base with and share lessons learned for the next generation. While we have known one another for just two years, it sure seems like much longer given the depth of our discussions on property valuation and your leadership role at Class Valuation, one of the nation’s largest Appraisal Management Companies and a pioneer of 3D scanning.
I feel fortunate to have met you, learned from you and expanded my knowledge base from our dialogue around one of the most challenging and perplexing issues I have faced over my career — and that is collectively how we can eradicate bias from housing finance.
So I appreciate you making time for me and sitting down for our Women in Leadership interview series. What a remarkable story you have to share with the industry. Let’s get to it.
Faith Schwartz: Cristy, you were recently named Executive Vice President of Class Valuation – what an accomplishment for you! Tell us how you came to be an appraiser and how you rose through the ranks to this leadership role.
Cristy Conolly: Thanks, Faith! I’m excited about my new role and to be part of the impressive Class Valuation Team. I am one of the few appraisers that didn’t get into the profession through a family member. Twenty years ago, I began working for an appraiser, not knowing much about the business. I quickly learned that my skillset and mind frame were a perfect fit for real estate appraising. I’m analytical (sometimes to a fault!) and extremely detail oriented, as well as naturally inquisitive, all of which make for a great appraiser. It was a natural fit for me!
When I moved from Pennsylvania to Florida, I began working on the AMC side of the appraisal business. I relished learning the new regulatory requirements and developing policies and procedures, as this was right around the time when the Dodd-Frank Act was being implemented. I moved into the role of Chief Appraiser and oversaw compliance for a national AMC, then was recruited by another national AMC to run operations, before joining Class Valuation. I’ve been fortunate to have incredible opportunities and work for amazing people and companies.
FS: We hear a lot about the make-up of the nation’s appraisal profession, what advice do you have for younger women seeking opportunities in appraisal today?
CC: Now is the time! The industry is rallying to bring diversity into the appraisal profession so there has never been a better time for women to enter. My advice to younger women would be to know their strengths and worth, which will bring them confidence to know they have what it takes to succeed in a (currently) male dominated profession. They shouldn’t be intimidated or think there isn’t a space for them.
FS: Appraisal bias has been front and center for the Biden Administration. What does appraisal bias mean to you and what steps do you advocate for to foster change?
CC: Appraisal bias is an important topic that has recently been put in the spotlight and should be front and center for all of us. There are various forms of bias, from conscious to subconscious to confirmation bias, just to name a few. I think we’re seeing there can be all different forms of bias in appraisals and we need to spend time reviewing data along with past and current policies that impact the appraisal process and market values.
Clearly, removing subjectivity from the appraisal process and utilizing objective and supported data is key to mitigating bias. By definition, an appraisal is an opinion of value. An opinion is subjective; however appraisers should have data and facts to support their opinion. We’re seeing that this isn’t always happening, and different appraisers can have two ranging opinions. When we bring data and objectivity to the appraisal process, we eliminate the subjectivity.
I also see the bifurcation of appraisals as a crucial piece in mitigating bias. When someone other than the appraiser visits the home to collect the property data, it creates separation and independence from the appraiser and occupant. Through this path, there is no opportunity for bias to enter through interactions and meeting the homeowner. This enables the appraiser to use her expertise to review and analyze the data while still receiving all the information she needs. Appraisers are charged with protecting the public trust, this is something we can all do better.
FS: Your career accomplishments include an appointment to the Florida Real Estate Appraisal Board. Tell us about that role and one of your more significant accomplishments?
CC: Being appointed to the Florida Real Estate Appraisal Board is one of the biggest honors I’ve received to date. Serving as Chair during my term is another. I’m passionate about the appraisal profession and want to be a part of it evolving and improving.
While I worked on many items during my time on the Board, I feel my most significant accomplishment was leading the discussion and ultimately change in the rule that required trainee appraisers to be physically accompanied by their supervisory appraiser during inspections for an entire year. This was an additional and, in my opinion, unnecessary requirement that deterred appraisers from taking on trainees. This had an unintended consequence of reducing the number of new appraisers entering the profession in Florida. By lowering this timeframe, it allows supervisory appraisers to determine when a trainee is competent to inspect a property on her own, which in most cases is prior to 12 months.
FS: I know your role with the Florida Real Estate Board took a lot of time, but it also put you in contact with many regulators and other officials. Would you consider serving on the national level?
CC: Absolutely! I am fortunate to have career experience unlike most. As a woman who has worked her way through the business I have a vantage point that I am happy to share. One of my career goals is to leave the appraisal profession (many years from now) looking very different from the way it was when I started.
The technology part of the business is undergoing rapid and substantial change. I hope to see similar change in the demographics of appraisers as we strive to diversify and grow our workforce.
As you can tell Faith, I am passionate about the profession and I’m a self-professed compliance geek. I love being involved and bringing a voice to enact change. Serving on the national level would be an honor.
FS: What advice would you share with high school and college students considering a professional career in appraisal?
CC: Great question and follows well on my hope for appraisers of the future. But I’m also realistic in that appraising is not for everyone. So I’d suggest they shadow an appraiser for a day to see what the role really entails.
It’s funny because my son shadowed when he was getting ready to graduate (not with me…lol) and he learned a lot. Most people at that age haven’t heard of real estate appraising and I think learning about the technology and critical thinking involved is important. It’s a great profession with lots of opportunity!
FS: Throughout your successful career, you have also made time for family. What more can you tell us about your family time?
CC: It’s always been important to me to balance family and career. I have two amazing kids that I wanted to be hands-on with. I’ve always made it a priority to spend quality time with them, which included coaching sports and chaperoning field trips.
Balancing work and family time is challenging, but with prioritization it is possible. For me, is hasn’t always been easy to juggle, as I’ve been a single, full-time parent for most of my career, and this brings additional challenges.
I’m fortunate though to have had very supportive people in my life, both personally and professionally. This has enabled me to thrive with both family and career.
FS: In closing, what else can you add?
CC: Sure, what is clear to me is I love our business and I am optimistic for its future. Being able to have a front-seat to change is remarkable and I am pleased to have a senior role as we design valuation of the future.
Finally, I want to thank you for this interview and the opportunity to discuss my career and the appraisal profession. I’m grateful for my career and everyone who has helped me be successful.
Postscript
At Housing Finance Strategies, we are leading change in all things housing. By interviewing key executives like Cristy Conolly, our intent is to educate and encourage the industry to constantly grow and evolve. Cristy is an example of a leader who enjoys her work, her business partners and consistently makes a difference and this ultimately is impacting thousands of home loan transactions.
As the PAVE taskforce continues its efforts, and agencies consider appraisal policy changes, we are fortunate to have sharp minds like Cristy’s to guide us through from the trenches. We are well positioned to learn and address the challenges ahead of us. What a powerful interview!
Thanks so much to Cristy for taking the time. And as I like to say: Grow, lead and mentor your peers!