IN-PERSON – Impact of Short-Term Rentals (On Real Property Valuation)

_________________________________________________________________________________________
This is an Appraisal Institute Seminar – Registration is on the Appraisal Institute Website
Instructor is Craig Steinley, MAI, SRA, AI-GRS, AI-RRS

_________________________________________________________________________________________

Member and Non-Member Class Fee: $200 Early Registration – Deadline is January 10, 2025
After January 10th: Member and Non-Member price $250

Course Numbers:
7-Hours SD Appraiser Certification Program  – Approval: SD 1665 CE
7-Hours SD Real Estate Commission Elective Credit –  Approval: 5893E427

Description:
Short-term residential rentals (STRs) play an increasing role in the global sharing economy. It’s important that appraisers, lenders, and underwriters become familiar with the nuances of valuing these properties. In this seminar, you will gain a basic understanding of the global short-term rental market plus increased awareness about the impact of STRs and the emerging methods, or best practices, required to develop credible valuations of this property type.

The seminar provides an overview and brief history of the short-term rental industry, information on aspects of value, FF&E, capitalization rates, going-concern value, motivations of property owners, and proper methods of research. Case study examples demonstrate how to value single-unit, multi-unit, and mixed-use properties that include an STR component.

Recognize properties that are the subject of valuation that have the potential to be short-term rental properties.
Discuss appraisal projects with clients in order to properly develop a Scope of Work.
Derive a highest and best use analysis to properly set up the valuation methodology and valuation techniques to be employed in the appraisal.
Identify data sources used by one’s appraisal peers for short-term rentals and how to apply market information in the valuation of the subject property.
Properly value a short-term rental property and apply a test(s) of reasonableness.

Instructor:
Craig Steinley is a State‐Certified General Appraiser, a designated member of the Appraisal Institute, and an AQB‐Certified USPAP Instructor from Rapid City, SD. He primarily provides
litigation support services in his practice – typically involving review for Standards compliance, various regulatory matters, and in the appraisal of complex properties.

Craig was a charter member of the Professional Appraisers Association of South Dakota (PAASD), formed in 1992. He was first elected to its Board of Directors in 2004 and continues in
that capacity today as its elected Secretary‐Treasurer. He served as PAASD’s state‐wide President in 2007 and again in 2011, and currently volunteers as its Registered Lobbyist and the Chair of both the Legislative and Website Committees.